Today’s economic calendar is unusually quiet. Normally, Tuesday brings at least one major figure, but not this time. The only notable release so far was the German IFO Business Climate index, which came in line with expectations at 86.7 — no real surprise there.
Let’s briefly touch on yesterday. Monday was PMI day, and the data was mixed across the board. Eurozone PMIs brought a negative market reaction, while in the UK and US, the response was more optimistic. Still, there was no clear trend in the numbers, and fundamentally, the market is left without any major shift in direction.
Despite the lack of data, we’ve had strong market movements. US indices opened the week with strength, with a very bullish Monday session. Today, we’re seeing a mild bearish correction, but at this point, it looks like nothing more than a technical pullback. In Europe, the tone is slightly more upbeat — European indices are green, while American futures are in the red.
On the currency market, the US dollar is weaker today after gaining ground yesterday. The Swiss franc is also underperforming and appears to be the weakest currency this morning. On the flip side, Australian dollar, Japanese yen, and European currencies are showing resilience and strength.
In the commodities market, oil is climbing and sitting on mid-term highs, which is great news for energy traders. As for precious metals, we’re seeing early signs that the recent sideways trend may be ending. Momentum is gradually building in favor of the bulls, though we still need stronger confirmation before calling the next move with confidence.
So, while the calendar is empty, the market itself remains active, and traders should stay alert as price action continues to develop.