Today the focus is on US and UK economic data.
US Monthly Core CPI for September will be released. Forecast: 0.2%. If the data is higher than the forecast, USD may go up.
Assets to trade: GBP/USD, EUR/USD, USD/JPY
The UK added 207,000 jobs to the labor market in September. Affects GBP
The EU launched the largest Green bond sale ever. Affects EUR
Tech stocks slid down on fear of the end of the Fed’s supportive monetary policy. Affects the S&P 500
The prime US health authority will decide this week on the effectiveness of Johnson&Johnson’s vaccine. Affects Johnson&Johnson
Facebook said it would be more user-oriented after accusations of prioritizing profits. Affects Facebook
US stocks are pressed by fears that the US Fed would cut back Quantitative Easing soon. That pressure will likely stay one of the main factors behind S&P 500 performance until there is an official announcement and action by the Fed.
The index is now hanging between 4,300 and 4,400. Although It may test the downtrend’s resistance line, it is more likely to gravitate down towards 4,300.
OPEC’s plan to support the oil price seems to be working. It’s consistently growing and is likely to reach $84 soon.
This currency’s downtrend suggests it may drop to the level of 1.24 in the near future.