Brad Alexander
FX Large Limited
Yes, gold is lower based on a stronger USD and we will look at this from the technical side tomorrow.
We see weaker Gold and USD strength during the last week but this will be a key week with economic news.
The USD is stronger based on expectations of an Interest Rate rise of 0.25% this week.
Hours later, we expect the same rate change in Europe and, as usual, we expect the Bank of Japan to do absolutely nothing.
Don’t forget to watch the press conferences after each announcement as investors will be looking for clues for the next moves.
JPY is weaker again after the Bank of Japan decided to do nothing about bond yields.
You would think that JPY would be the weakest currency right now but it seems to be tied with NZD.
We will look at this from the technical side tomorrow.
Last week’s UK better-than-expected inflation report caught everybody by surprise and the GBP is finally getting weaker as the BoE may not have to raise Interest Rates next time.
We also see some technical opportunities on GBP and we will look at these tomorrow.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
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EUR/USD continues to grind out further losses
EUR/USD continued to drift into the basement on Wednesday, clipping into a 54-week low and settling within touch range of 1.0550. Fiber continues to shed weight on the charts as broader FX markets pivot full-bore into holding the Greenback.
GBP/USD sheds weight for a fourth straight day on Wednesday
GBP/USD eased further into the low end on Wednesday, trimming further south of the 200-day Exponential Moving Average in a one-sided bearish decline as the pair closes in the red for a fourth consecutive trading day.
Gold extends slide to fresh two-month low
After shedding some ground throughout the first half of the day, the US Dollar is back in fashion. XAU/USD trades at its lowest in two months in the $2,580 region and is technically poised to extend its slump.
Australia unemployment rate expected to remain steady for third straight month in October
The Australian Unemployment Rate is foreseen stable at 4.1% in October. Employment Change is expected at 25K, much lower than the 51.6K posted in September. AUD/USD is under pressure and may soon pierce the 0.6500 mark.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
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