Facebook’s Libra project faces more scrutiny, In a show of good faith China is dropping some tariffs on U.S. goods, & Boris Johnson’s plans to block parliament from halting Brexit have been called unlawful.
Prime Minister Boris Johnson’s attempted suspension of parliament was deemed unlawful by a Scottish court, prompting MPs to return to work delaying Brexit without a deal. Affects GBP
The EU’s central bank will cut their forecasts in their meeting today, and its projection will also show a modest rise to 1%, predicted for 2019 and 2020. Affects EUR
China announced a first batch of 16 U.S. goods will have their tariffs removed, as both countries head toward another round of talks to try to bring an end to their trade war. Affects the S&P 500
OPEC cuts 2020 projections and plans to match output to the decreasing demand, to preserve the commodity’s price. Affects Brent
Facebooks Libra project is still getting scrutiny, this time from the Swiss who warned that the project could likely be held to the same practices as a traditional bank on top of anti-money laundering laws. Affects Facebook
The ECB Interest Rate Decision for September will be announced. Traders pay attention to interest rates as they will influence lending and spending in the market. Affects EUR.
The U.S. Core CPI MoM will be released. This report looks at the changes in the price of goods and services excluding food and energy. Affects USD.
With positive news on the trade war front between the U.S. and China, the USD and JPY will both be impacted.
Looking at the pair’s 1W TF, a Three White Soldiers pattern has emerged indicating a strong up trend.
On its 4H chart there a Three Outside Down pattern showing a downtrend.
It’s 1H chart has shown an Engulfing Bearish signal, implying the beginning of a downtrend.