Market Update – 01-07-2016
AvaTrade | Jul 01, 2016 06:29AM ET
EUR/USD – After a few days of slight recovery the pair closed down for the day after reaching a height of 1.1116. We now are just above that all important 1.10 level but with a small amount of scheduled news today we may not see much movement beyond that range.
GBP/USD – The UK manufacturing PMI is out today and forecast is a figure of 49.9 bringing it under the positive fifty level. The previous figure was 50.01 so this will definitely be one to keep an eye on this morning as we start our trading day
h3 Indices/h3S&P 500 – We saw another positive day for the S&P yesterday and today may not be different. There is some superstition about July 1st within the trading community that it is a day for the bulls for indices, this has also been backed up by some very strong historical figures. Lets keep an eye on this and see if the markets confirm these superstitions once again
Gold – has continued on its long term bullish trend but maybe a little slower than we would of thought after the Brexit vote. The daily forecast is still one of a bullish view but with currencies seeming to some what stabilise over the last few days the movement in gold may be slow but steady for the time being
Silver – closed for the day yesterday at 19.357, another strong day for the metal. As we said yesterday, we are seeing silver step away from the normal correlation between gold. Silver has really stood up and out shone its big brother after Brexit, if you are a metals trader, I would be concentrating on the Silver market and looking for potential moves in this strengthening commodity.
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