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China’s service PMI gets served, base metals lower
Covid reared its ugly head again on economic data, which saw China’s service PMI contract at its fastest pace since the pandemic.
For a month of ‘heavy metal’, gold hasn’t done too badly
To say March has been a volatile ride for metals would be an understatement. Yet despite sustained losses for palladium and platinum, gold seems less willing to break lower.
European Open: Palladium set to track gold higher?
Whilst gold has stolen a few headlines this week, we see the potential for palladium to make a rally of its own.
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Weekly COT report: Net-long exposure to gold fell sharply last week
Given the lacklustre bounce on gold alongside a rise in short bets and closure of longs last week, we retain the view that its recent bounce is corrective.
Weekly COT report: Divergences form between FX prices and trader positioning
As the data was compiled ahead of the FOMC meeting its likely there are some distortions in this week’s speculative positioning report.
Weekly COT Report: Pound Shorts Intensify
Traders were their most bearish on British pound futures in 17-months, according to last week’s commitment of traders report.
Asian Open: IMF Trim Global Growth Expectations for 2021
Bond markets continued to price in concerns of stagflation overnight, with yields at the long-end of the curve falling as the IMF trimmed their growth forecasts.
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