§ EURUSD continues to trade in a tight range between 1.2850 and 1.3000 as the situation regarding Spanish bailout remains uncertain. US data continued to be positive with the University of Michigan confidence index unexpectedly jumping to 83.1 in October, the highest level since September 2007.
§ Gold was the big looser so far, on the back of bearish CPI forecasts from Xu Lianzhong, director of the Analysis and Prediction Office of the National Development and Reform Commission. As well known, GOLD serves as a hedge against inflation so a negative forecast did not help the Yellow metal sustain its levels above 1750. A break of the1735 support could lead to strong selling pressure.
§ Saturday’s Chinese Export figures came in line with expectation. Tomorrow’s RBA Monetary Policy Meeting will probably give a stronger direction to the AUD and GOLD.
§ US Tech (NDQ) carries on in its pullback after the record high at 2870 touched in mid of September. NDQ is now trading near the 2 months low at 2714
Stay tuned throughout the day with foreign exchange bullets!
|.||EURUSD||1.2945||SHORT @ 1.2935||44% of deals buy EUR|
|.||USDJPY||78.35||LONG @ 78.35||83% of deals buy USD|
|.||GBPUSD||1.6070||SHORT @ 1.607||41% of deals buy GBP|
|.||AUDUSD||1.024||SHORT @ 1.024||71% of deals buy AUD|
|.||GOLD||1757||SHORT @ 1757||71% of deals buy GOLD|
|.||OIL||92.00||SHORT @ 92.00||72% of deals buy OIL|
|.||US||12:30||Retail Sales EX Autos||0.6|
|.||US||16:45||FOMC member Speaks|
Silver in line with other metals looks pretty bearish after the break of four weeks low. Market looks at 32 as next psychological support
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