Global stocks inched lower on Friday after China Evergrand missed an $83.5 million bond payment. According to Reuters, the company’s bondholders did not receive any payments from the company. Therefore, there are concerns over whether the company can continue and the implications of its collapse. It still has about 30 days before any failure to pay the funds are declared a default. In Asia, its stock collapsed by more than 10%. In Europe, the DAX index declined by 0.80% while the FTSE 100 and CAC 40 declined by 0.35% and 1%, respectively. Elsewhere, in the United States, futures tied to the Dow Jones and S&P 500 indices declined by 0.28% and 0.40%, respectively.

The euro declined slightly against the US dollar after the relatively weak German business climate and current assessment data. The numbers by Ifo Institute showed that the country’s business climate declined from 99.6 in August to 98.8 in September. In the same period, the country’s current assessment fell from 101.4 to 100.4. These numbers show that the new Delta variant wave is having a negative impact on the country. Meanwhile, the market is also anticipating the upcoming German election that will take place on Sunday.

The New Zealand dollar declined slightly after relatively mixed trade numbers from the country. The numbers revealed that New Zealand’s exports declined from more than N$5.77 billion in July to N$4.35 billion in August as the country dealt with the new Covid wave. In the same period, the country’s imports rose from more than n$6.17 billion to more than n$6.49 billion. As a result, the trade deficit widened to more than n$2.14 billion. Elsewhere, cryptocurrency prices slipped after the China Central Bank vowed to intensify its crackdown on cryptocurrency trading.

ETH/USD

The ETHUSD pair declined sharply after new warnings from the People’s Bank of China (PBOC). The pair declined to a low of 2,872, which was lower than the intraday high of 3,175. On the four-hour chart, the pair has moved slightly below the 25-day moving average. The MACD has also declined below the neutral line. Therefore, the pair will likely keep falling as bears target the next key support at 2,637.

ETHUSD

EUR/USD

The EURUSD pair declined slightly after the latest German sentiment numbers. It is trading at 1.1730, which is a few points below this week’s high of 1.1750. On the four-hour chart, it is slightly below the upper side of the descending channel. It has also moved below the 25-day moving average while the MACD has started rising. Therefore, the pair will likely finish the week between the channel as traders wait for the German election.

EURUSD

GBP/USD

The GBPUSD pair declined slightly after the impact of the BOE decision started waning. The pair declined from the intraday high of 1.3753 to a low of 1.3700. On the four-hour chart, the pair has formed a bullish consolidation pattern and found support at the 25-day MA. Therefore, there is a likelihood that the pair will rebound in the American session.

GBPUSD

General Risk Warning for FX & CFD Trading. FX & CFDs are leveraged products. Trading in FX & CFDs related to foreign exchange, commodities, financial indices and other underlying variables, carry a high level of risk and can result in the loss of all of your investment. As such, FX & CFDs may not be appropriate for all investors. You should not invest money that you cannot afford to lose. Before deciding to trade, you should become aware of all the risks associated with FX & CFD trading, and seek advice from an independent and suitably licensed financial advisor. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to FX or CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD stays afloat above 1.1600 as inflation data meet expectations

EUR/USD came under modest bearish pressure in the early European session and continues to have a difficult time regaining its traction. After the data from the euro area revealed that annual CPI stayed unchanged at 3.4% in September, the pair stays relatively calm above 1.1600.

EUR/USD News

GBP/USD drops below 1.3800 as UK CPIs disappoint

GBP/USD eases below 1.3800, as an unexpected decline in the UK inflation douses the BOE rate hike expectations. Covid resurgence in the UK also undermines the pound. The pair could find support from a broadly subdued US dollar and fresh Brexit optimism. 

GBP/USD News

Gold: $1791 appears a tough nut to crack for XAU/USD bulls

Gold price is holding the higher ground, extending the previous advance amid a pullback in the US 10-year Treasury yields from five-month highs of 1.672%.

Gold News

Crypto markets prepare for final pullback before next leg up

Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart. Ethereum price continues to consolidate under the $3,938 resistance level. Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Read more

Tesla: Why it is time to sell TSLA stock

Tesla breaks higher again on Monday as we had called. TSLA to release earnings after the close on Wednesday. Is it time to sell Tesla stock now before earnings?

Read more

Majors

Cryptocurrencies

Signatures