Today the focus is on UK soldiers and gas, Japan’s new PM, & Eurozone sentiments.
The British GDP (YoY) for Q2 will be released. Forecast: 22.2%. If the data is lower than predicted the GBP could see a negative push.
Assets to trade: GBP/USD, GBP/EUR, GBP/JPY,
The German Unemployment Change for September will be announced. Forecast: -33K. If the results are lower than expected the EUR could receive positive pressure.
Assets to trade: DAX, EUR/CHF, EUR/JPY
The US GDP (QoQ) for Q2 will be presented. Forecast: 6.6%. If the data is higher than predicted the USD could see negative pressure.
Assets to trade: USD/JPY, EUR/USD, AUD/USD
British soldiers will start driving tankers to replenish empty pumps, as drivers queued again for fuel after days of shortages, despite Prime Minister Boris Johnson saying the situation was improving. Affects GBP
Japan’s struggle to emerge from the pandemic-induced doldrums will leave next prime minister Fumio Kishida with little choice but to maintain massive fiscal and monetary support for a fragile economy. Affects JPY
German import prices rose the fastest in 40 years last month, driven by a jump in the price of oil and gas, and supply chain bottlenecks for raw materials worsened further, pointing to a further rise in prices for consumers. Affects DAX
Eurozone economic sentiment edged higher in September after a fall in August, boosted by optimism among consumers and in the industry and construction sectors, while inflation expectations continued to rise among manufacturers and consumers alike. Affects EUR
Copper prices fell for a second day on Wednesday as a power supply crisis gripped China, the largest metals consumer, shutting factories and casting doubt on the outlook for demand. Affects Copper
The eurozone is a mixed bag of information, as economic sentiment rises so does inflation and import prices. However, the USD has climbed higher in the face of rising cases and inflation.
The pair has shown a Three Black Crows pattern indicating a strong downtrend.
The precious metal has shown a Bearish Dragonfly Doji before continuing its downtrend with Three Black Crows.
The pair has shown a Bullish Engulfing pattern indicating a strong reversal that is now testing its resistance level.