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Forex Today: Stock Markets See Strong Selling

Global stock markets are seeing a firm selloff on poor Chinese economic data, hawkish winds on US rates, and the prospect of an Israeli strike against Iran.

  1. Following the weekend’s large missile and drone attack by Iran against Israel, an Israeli retaliatory strike is starting to look like an increasingly likely prospect. This is causing some nervousness in markets and is probably contributing to the broad selloff in global stock markets, as well as the firmness in energies such as Crude Oil, precious metals, and the US Dollar. It is quite likely this risk-off theme will continue for a while, as the Israeli retaliation could happen very soon, according to sources.
  2. In the Forex market, since today’s Tokyo open, the strongest major currency has been the US Dollar, and the weakest major currency has been the Australian Dollar. It is clear that risk-off sentiment is dominant. Yesterday saw the USD/JPY currency pair edge higher to reach a new 34-year high well above the round number at ¥154. Trend traders will be interested here on the long side, although the breakout point is now some way below at ¥152.
  3. Precious metals continue to look firm, although both Gold and Silver are off their highs. However, yesterday’s New York close saw Gold make its highest ever closing price. Trend traders will be interested in both on the long side.
  4. The prices of Nickel and Aluminium both declined somewhat following their massive surges after new sanctions were placed against Russia, which is a major producer of both metals.
  5. A few hours ago, there was a release of Chinese Industrial Production data, which came in considerably worse than expected, at 4.5% when an increase of 6.0% was widely forecasted.
  6. Markets are awaiting releases today of:
  1. Canadian CPI data
  2. UK Claimant Count Change data
  1. The minor commodity Cocoa continues to look very bullish after making yet another record high yesterday. The commodity superfood has almost tripled in value over the last year alone, with many analysts suggesting supply side shortages are at least partly to blame for the meteoric rise. There is more and more demand for Cocoa every year as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders will be interested here on the long side. As well as Cocoa futures, there are Cocoa ETNs available which may be more suitable for retail traders and investors.
Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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