Thursday trading brings a mix of solid macro data and ongoing geopolitical tension.
It’s a busy PMI day. We’ve already seen releases from Australia, Europe, the UK, and the US. In general, manufacturing PMIs surprised to the upside, coming in above 50, while services PMIs were weaker, especially in Europe where they slipped below 50.
From the US and the UK, the data leaned positive, which should support risk sentiment, at least on paper.
But once again, fundamentals are not the only driver.
The situation around Iran continues to dominate headlines. Donald Trump recently stated that the US Navy has been ordered to act aggressively against any threats in the Strait of Hormuz. Comments like this keep volatility elevated and make market direction less predictable.
Looking ahead, Friday’s calendar is relatively light, with retail sales data from the UK and Canada being the only notable releases.
Despite all this noise, equity markets are holding up well. Indices are moving sideways but remain close to long-term highs, which keeps the broader sentiment positive.
On commodities, oil is pushing higher again, reflecting geopolitical risk. At the same time, gold and silver showed a sharp intraday reversal. The first half of the session was weak, but buyers stepped in later, creating a bounce.
Cryptocurrencies continue to perform strongly. Bitcoin in particular is having a very strong April, maintaining upward momentum.
On the currency market, we see weakness in the US dollar and Canadian dollar, while the rest of the market is relatively flat and lacks clear direction.
Overall, this is a demanding environment for traders. Price action is choppy, driven by headlines as much as by data. Clean technical setups are harder to find, and discipline becomes even more important in conditions like these.