Frank Walbaum
FX Strategies.Asia
Important news for the week::
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Wed, 24th, 10:30 CET UK Flash manufacturing PMI.
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Wed, 24th, 15:45 CET CA BOC rate statement.
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Wed, 24th, 16:30 CET CA press conference.
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Fri, 26th, 14:30 CET US PCE deflator.
US election
Finally US President Biden has given in to a potential re-election. In a statement shared on X on Sunday he decided to quit the race. Due to the growing scepticism that he would be fit enough for another term in office he stepped back. He then nominated vice President Kamala Harris to be the nominee. the Dollar resumed trading slightly weaker this week. The general trend in favour of a stronger Greenback is still present. Also the USD- index shows further potential here.
Market talk
After a weaker start this week the Dollar might resume strength later. Most currencies still point to further losses as long- term charts suggest. Stock markets have mostly printed bearish turnaround patterns. In particular the strong retracement of the Dow Jones shows index shows the further negative market sentiment. Also tech stocks might weaken further, in particular after last week’s global IT problem. Crowdstrike, the supplier of cybersecurity took a beating and might cause the current negative trend to continue.
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AUDUSD: we sold at 0.6740 with SL NOW at 0.6740 and TP at 0.6595.
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DJ30: we like to sell at 40070 (sell stop) with SL at 41325 and open TP.
Tendencies in the markets:
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Equities weak, USD sideways, cryptos sideways, oil correcting, Gold bearish, Silver down, JPY stronger.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This Webinar is purely for information purposes. Transactions or orders are for illustrative purposes only and should not be copied by traders. The content has been carefully compiled. However, no liability can be accepted by FX Strategies. Asia and under no circumstances should this material replace a consultation with a certified financial, investment or investment advisor in terms of their accuracy. Further information on our risk warnings can be found on our website under fxstrategies.asia.
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