A Day of Rebounds?

Hello traders, welcome to Wednesday. Today’s financial calendar is bustling with activity, having kicked off with less-than-stellar GDP numbers from Australia, which came in at just 0.2% versus the expected 0.5%. Attention now turns to the US, where the nonfarm employment change figure is anticipated to be around 131k. The day will conclude with a flurry of data from Canada, including an interest rate decision where rates are projected to hold steady at 5%, and the Ivey PMIs, expected at 54.2.

Shifting focus to the forex market, we observed the American dollar emerging as the strongest currency yesterday, while the Australian dollar lagged behind. Indexes, meanwhile, are presenting a mixed bag. While some continued their bearish correction yesterday, today’s futures are leaning towards a bullish stance, suggesting a robust resilience in the indexes.

Commodities are also witnessing a phase of correction. Both gold and silver are attempting a comeback after a rough start to the week, marked by significant drops on Monday and Tuesday. Oil, however, remains in a precarious position, hovering near its midterm lows and hinting at the possibility of further declines.

Source: https://www.axiory.com/analytics/market-news/a-day-of-rebounds