Today the focus is on the UK’s weak productivity, Google anti-trust lawsuit, & Oil slides lower.
The British Average Earnings Index + Bonus for September will be released. Forecast: 5.6%. If the data is lower than expected the GBP could see negative pressure.
Assets to trade: GBP/USD, GBP/JPY, GBP/EUR
The US Core Retail Sales (MoM) for October will be reported. Forecast: 1.0%. If the result is lower than predicted the USD could receive a negative push.
Assets to trade: USD/JPY, USD/SGD, USD/MXN
Tightening monetary policy now to rein in inflation could choke off the eurozone’s recovery, European Central Bank President Christine Lagarde said on Monday, pushing back on calls and market bets for tighter policy. Affects EUR
Low business investment, weak management, and too few commercial patents are the main factors behind Britain’s weak productivity record that has been a puzzle for policymakers for years, according to new research published on Monday. Affects GBP
A group of US states led by Texas has filed an amended complaint against Alphabet Inc’s Google accusing the tech giant of using coercive tactics and breaking antitrust laws in its efforts to boost its already-dominant advertising business. Affects Google
Japan’s economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending while new COVID-19 cases soured the consumer mood, undermining efforts to stoke a virtuous growth cycle. Affects JPY
Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand. Affects Brent
The oil industry has been in flux as the world continues to deal with COVID-19, waning demand, and the rising prevalence of electric vehicles. Demand has fallen as cases begin to rise around the world and some jurisdictions have implemented versions of lockdowns.
The downtrend persists and is testing the support zone breaking the top level.
The precious metal has stalled near its resistance zone, prices will break up or down away from the resistance level.
The pair is in a prolonged downtrend and testing its support level.