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As a matter of fact, yes. For instance, there is often a correlation between the rise of the US Dollar and strong gains in stock indices like Dow Jones, NASDAQ, and S&P500. Similarly, a correlation has been observed between the Nikkei stock index and the Japanese Yen.

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Knowing major banks' FX positions can be important for certain traders, as it provides insights that can help identify low-risk, high-reward, and high-probability entry points in the market.

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Purchasing Managers Index, or what is known as PMI, is an economic report that draws conclusions from business surveys and indicates the business climate in a certain country during a particular period. They usually survey several private companies in the country and track indicators like new orders, production, employment, supplier deliveries, etc. In this regard, PMI is often seen as more comprehensive and useful than ordinary economic data such as GDP (Gross Domestic Product).

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The major global commodities that have the most influence on currency exchange rates and serve as important indicators in Intermarket analysis are gold and crude oil.

Continue Reading at All You Need to Know About Intermarket Analysis