12th October - Forex Market & Economic Data Updates - By Shivkumar
XAU/USD moves in correlation with US inflation expectations & bullish case of the coronavirus cases, especially across Europe. However, if virus concerns lead to risk aversion, the US dollar will likely find bids, complicating matters for gold bulls.
XAG/USD fights resistance line above $25.00 pick-up bids to $25.26, after initially refreshing the three-week top, during Monday’s Asian session.
EUR/USD at 1.14 and USD/JPY at 103.00 are both down the US dollar (USD) and Japanese yen (JPY) are likely to witness further buying due to safe haven nature. The reason spotted is the global economic weakness due to the coronavirus (COVID-19) resurgence.
AUD/USD currently trading in the red at 0.7216, having faced rejection at 0.7234 & Friday's low is now the level to beat for the bears.
GBP/USD trying not to lose 1.3000 mark despite Brexit, COVID-19 woes. The pair benefited from the broad US dollar weakness on Friday and the coronavirus (COVID-19) spread in the UK. Brexit talks intensify before October 15 deadline, COVID-19 also a problem…
USD/CAD Bears cling to above 1.3100 and buyers may stay away until they see any fundamental highs.
US dollar takes a trip to below critical support, due to US elections outcome of a blue wave victory & news indicating resumption of US Stimulus talk.
ECONOMIC DATA AND ITS IMPACT
EUR: - CHF Economic Forecast, Whole price index (Sept), European Central bank speech. Medium to high impact on the market.
GBP: - Bank of England Speech. Medium to high Impact.
USD: - COLUMBUS DAY. NO DATA
CAD:- THANKSGIVING. NO DATA.
Good Luck & Let’s approach the market with proper education, Risk & Money Management rules.
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