With US markets only open for half a day, global markets saw a lacklustre, low volume session says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Germany on track for double-dip recession
“Stocks lacked direction in low volume, low volatility trading as US private sector activity expanded marginally and German IFO business morale improved less-than-expected. Indices, except the FTSE 100, rose for a fourth consecutive week despite Europe's economic engine heading towards a double-dip recession as Germany's final Q3 quarter-on-quarter GDP dropped to -0.1% as forecast."
Global yields bounce off their multi-month lows
“Global yields recovered form their November lows amid low volume trading ahead of next week when a large number of US Treasuries will be up for sale. This didn't seem to help the Us dollar, though, which continued to slide. Commodities such as oil, gold and silver also traded in low volatility, low volume ranges ahead of next week's postponed OPEC+ meeting which will now take place on 30 November."
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EUR/USD climbs above 1.0900, looks to post weekly gains
EUR/USD gathers bullish momentum and trades above 1.0900 in the American session on Friday, looking to end the week in positive territory. The US Dollar remains under strong selling pressure following the disappointing jobs data, helping the pair push higher.
GBP/USD clings to daily gains near 1.2800 after weak US jobs data
GBP/USD clings to daily gains at around 1.2800 in the second half of the day on Friday. Nonfarm Payrolls in the US rose by 114,000 in July. This reading missed the market expectation of 175,000 by a wide margin and triggered a USD selloff.
Gold pulls away from daily highs, holds above $2,420
After coming within a touching distance of a new all-time high near $2,480 with the immediate reaction to disappointing US labor market data on Friday, Gold reversed its direction and declined below $2,420. Profit-taking ahead of the weekend might be weighing on XAU/USD.
Bitcoin bounces off from the ascending trendline
Bitcoin and Ethereum have retested their key support levels, with a break below these levels potentially signaling a bearish trend ahead. At the same time, Ripple shows resilience and could rally in the coming days after testing its key support level.
Week ahead – RBA and BoJ summary of opinions take center stage
RBA decides on policy as hike bets disappear. BoJ Summary of Opinions awaited for more hike hints. After Fed, Dollar turns to ISM non-manufacturing PMI. New Zealand and Canada jobs data also on tap.