Today the focus is on Oil prices slipping, Tech gains, and Gold’s near new highs.
The German ZEW Economic Sentiment for September will be released. Forecast: 30.0. If the data is lower than expected the EUR could see negative pressure.
Assets to trade: EUR/USD, EUR/CHF, EUR/JPY
The Japanese GDP (QoQ) for Q2 will be reported. Forecast: 0.4%. If the result is lower than predicted the JPY could get a negative push.
Assets to trade: USD/JPY, GBP/JPY, CHF/JPY
Oil prices fell on Monday, extending losses after the world’s top exporter Saudi Arabia slashed crude contract prices for Asia over the weekend, reflecting well-supplied global markets and concerns over the outlook for demand. Affects Brent
The Bank of Canada is still on course to raise interest rates to 0.50% towards the end of next year. Affects CAD
Gold prices steadied near a 2-1/2-month high on Monday after weaker-than-expected U.S. non-farm payrolls data drove expectations that the Federal Reserve may go slow on tapering economic support measures. Affects Gold
Asian shares edged higher on Monday as a disappointing U.S. payrolls report promised to keep policy there super-loose for longer. Affects Hang Seng
European stocks edged towards record levels on Monday, led by gains in technology stocks, as hopes of more economic stimulus bolstered global sentiment. Affects Euro STOXX 50
While the world continues to battle COVID-19 and economies’ currencies teeter in the balance as fears of new cases and inflation rise. Investors have steadily turned to one of the oldest stores of value, gold.
The precious metal has continued to climb while reaching new highs after short pullbacks, after this pullback prices should climb.
The pair has tested its resistance level and reflected downward, and is now testing its support zone.
The index has slowed its climb as it neared its resistance level but the uptrend could continue.