The possibility of Jeremy Corbyn becoming U.K. prime minister with a strong Labour majority in Parliament looks remote at best, if current polls are to be believed. How would the markets react to a Labour government? France in 1981 elected a socialist president, Francois Mitterrand, who had promised to govern in coalition with the communist party, then a powerful presence in French politics.
Cryptocurrency exchange Coinbase’s Visa debit card has today added support for XRP and four more coins. The four coins are Brave browser’s basic attention token (BAT), Augur (REP), Stellar (XLM) and 0x (ZRX), Coinbase Card announced Thursday.The post Coinbase’s crypto Visa debit card adds support for XRP and 4 more coins appeared first on The Block.
UK inflation fell to its lowest level in three years in October, but what looks like good news for consumers and the Bank of England doesn’t bode well for the future path of the economy. The Office for National Statistics said Wednesday that the annual inflation rate declined to 1.5% last month (from 1.7% in September) with a notable fall in prices of electricity, gas and other fuels. It said that it might have to cut rates if Brexit uncertainties persist into next year, and if global growth fails to pick up after the current slowdown.
The British pound continues to trade within a narrow range against the dollar but trades near a fairly important resistance area.
Gold is expected to continue to inch higher on short-covering as long as there is tension between the U.S. and China. Gold could spike higher if those tensions escalate. However, if there is a breakthrough in the negotiations then gold could plunge, retesting lows from earlier in the week.
EUR/USD continues to see buyers around the 1.10 area but is mostly trading in a range. Meanwhile, GDP growth in Germany rose slightly to save the country from going into a technical recession.
Investing.com -- The number of Americans making initial claims for jobless benefits rose to the highest level since late June last week, in a fresh sign that the economy is weakening under the impact of protracted trade disputes with major trading partners.
The Australian dollar has lost ground after disappointing employment numbers. The New Zealand dollar and Chinese yuan are showing limited movement.
Yes, you read that right. Despite all the bearish developments that we described in the previous analyses, and despite myriads of bearish factors that remain in place for the following months, it seems that the white metal is about to rally.
Based on the early price action and the current price at .6795, the direction of the AUD/USD the rest of the session on Thursday will be determined by trader reaction to the main 50% level at .6800.
Investing.com - U.S. futures fell on Thursday, after reports that trade talks with China have hit a snag on Chinese purchases of U.S. farm products, amid other concerns.
The Japanese Yen hardly budged after Japan’s GDP data showed the economy grew an annualized 0.2% in July-September, much below economists’ forecast of 0.8%. This is because investors are focused on the lack of progress over a trade deal, and the Japanese Yen’s appeal as a safe-haven asset.
The selling pressure on the Aussie and Kiwi is likely to continue on Thursday unless there is a positive development over the trade deal. Even if that is the case, the move is likely to be fueled by short-covering rather than new buying.
Risk-off continues to linger seemingly on the lack of good news on trade talks with China. At this stage, even date and a location for the trade would be a good thing!!! So, without that baby step in place, the markets could be reluctant to push both equites and US yields higher. But let’s see what the China activity data has in store later today as this will be the main event of the Asia session. I’m on Bloomberg TV later today at 12:00 PM, likely discussing the China data impact, among other things.
Particularly weak economic data weighed on the risk appetite early on, with a busy day of stats likely to test the markets further in the day.
Investing.com - Gold prices gained on Thursday in Asia following the release of weak economic data coming out from China, Japan and Australia. Sino-U.S. trade uncertainties also attracted some safe-haven demand.
Investing.com - The U.S. dollar inched up on Thursday in Asia following prepared remarks from Federal Reserve Chairman Jerome Powell. The Australian dollar dropped after the release of weak employment reports.
Investing.com – In a tale of two stock markets, the Dow surged to new intraday and closing highs, while the other major indexes struggled.
It has been a very quiet Wednesday session. The Canadian dollar and British pound are flat, and EUR/GBP is also trading sideways. Stronger inflation numbers in the U.S. failed to cause any reaction in the curency markets.
Gold markets rallied a bit during the trading session on Wednesday, bouncing above the top of the hammer from the previous session. Now that the market has bounce from the $1450 level, it shows that perhaps there will be buyers going forward.
The US dollar has initially tried to rally during the trading session on Wednesday but then broke down towards the 200 day EMA. At this point, the market looks very likely to continue to see a lot of choppiness, as we had recently tested a major barrier and failed.
The British pound pulled back slightly during the trading session on Wednesday looking for support underneath. That being the case, it looks as if the market is going to continue to form this larger pattern.