Global stock markets are witnessing a sharp sell-off due to weak Chinese economic data, aggressive winds on US rates and the prospect of an Israeli attack on Iran.
➡️ After last weekend's major missile and drone attack by Iran on Israel, an Israeli retaliatory attack is starting to look an increasingly likely prospect. This is causing some nervousness in the markets and is likely contributing to the broad sell-off in global stock markets, as well as the steadiness of energies such as crude oil , precious metals and the US dollar. This risk-off theme is very likely to continue for a while, as Israeli retaliation could happen very soon, according to sources.
➡️ In the Forex market , since Tokyo opened today, the strongest major currency has been the US dollar, and the weakest major currency has been the Australian dollar. It's clear that the feeling of risk aversion it is dominant. Yesterday the USD/JPY currency pair it rose to a new 34-year high well above the round number of ¥154. Trend following traders will be interested in the long side, even though the breakout point is now slightly below ¥152.
➡️ Precious metals continue to appear solid, though gold than silver I'm off the highs. However, yesterday's close in New York saw gold hit its highest closing price ever. Trend traders they will be interested in both on the Long side.
➡️ Nickel and aluminum prices both fell slightly following their massive increases after new sanctions were imposed against Russia, which is a major producer of both metals.
➡️ A few hours ago, data on Chinese industrial production were released, which were significantly worse than expected, standing at 4.5%, when an increase of 6.0% had been widely expected.
➡️ Markets are awaiting today's release of:
- Data IPC Canadians
- UK Applicant Count Change Data
➡️ The lesser commodity Cocoa continues to look very bullish after hitting another record high yesterday. The value of the superfood has nearly tripled in the last year alone, and many analysts suggest that supply-side shortages are at least partly responsible for the meteoric rise. Every year there is more and more demand for cocoa as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested here on the Long side. In addition to cocoa futures, cocoa ETNs are available which may be more suitable for traders and retail investors.
Credit by DailyForex.com
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