Commodities Shine as Gold Strikes Midterm Highs

Starting with China, the economic behemoth showcased its industrial muscle, as the industrial production numbers landed exactly as projected at 4.5%. The GDP figures, however, sprang a mild surprise, registering at 4.9% as opposed to the expected 4.5%. Retail sales figures too joined the parade, clocking in at a sturdy 5.5%, surpassing the forecasted 5%.

Shifting our gaze towards Europe, the UK's CPI inflation data was unveiled. There, inflation seemed to be inching upwards, settling at 6.7% against the anticipated 6.6%.

Now, navigating through the intricate world of forex, the antipodean currencies seem to be relishing the limelight today. Both the Australian and New Zealand dollars are flexing their muscles, emerging as the standout performers. This, however, casts a shadow on the Euro, which is currently the laggard of the group. A stark contrast to yesterday's scenario where the Euro was basking in strength, while the British pound and Canadian dollar languished at the opposite end of the spectrum.

A closer examination of the charts reveals intriguing patterns. The EURUSD pair, for instance, seems to be flirting with the upper echelon of its channel down formation, possibly heralding a sell signal. Meanwhile, the NZDUSD currency pair showcases resilience, rebounding off a pivotal midterm horizontal support.

On the indices front, the narrative is slightly mixed. Although yesterday's close painted a picture of optimism with pronounced daily candle tails, the early European session seems to be tempering expectations, hinting at a possible southward journey.
Commodities, however, are in a buoyant mood. Gold, that timeless store of value, is ascending to new midterm pinnacles. Its shiny counterpart, silver, is not far behind, confidently marching upwards. And then there's oil, continuing its unrelenting surge without any hiccups.