Today the focus is on the rising US dollar, rocketing oil prices, and British wholesale prices.
The British Average Earnings Index + Bonuses for August will be released. Forecast: 7.0%. If the data is lower than predicted the GBP could receive negative pressure.
Assets to trade: GBP/USD, GBP/EUR, GBP/JPY
The German ZEW Economic Sentiment for October will be reported. Forecast: 24.0. If the data is higher than predicted the EUR could see a positive push.
Assets to trade: DAX, EUR/JPY, EUR/USD
The US JOLTs Job Openings report for August will be released. Forecast: 10.925M. If the results are lower than expected the USD could receive a negative push.
Assets to trade: USD/MXN, GBP/USD, USD/SGD
The dollar soared to its highest in nearly three years versus the Japanese yen on Monday as investors remained confident the US Federal Reserve will announce a tapering of its massive bond-buying next month despite softer US payrolls figures. Affects USD
Oil prices rose more than $2 on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers. Affects Brent
The British steel industry’s lobby group warned on Monday of an impending crisis due to soaring wholesale energy prices which could force plants into expensive shutdowns, stoke emissions, and sow chaos through supply chains. Affects GBP
Treasury Secretary Janet Yellen said on Sunday she was confident the US Congress would approve legislation to implement the global corporate minimum tax agreed by 136 countries. Affects S&P 500
Gold prices were subdued on Monday after weak jobs growth numbers failed to temper expectations that the US Federal Reserve would start paring its stimulus this year. Affects Gold
Britain has been enduring supply, labor, and shipping shortages which has not stopped the BoE from considering raising the interest rate. While the US also faces inflationary pressures and slowed employment growth, hindering it from taking back serious ground.
The pair has shown a Three Outside Up pattern indicating the continuation of the recent uptrend, however, prices are testing its resistance area.
The pair showed a strong Three Outside Up heading towards its resistance level.
The automaker showed a Three Outside Up heading towards its resistance level.