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Market update: Rising yields down gold, cryptos

Fawad Razaqzada Fawad Razaqzada 07/09/2021
Market update: Rising yields down gold, cryptos Market update: Rising yields down gold, cryptos
Market update: Rising yields down gold, cryptos Fawad Razaqzada
  • Dollar and yields up, gold and silver down
  • But will there be another twist as US investors come back to their desks after a long weekend?
  • BOC and ECB policy decisions this week
  • RBA kept policy unchanged overnight, and eurozone data disappointed
After the long weekend break for US investors, the US dollar has made back its losses suffered in response to a weaker employment report we saw on Friday. Treasury yields have also moved higher, pushing gold and silver lower. There hasn’t been much in the way of any major changes in macro data to cause the reversal. So, will it be a day of two halves? Will US investors come back from long-weekend break and resume selling the dollar and buying foreign currencies and gold?

Both precious metals were testing some key levels of support at the time of writing, with gold trying to form a base around that pivotal $1810 area where it had previously found resistance, while silver was testing THIS key support zone around $24.20:

SilverSource: ThinkMarkets and TradingView.com

With the recent trend for silver being bullish, I wouldn’t be surprised if dip buyers step here and drive the metal back higher towards $25.00.
 
In term of macro data, we don’t have much to look forward to in the afternoon. We have already seen some mixed bag data out of the Eurozone today, with German ZEW disappointing expectations and causing the euro to weaken slightly. Here’s today’s data recap:
 
  • German ZEW survey current conditions 31.9 vs 34.0 expected
  • German ZEW Economic Sentiment 26.5 vs. 30.2 expected and 40.4 last
  • German Industrial Production 1.0% m/m as expected
  • Eurozone Q2 final GDP +2.2% vs +2.0% q/q second estimate
  • RBA kept policy unchanged overnight as expected
Looking ahead, the Canadian dollar and the euro will be in sharper focus ahead of and in the aftermath of the BoC and ECB meetings later in the week. Both central banks are expected to keep their respective policy stances unchanged.
 
  • BOC (Wednesday): In Canada, the upcoming federal election means the BoC won’t be making any changes, but the USD/CAD could decline further as the BoC is likely to remain comparatively hawkish, and in light of the renewed strength in crude oil prices.
  • ECB (Thursday): As far as the ECB is concerned, well I can’t image President Christine Lagarde will have changed her dovish stance much, even as some ECB members have spoken in favour of ending PEPP in early 2022 amid the strength in Eurozone data. Still, any slightly change in her tone should keep the euro’s recent strength intact.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Meet our contributors
Fawad Razaqzada
×
Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Kearabilwe
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Kearabilwe Nonyana
Market Analyst, South Africa

Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives. His career in the financial markets has seen him hold various positions in global investment banks and global CFD and Spread betting firms. He has deep interest in using quantitative methods to help him understand and teach the fundamental drivers of asset prices.
 
 
 

Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Kearabilwe
Kearabilwe Nonyana
Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives.

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Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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