Frank Walbaum
FX Strategies.Asia
Important news for the day
- Thu, 12th, 14:15 CET EU Main refinancing rate.
- Thu, 12th, 14:30 CET US Unemployment claims.
- Thu, 12th, 14:45 CET EU Press conference.
ECB rate decision
Today, traders will wait for the interest rate decision from the European Central bank. It is expected that the Bank will cut rates by 50 basis points, which would be another move after their action in June. The question might be, though, on how the future meetings will follow in regards to a further loosening of their monetary policy. According to Bloomberg another rate cut might follow in December. The pace could remain with quarterly cuts throughout 2025. Some market participants expect that the EUR might then fall back to lower levels. Against the Dollar the market currently looks as if it would weaken again soon.
Market talk
The oil market looks set to regain some strength after it had fallen towards the support zone at USD 66.00. Potential positive momentum might follow as also the weekly chart suggests. After the slightly higher consumer prices from the US yesterday, stock markets also started a big rebound. Upside momentum might continue. The S&P 500 could even rise beyond the 5675 resistance level.
Tendencies in the markets
- Equities positive, USD stronger, cryptos sideways, oil at support, metals positive, JPY sideways.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This Webinar is purely for information purposes. Transactions or orders are for illustrative purposes only and should not be copied by traders. The content has been carefully compiled. However, no liability can be accepted by FX Strategies. Asia and under no circumstances should this material replace a consultation with a certified financial, investment or investment advisor in terms of their accuracy. Further information on our risk warnings can be found on our website under fxstrategies.asia.
Recommended Content
Editors’ Picks
EUR/USD breaks below 1.1000 on stellar NFP
The buying bias in the Greenback gathers extra pace on Friday after the US economy created far more jobs than initially estimated in September, dragging EUR/USD to the area of new lows near 1.0950.
GBP/USD breaches 1.3100 after encouraging US Payrolls
The continuation of the uptrend in the US Dollar motivates GBP/USD to accelerates its losses and breaches 1.3100 the figure in the wake of the release of US NFP.
Gold rebounds from daily lows and flirts with $2,670
Following a post-NFP dip to the $2,640 region, Gold prices now embarks on an acceptable rebound and retest the area of $2,670 per ounce troy despite the marked advance in the US Dollar and rising US yields across the board.
US Payrolls surge in September, as 50bp rate cut ruled out
US payrolls data surprised on the upside in September, rising by 254k, smashing expectations of a 150k rise. The unemployment rate fell to 4.1% from 4.2%, average hourly earnings increased to a 4% YoY rate and there was a 72k upwards revision to the previous two months’ payrolls numbers.
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.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.