Today the focus is on the resumption of trade negotiations in London, IMF forecasts, as well as Coca-Cola’s quarterly report.
The UK Composite PMI will be released. The expected indicator is 55.6 points. If the real data turns out to be higher, the GBP will decline.
Assets to trade: GBP/USD, GBP/AUD
Coca-Cola is outperforming investor earnings forecasts, but total revenue has declined. Affects Coca-Cola
The IMF warns of a deeper contraction in Asian economies. Affects Hang Seng
The chief economist of the Bank of England said that the negative rate will not be introduced. Affects GBP
Facebook launches a dating service in 32 countries. Affects Facebook
Trade negotiations between the EU and the UK have resumed. Affects GBP
The published quarterly report indicates that the company’s net profit over the past 9 months has decreased by 9%. Nevertheless, earnings per share outperformed expectations: $0.55 against the forecast of $0.46.
Given the potential for a recovery in sales of Coca-Cola products, an increase in the share price is possible. We believe that the quotes will soon exceed 52.
Fundamental factors hint at the continued weakening of oil prices. Quotes may drop to 50.
We keep the negative outlook for the currency pair, as the chart has formed a “head and shoulders” reversal pattern.
USD/CAD on this day in history
- Since 2000, October 23rd has been a trading day 14 times.
- On 42% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.28%.
- The downward trend was limited to 1.24%.