Hello traders, welcome to a new week! This week is pivotal, particularly for the Canadian dollar due to upcoming inflation data and for NVIDIA, which will release its earnings on Wednesday after the market closes—an event that could impact the broader stock market significantly. Additionally, this week is crucial for PMI data, with Friday being the most eventful day. It will feature global PMIs and Canadian retail sales figures, ensuring a packed trading day to close out the week.
Looking at the market as we start this Monday, metals are making a notable attempt to recover from the recent sharp declines. This morning sees metals trying to stage a bullish reversal after the pressure they faced last week. As for the futures and indices, they are showing a positive tone, attempting to start the week in green and hinting at potential upward momentum.
Turning to currencies, the British pound is initiating a reversal after being the weakest currency last week. The Australian dollar and euro are also showing signs of strength. On the weaker side, the Japanese yen and American dollar are down, with the U.S. dollar experiencing a correction after a robust performance last week. It seems Monday is shaping up as a day of corrections across various markets, including commodities, indices, and currencies.
Lastly, today's macroeconomic calendar is relatively empty, with only a speech from ECB President Christine Lagarde scheduled for the middle of the American session. That’s the overview to start your week, and I wish you all the best in your trading endeavors!