Quiet Calendar, Cautious Moves

Tuesday opens with a lighter macro calendar and cautious market sentiment across the board.

Overnight, we had the monetary policy meeting minutes from the Reserve Bank of Australia, but the release had no clear impact on AUD, which continues to trade sideways in low volatility. The focus now shifts to scheduled speeches from Bank of England Governor Andrew Bailey and Fed Chair Jerome Powell later in the day — though no major surprises are expected from either.

On the earnings front, today’s key reports will come from SAP, Coca-Cola, and Philip Morris. However, the real spotlight will turn to Wednesday, when Google, Tesla, and IBM release their earnings — the main event of this week’s corporate calendar.

Indices are slightly lower ahead of the European open, extending the bearish correction that began in the second half of Monday’s session. Despite a bullish start to the week, momentum faded quickly, and the tone remains slightly risk-off heading into Tuesday.

On the FX side, we’re seeing weakness in the Japanese Yen, New Zealand Dollar, and British Pound, while the US Dollar and Euro are showing modest strength. That said, price action remains relatively muted.

In commodities, oil is sliding and currently testing key dynamic support levels. A confirmed break here would mark a mid-term sell signal and could shift sentiment more clearly bearish.

Metals are under pressure this morning — gold, silver, platinum, and copper are all trading lower — but this comes after a strong session on Monday, where the complex posted meaningful gains. Today’s losses appear to be a healthy correction, with mid-term buy signals still intact across most of the board.

Source: https://www.axiory.com/analytics/market-news/quiet-calendar-cautious-moves