The US stock market did not trade yesterday due to the bank holiday.

I hope you all had a meaningful MLK holiday. A look at early morning futures action shows that the market is slightly unnerved. There certainly are enough reasons.

Asian stocks faced pressure in the absence of guidance from Wall Street, coupled with rising yields.

Data revealed a deceleration in British wage growth throughout November. Markets expect substantial interest rate cuts by the Bank of England this year.

A key level of interest in recent market behavior has been the $3.33 resistance point. The current stall in price movements around this level appears rational.

On the data front, German inflation confirmed a rise to 3.8% in December, up from 3.2% in November.

Gibraltar's stock has soared +54% over the last year with the company’s bottom line expansion sparking its stellar performance.

Gold remains locked in an uptrend, having recently found support at the rising trend line on the daily chart. This suggests continued buying pressure and opens the door for further upward movement in the coming days.

Indian share markets are trading muted with the Sensex and Nifty trading flat.

USD/CAD gains ground as investors turned back to the US Dollar. WTI price could rise on the escalated situation in the Red Sea; supporting CAD. BoC’s Business Outlook Survey Results showed that inflation could persist above the 2.0% target.

There was grim news for Europe as Germany announced pessimistic CPI figures, albeit in line with expectations. The country's inflation has risen by 3.7 percent in December 2023.

UK private sector pay growth now sits a fair bit below the Bank of England's November projections. That opens the door to a rate cut, though we think it requires further progress on both wages and services inflation.

The market will get back to fuller form as the US returns from the long weekend holiday.

The GBPJPY Elliott Wave analysis suggests that the market is currently within a corrective phase (Black wave C of 4), with a potential start of the next impulsive wave (Blue wave 5).

The Pound Sterling faces a sell-off after the release of lower-than-expected UK wage growth in the quarter to November.

De-dollarization could involve increased local currency use, but I’ll focus on relying on alternative foreign currencies.

In this week’s Dirty Dozen we talk about a high-fidelity breadth reversal signal, rising shipping rates, constructive developments in crude, a bullish PGM play, and a small European market leading global returns, plus more.

EUR curves bear flattened at the start of the week with the European Central Bank leaning against aggressive market pricing. The message remains consistent – much of the wage data will only be available by the June meeting.

Construction loans don’t get “paid off.” They get refinanced. The loan cycle moves from construction loans, to bridge loans, to permanent loans, which has several implications for jobs, and our credit-driven economy

Uniswap's rise appears to be a Leading Diagonal, found in Wave 1 or Wave A, and has ended at the 8.4288 level, making the current price in the range of a further correction.