Good morning. Hope all is well! We seem to have had a good forecast for yesterday with a 66% accuracy. As we had thought Japanese Yen did strengthen slightly against all other pairs while we were wise to take a mixed stance on US Dollar as it was sidelined. Today we have many news items coming out that could fuel market movements on US Dollar, Canadian Dollar, Japanese Yen and British Pound, with majority of the items that could affect Canadian Dollar alone. Both US Dollar and Japanese Yen are proving a bit hard to read. Adding two hedged pair to offset the risk. Happy Trading!
Forecasts Outlook
US Dollar: Mixed Sentiments
Today we're expecting the EURUSD to proceed Short below the barrier levels of 1.15819 and 1.16060.
Fundamental Watch
– BOJ Press Conference
– Average Earnings Index 3m/y
– Claimant Count Change
– MPC Official Bank Rate Votes
– Wholesale Sales m/m
– Building Permits
– BOC Monetary Policy Report
– BOC Rate Statement
– Overnight Rate
– BOC Press Conference
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Editors’ Picks
EUR/USD consolidates weekly gains above 1.1150
EUR/USD moves up and down in a narrow channel slightly above 1.1150 on Friday. In the absence of high-tier macroeconomic data releases, comments from central bank officials and the risk mood could drive the pair's action heading into the weekend.
GBP/USD stabilizes near 1.3300, looks to post strong weekly gains
GBP/USD trades modestly higher on the day near 1.3300, supported by the upbeat UK Retail Sales data for August. The pair remains on track to end the week, which featured Fed and BoE policy decisions, with strong gains.
Gold extends rally to new record-high above $2,610
Gold (XAU/USD) preserves its bullish momentum and trades at a new all-time high above $2,610 on Friday. Heightened expectations that global central banks will follow the Fed in easing policy and slashing rates lift XAU/USD.
Week ahead – SNB to cut again, RBA to stand pat, PCE inflation also on tap
SNB is expected to ease for third time; might cut by 50bps. RBA to hold rates but could turn less hawkish as CPI falls. After inaugural Fed cut, attention turns to PCE inflation.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
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