Danske Research Team
Danske Bank A/S
Market movers ahead
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The US government shutdown continues. Look out for more negotiations.
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US regional surveys from Philadelphia and New York (Empire) should give more clues to how much manufacturing is slowing down.
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In the UK, the House of Commons will vote on Theresa May's Brexit deal on Tuesday. We expect the House to vote it down.
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We expect Chinese money and credit data to show how much the monetary easing is feeding through to the economy.
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In Scandinavia, focus turns to Swedish inflation numbers and house price statistics.
Weekly wrap-up
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US recession fears abated somewhat, as the Fed struck a more dovish tone and job growth is solid.
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Risk sentiment improved with equities gaining and bond yields and oil prices moving higher.
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US and China concluded another round of talks in Beijing this week. Negotiations continue according to plan and the top negotiators on both sides plan to meet later this month.
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Theresa May suffered another heavy defeat on Brexit. Uncertainty prevails.
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A softer tone from the Fed weakened the USD.
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Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
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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