Trade Recommendations for current Session
There is little to recommend as a safe trade today with ranges across major pairs trading relatively tight and most pairs open to a shift in either direction on account of current uncertainty surrounding the market and major news events to be later in the session and released next week.
Later in today’s session we have US retail sales figures where by figures are forecast to exceed previous levels which will add to current USD strength. Also today we have a statement from the Governor of the Bank of Japan, which is expected to have a neutral tone.
The USD has advanced upon its continued run of strength and is expected to display its largest gain collected in a week since December 2013, this was aided by additional anticipation of hawkish commentary from the Federal Reserve during their meeting next week.
Pre Session events
There has been another poll released from the UK signalling that the main protagonist calling for Scottish independence is losing ground to those that don’t wish to dissolve the Union, not that it notably helped the GBP as the market hesitates to take significant note with expectations of the outcome of the vote still being deadlocked.
Several directorial principals’ of the ECB made commentary throughout last night’s session recapitulating their decision regarding rates and signalling that they prepared to add further stimulus measures if the need arises.
AUD suffered the largest shift in negative price action against the USD following a flurry of AUD purchasing after exemplary employment data, however analysts are now debating the validity of the data stating that the influx of jobs, are believed be to less sustainable employment such as part time minimum wage positions, causing the AUD to steadily fall back against the USD.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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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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