Murali Sarma
Trade Guidance, LLC
The Westpac-MI Index of Consumer Sentiment went up by two and half percentage points to 107.7 in November from the prior reading of 105.0. It follows the 11.9% increase in October with the Index now 35.3% above its level in August. The Index is also now 13% above the average over the six months prior to the economy wide shut-down in March and has reached its highest level since November 2013 – a seven year high!
In Europe, Christine Laggard the head of the ECB speaks today. In Germany the bond auction had expected results with German bond yields tending negative with the 30-year fetching a low bid of 101.44. In the UK, the November NEISR report showed annual growth in weekly earnings turning positive from the prior months reading with unemployment inching upwards into 4.8%. Lockdowns in regions of the UK continue. In Japan, the machine tool orders saw a whopping 23.7% increase compared to August readings however clocking a 15% decline year-over-year. The US and Canada have a bank holiday today.
Here is our trade ideas on this day of bank holiday in the US, we do not expect much of a movement here into the day session for these pairs. Of these ideas, the British Pound already tagged the profit targets from our setups for last evening sent to our subscribers after the US market close and those that were valid for the last nights Asian session. The ECB speech could move the Euro and that will be at 9 am US EST.
Trade ideas for the Wednesday day session in the US
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