Market Recap - Relentless USD Pressure Affects Commodities Once Again
Before we go into yesterday's trading recap, I hope you all managed to secure a few PIPs this morning since most major FX pairs are on fire!
It was a mixed close on Wall St. last night with the S&P and Dow closing lower and the Nasdaq flat. In the Asia Pacific area, it was pretty much a sea of red with the major laggard the Nikkei 225 down 1,25%. The ASX fell 0.31% and the Shanghai Comp lost 0.12% of its value. Elsewhere, the USD/TRY ripped higher as the DXY finally broke the 95.50 area to the upside, pressure on EM currencies is relentless at the moment.
As the USD got stronger commodities started to weaken. Copper had started to recover yesterday and today we look as though we will be attacking the wave lows once again.
Gold is back down towards the $1200/oz mark trading at $1208/oz this morning. There is are important data points to keep an eye on today that could move the metal namely US CPI.
Oil markets are still subdued following the route we saw two days ago. The constant theme seems to be production and supply rises.
Have a great trading day!...