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Bullet Report: Sterling and GOLD dive to new lows. NFP in focus
October 4, 2016 6:37 amVideo
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Today’s calendar is once again very thin so markets will continue to focus on the UK PM’s stance on Brexit over the weekend, as well as developments with Europe’s biggest investment bank, Deutsche Bank whose shares have fallen to a 30-year low. Overnight, Australia has kept its interest rate policy unchanged whose economy has benefited by a rise in commodities. The AUDUSD has risen also 10% this year, indicating the positive direction of the economy.
Currencies: The GBPUSD continued its nosedive yesterday, after investors dumped the pair to almost 10 year lows on the announcement that Theresa May will trigger the Brexit process by March next year. The USD index strengthened in general today, by at least 0.2%, after upbeat US data lifted expectations for a rise in interest rates in December. Against the JPY, the dollar added 0.5 percent to 102.13 to reach a 2 week high, while the EUR was 0.1% lower at $1.1197.
Stocks: The German DAX has opened flat this morning, after being closed yesterday due to a public holiday. Asian Stocks were also broadly higher today with Nikkei leading the way after a drop in the JPY’s value. On the other hand, US stocks closed lower yesterday as concerns over Deutsche Bank’s financial condition and the UK’s plan to exiting the EU outweighed the strong US data released yesterday.
Oil and Gold: Oil reached at a multi-week high after a volatile session as traders were confident about OPEC cutting global oil production. WTI oil rose to $49, building on top of last month’s gains which were almost 8%. Gold was a big loser in the last couple of days, finishing the day at a 2-week low to $1309 in a session that can be described as lethargic due to the lack of volumes. Focus now turns to Friday’s NFP report will ignite renewed volatility in the markets.
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Source: Easy Forex Forex.Info
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