Frank Walbaum
FX Strategies.Asia
Important News for the Day
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Friday, 15th, 14:30 CET US Retail Sales
Chinese economy
Recent Chinese economic data suggests that the economy is getting back on track. Retail sales grew at the fastest pace since February this year. According to a recent Bloomberg survey, the growth of 4.8% exceeded all previous estimates. The recent impact of Beijing's stimulus measures may be providing positive momentum. However, industrial output numbers remain disappointing. Figures rose by 5.3%, still below the forecast.
Market talk
Bitcoin seems to be fading near the USD 90,000 level after a tremendous run following the US election. Other tokens also experienced sharp rises after Donald Trump was elected as the new US President. Ripple may continue breaking to higher levels beyond the USD 0.9000 zone, as recent technical patterns have been broken to the upside. Additionally, some weakness in the Dollar could support further growth in the crypto markets.
Tendencies in the markets
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Equities correcting, USD sideways, cryptos positive, oil weaker, metals weaker, JPY weak.
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Editors’ Picks
EUR/USD recovers toward 1.0600 as US Dollar retreats ahead of data
EUR/USD extends the rebound toward 1.0600 in the European session on Friday. The renewed upside is mainly linked to a broad US Dollar pullback as traders look to the topt-tier US Retail Sales data for a fresh impetus. ECB- and Fedspeak also eyed.
GBP/USD holds above 1.2650 after UK data
GBP/USD holds its recovery momentum above 1.2650 in European trading on Friday. The mixed UK GDP and industrial data fail to deter Pound Sterling buyers as the US Dollar rally takes a breather ahead of Retail Sales and Fedspeak.
Gold treads water above $2,545 support, US data eyed
Gold price is treading water above the $2,545 demand area on Friday, consolidating Thursday's late rebound. Fed Chair Powell's hawkish shift fuels rate cut uncertainty, capping the metal's upside. Meanwhile, traders cash in on the US Dollar long positions ahead of key data releases.
Bitcoin to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
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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