US stocks have pulled back some of the ground they lost last night as US PPI cooled to 8.7%, from 9.8%.
Despite the sell off yesterday, silver remains in its wider uptrend, and if the positive move continues, it could target 20.00 or 20.26.
WTI rallied to a three-week high, and positive momentum is gaining ground, indicating the bulls are in control.
Dealers are dumping stocks this afternoon for fear that central banks will stick to their plans to keep hiking interest rates, even though economies are cooling.
EUR/USD traded below parity for the first time since mid-July, momentum is negative, suggesting the sellers are in control.
The NASDAQ 100 has retreated from its highest level in over three months.
It has been a quiet day in terms of news flows as it seems that traders are looking ahead to tomorrow’s US CPI numbers.
Stock markets are pushing higher ahead of the Federal Reserve meeting, even though it is widely believed the bank will reveal a large interest rate hike.
Last Friday, the S&P 500 rallied over 3% but now things have cooled a little. The slight tick higher in bond yields seems to be applying pressure to stocks.
Traders are nervous ahead of tomorrow’s European Central Bank meeting as there is chatter the bank will use the meeting as an opportunity to confirm that rates will be hiked in July.
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