DAILY MARKET OUTLOOK on Major
Update Time: 29 Oct 2020 09:30GMT
USD/JPY - 104.30
Although dollar's rebound after yesterday's fall to a 5-week low at 104.12 suggests recent decline has made a temporary bottom, intra-day retreat from 104.50 (Asia) signals recovery has ended and re-test of September's 104.01 trough would be seen after consolidation, break would extend fall from 111.71 (March) to 103.80 but 103.66 should hold today.
On the upside, only above 104.88/93 would risk stronger retracement to 105.00/05, then, 105.20/30.
On the data front, U.S. will release third quarter GDP at 12:30 GMT, with street forecast at 31.0% versus prior reading of -31.4%. At the same time, weekly jobless claims and continued jobless claims will be released, with Reuters poll at 775k and 7.700M respectively versus previous readings of 787k and 8.373M. As U.S. Presidential election closes in, traders should pay attention to related headlines.
Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.