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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EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.