IronFX Daily Commentary by Charalambos Pissouros | 05/10/2016
October 5, 2016 8:49 am
Euro jumps on an ECB tapering report • Report said that the ECB is nearing an “informal consensus” to taper its QE program. • EUR skyrocketed on the news. We’d stay cautious of denials by the ECB officials, which may cause EUR to give back the gains.
Gold breaks below 1300 and collapses • Gold prices collapsed yesterday. Movement more technical than fundamental. • Strong USD and positive risk sentiment helped gold to challenge important support levels. Once those were broken, there was a collapse.
Today’s highlights: • UK: Services PMI for Sep. is exp. to decline. Nonetheless, we see some upside risks to the forecast. Although a positive surprise could support GBP temporarily, we remain bearish on sterling overall. • US: ADP employment change for Sep. is exp. 165k, a solid print that could raise speculation for a strong NFP. The ISM non-manuf. PMI for Sep. is exp. to have risen. These could support USD. Also, factory orders and trade balance for Aug. • Speakers: UK PM Theresa May and Richmond Fed President Jeffrey Lacker.
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Euro jumps on an ECB tapering report
• Report said that the ECB is nearing an “informal consensus” to taper its QE program.
• EUR skyrocketed on the news. We’d stay cautious of denials by the ECB officials, which may cause EUR to give back the gains.
Gold breaks below 1300 and collapses
• Gold prices collapsed yesterday. Movement more technical than fundamental.
• Strong USD and positive risk sentiment helped gold to challenge important support levels. Once those were broken, there was a collapse.
Today’s highlights:
• UK: Services PMI for Sep. is exp. to decline. Nonetheless, we see some upside risks to the forecast. Although a positive surprise could support GBP temporarily, we remain bearish on sterling overall.
• US: ADP employment change for Sep. is exp. 165k, a solid print that could raise speculation for a strong NFP. The ISM non-manuf. PMI for Sep. is exp. to have risen. These could support USD. Also, factory orders and trade balance for Aug.
• Speakers: UK PM Theresa May and Richmond Fed President Jeffrey Lacker.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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