It’s been fairly quiet out there in the world of traditional markets. Currencies are sideways, stocks are steady, and commodities have been consolidating.
We mention traditional markets because cryptocurrencies have been running hot, with Bitcoin pushing back towards its record high from earlier this year.
It’s worth noting that while gold is consolidating just under record highs, oil is also consolidating after taking another heavy hit to start the week.
So, it’s been a tale of two very different stories. Regarding early Tuesday highlights, we heard comments from Japan’s Akazawa about weakness in the yen, with authorities keeping a close eye on the political front.
There were reports that Japan’s Prime Minister is set to call on the opposition Democratic Party for the People to help form a partial coalition.
We also received more upbeat data, with German consumer confidence coming in solid, and in the UK, mortgage approvals hit their highest monthly reading since before the disastrous mini-budget of 2022.
Looking ahead, we have the Bank of Canada’s monetary policy report, Canadian wholesale sales, the U.S. goods trade balance, Case-Shiller U.S. house prices, JOLTS job openings, and consumer confidence data coming up.
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