Oil Rallies While Metals Slip, Copper Down 2.7%

Hello traders, and welcome to Tuesday. The economic calendar is empty today, but markets are reacting to central bank speeches from Bank of England Governor Andrew Bailey and Fed Chairman Jerome Powell, which have influenced sentiment in key markets.

The earnings calendar brought a positive result for Coca-Cola, which reported earnings before the U.S. market opened. While the numbers weren’t surprising, they provided strong momentum for the stock, pushing it significantly higher. On the other hand, Monday’s earnings from McDonald’s were disappointing.

On the currency market, several notable moves are taking shape. The British pound is showing significant strength, as are emerging market currencies in Europe, including the Polish zloty and Hungarian forint. Conversely, safe-haven currencies such as the Japanese yen and Swiss franc are losing ground, indicating that risk appetite has improved.

In the commodities market, conditions are mixed. Oil is performing strongly, climbing steadily higher, supported by positive sentiment. In contrast, metals are under pressure, with copper falling 2.7%, while gold and silver have seen more modest declines of 0.2% and 0.5%, respectively.

As for indices, the picture is mixed as well. European indices are climbing and showing strong gains, while U.S. futures are struggling slightly but still remain in positive territory. Overall, the sentiment on indices is leaning positive, with investors cautiously optimistic as earnings season progresses and markets digest central bank commentary.

Source: https://www.axiory.com/analytics/market-news/oil-rallies-while-metals-slip-copper-down-2-7