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Talking Palladium

  • The dollar in retreat after better-than-expected PPI inflation data from the US
  • US Dollar Index (USDIDX) felt to lowest level from April 2022, near 100,5 points zone
  • The EURUSD exchange rate went above the 1.1050 level, setting new this year highs
  • The headline manufacturing inflation reading fell from 4.6% y/y to 2.7% y/y on expectations of a drop to 3.0% y/y.
  • Currencies from Australia and New Zealand fared best on Thursday, with the AUD dollar supported by a strong labor market report in Australia;
  • The European stock market session ended on a positive note, with the CAC40 adding 1.13%, the FTSE100 up 0.24% and the DAX ending the day just 0.16% higher;
  • Wall Street is seeing better sentiment, with the Nasdaq leading the gains, gaining 1.79%, and the S&P500 rising 0.97% although financial sector companies and banks against the benchmark are doing relatively poorly ahead of tomorrow’s financial results;
  • Palladium is moving in tandem with other glassy metals today, which have strengthened mainly due to USD weakness. Palladium gains more than 4%, as does Platinum, while Gold strengthens 1.4% and Silver adds less than 2%;
  • WTI crude oil failed to break above the $83 level and is trading below the bar today. Nevertheless, the key support on OIL.WTI in the short term appears to be the zone at the $82 level; as long as it is not broken, the upward movement may continue.
  • Cryptocurrencies are doing very well with Bitcoin close to yearly highs and Ethereum breaking through the $2,000 level after US data and the implementation of the Shanghai hard fork

Looking technically at the chart, PALLADIUM price is approaching key short-term resistance at $1578, which penetrates from the upper limit of the local 1:1 pattern, as well as previous price reactions. In the event of an upward breakout, an upward movement toward $1730 could be triggered. Source: xStation5

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