Frank Walbaum
FX Strategies.Asia
Important news for the day
- Fri, 11th, 14:30 CA Unemployment rate.
Economic sentiment
Recent economic data for Germany continues to be negative. As companies consider relocating their headquarters, this could further weigh on the economy. With tax increases, airline travel might also suffer, as companies like Ryanair plan to close offices in parts of Germany and reduce flight offerings. The housing market might see a slight uplift if interest rates are lowered, leading to cheaper mortgage options.
Market talk
The recent positive momentum in the Greenback might currently fade, with other currencies gaining steam against the Dollar. The AUD and EUR look set to push higher, which could also signal continued positive risk sentiment. Stock markets remain at elevated levels. The S&P 500 might retrace slightly but could also push higher. Chinese stocks saw another slide and might move lower as the recent positive sentiment continues to fade. Oil saw some upside yesterday and confirmed a breakout above the 50-day moving average based on the daily chart.
Tendencies in the markets
- Equities positive, USD weaker, cryptos weak, oil positive, metals positive, JPY weaker.
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EUR/USD holds gains near 1.0950 ahead of US PPI data
EUR/USD is back on the bids, hovering around 1.0950 in the European session on Friday. Despite, a broad-based US Dollar retreat, the pair seems to lack further bullish impetus, as risk sentiment remains sour ahead of US producer inflation data and Fedspeak.
GBP/USD rises toward 1.3100 after UK data
GBP/USD has gained upside traction toward 1.3100 during Friday's European trading, in a delayed reaction to the UK GDP and the industrial growth in August. Traders now look to the US PPI data for short-term impetus, as the US Dollar consolidates weekly gains.
Gold price remains below $2,650 amid modest USD uptick, look to US PPI for fresh impetus
Gold price attracts some follow-through buying for the second straight day on Friday and recovers further from a nearly three-week low, around the $2,602 area touched the previous day.
Bitcoin finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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