Dollar Pushes Higher While Commodities Drift Sideways

Hello traders, welcome Monday — new week, new trading opportunities. Let’s take a look at the market situation right now. The calendar is empty today. We just had the German IFO Business Climate, expected at 88.6, and a scheduled speech from ECB President Christine Lagarde. That’s pretty much everything in terms of macro drivers. Japan is observing Labor Thanksgiving Day, so Japanese markets were closed, but new week already started with several interesting moves across key assets.

Let’s begin with cryptocurrencies, which of course traded over the weekend. Sunday brought a positive tone, but from the broader perspective, sentiment remains negative. Bitcoin continues to aim towards 76,000 dollars, or possibly even lower, as the bearish pressure remains visible. Moving to indices, Friday brought an attempt of a rebound, and this positive undertone continues into Monday. European indices are expected to open higher, with American counterparts likely to follow the same path later in the day.

On commodities, we have ongoing weakness on oil — the bearish pressure remains and crude continues to move lower. Precious metals, on the other hand, are stuck in a sideways trend. Both gold and silver have been unable to pick a direction over the last few sessions and are moving horizontally without commitment from either side. Finally, looking at the currency market, the dollar index is pushing higher, and the American dollar is gaining traction as the new week begins. Australian dollar is also performing well, climbing higher at the start of the European session. In contrast, Japanese yen is under pressure — Friday was extremely positive for the yen, but Monday brings us a clear correction. Swiss franc is also noticeably weaker today. That’s the situation as we begin the week, and we now await further developments as volatility builds throughout the day.

Source: https://www.axiory.com/analytics/market-news/dollar-pushes-higher-while-commodities-drift-sidew