- Global stock markets were mixed over the past day, with the S&P 500 Index having a solid up day while the NASDAQ 100 Index declined very slightly. In Asia, the Japanese Nikkei 225 Index has seen a substantial decline, while the Chinese Hang Seng Index rose. Overall, markets are calmer, as there have been no further bank failures over the past day, although banking shares still look very weak as a sector.
- US Treasury Yields made substantial recoveries yesterday, with the 2-Year yield now trading close to 4%.
- Attention is turning towards tomorrow’s meeting of the US Federal Reserve, with an emerging consensus expecting either no rate hike or only a 0.25% hike. An increasing number of analysts see this week as the final potential hike in the current cycle.
- The price of Bitcoin hit a 9-month high at $28,567 yesterday.
- Gold is looking bullish after reaching a new multi-month high yesterday above the big round number at $2k, despite its subsequent bearish retracement. Trend and breakout traders should be interested in getting involved here on the long side.
- In the Forex market, the US Dollar added yesterday to its long-term decline within the prevalent bearish trend. Today, the Euro looks to be the strongest major currency, while the New Zealand Dollar is the weakest.
- Today will bring a release of Canadian CPI (inflation) data, which is expected to show a slight decline in its annualized rate whilst being unchanged month-on-month.