Today the focus is on US labor and economic data.
US Initial Jobless Claims will be released. Forecast: 319K. If the data is higher than the forecast, USD may go up.
Assets to trade: GBP/USD, EUR/USD, USD/JPY
US Monthly PPI for September will be out. Forecast: 0.6%. If the figure is greater than expected, it may boost USD.
Assets to trade: EUR/USD, USD/CAD, AUD/USD
US Crude Oil Inventories will be announced. Forecast: 0.140M. A Higher actual value may drive USD upwards.
Assets to trade: USD/CHF, AUD/USD, NZD/USD
The UK’s monthly GDP growth rate was 0.4% in August. Affects GBP
China’s oil imports dropped 15% in September over the previous month. Affects Brent
The IMF revised its 2021 global economic growth projection down to 5.9%. Affects Gold
Gold may receive a boost from the IMF’s downward revision of the global economic recovery pace.
It has bounced off the support level of 1,720, and bears don’t seem to have enough momentum to drag it downwards from the current 1,760. We believe it will aim at 1,800 in the near future.
The strong US dollar leaves little doubt that USD/CHF’s uptrend will reach 0.94 soon.
DAX seems to be picking up. If it crosses the trend resistance at 15,500, it may be a mid-term trend reversal.