Dollar Slips, Metals Surge: Thursday Opens Without U.S. Inflation Data

Today was supposed to bring us key inflation data from the US, but the White House announced that October jobs and inflation figures may never be released due to the ongoing shutdown. As a result, those numbers were removed from the calendar.

The macro calendar for Thursday is therefore very light, with only two relevant releases so far:

• Job data from Australia, better than expected, supporting AUD

• GDP from the UK, which disappointed and pressured GBP

We are moving closer to the end of the shutdown, and that alone is generating a notable wave of optimism across the markets. Indices are climbing significantly higher, and sentiment on equities is clearly positive.

On the currency side, the European session begins with a weaker US dollar. The dollar is losing ground quite visibly, while better data boosted the Australian dollar, and European currencies—both majors and EM—are advancing as well.

Looking at commodities, the spotlight remains on precious metals. Silver is approaching the October highs and continues to show impressive strength. Gold is also climbing, trading above $4,200 per ounce, though still slightly lagging behind silver.
Industrial metals remain active as well—yesterday copper surged strongly, together with others in the complex.
Oil, however, suffered a sharp decline, with sellers pushing the price aggressively lower.

Cryptocurrencies experienced a terrible session yesterday, but the Asian session and early European session brought a robust rebound attempt. Despite this bounce, crypto sentiment remains rather negative overall.

As for earnings, today’s calendar is packed, but the highlights are definitely Tencent and Alibaba, the two major Chinese giants set to publish results.

So that’s Thursday: we were supposed to have US inflation, we won’t get it, and trading throughout the day should be largely technical, with limited fundamental interference.

Source: https://www.axiory.com/analytics/market-news/dollar-slips-metals-surge-thursday-opens-without-u