Tuesday, May 30, 2023

Market Sentiment Poor: Gold, JPY May Climb Further on Risk Aversion


Market sentiment analysis:

Trader confidence ebbs away

Traders are becoming increasingly concerned about the spread of the delta variant of Covid-19 and its likely impact on the global economy. As a result, stocks and risk-on currencies like AUD, CAD and GBP may continue to slide against assets seen as less risky such as Gold, JPY and USD.

The impact so far can been seen, for example, in AUD/JPY, where there is no sign yet of its slide lower coming to an end.

AUD/JPY Price Chart, Daily Timeframe (January 7 – July 20, 2021)

Latest AUDJPY price chart.

Chart by IG (You can click on it for a larger image)

In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it.

— Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

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