Contest Trader

Don't miss the chance to cash-in prizes totaling

$10.000
Register here for the Ultimate demo trading competition

EUR/USD Price and Gold Eye the Upcoming US Data

EUR/USD Price and Gold Eye the Upcoming US Data

Equities rally, Gold and oil stabilize, what moves markets today?

The Australian Manufacturing PMI final numbers for September of 55.4 came in lower than expected of 55.5. However, was far better than the prior print at 53.6. Nonetheless, the released data did not have any noticeable effect on the Australian Dollar against major currencies.

Equities

The US stock markets rallied on positive ADP numbers, the data came in stronger than expected however, the coronavirus surge weighed heavily on some sectors like aviation and entertainment as some US airlines prepare to layoff tens of thousands of workers unless they get federal aid.

The US fiscal stimulus deal remained in the negotiations stage as Democrats reduced their demands from $3.4trillion to $2.2 trillion, however, the US administration offer was below the $2.0 trillion thresholds and presented a new “generous” offer of $1.5 trillion with $20 billion extensions in aid for the airline's industry. The ball now is in Democrat’s court.

Europe has started to tighten measures to combat the Coronavirus resurgence. The Czech Republic issued a 30-day state emergency and the UK PM asked people to work from home and said he will not hesitate to impose new restrictions.

Stock Market

Change %

S&P 500

+0.7%

Dow Jones

+1.2%

NASDQ

+0.9%

Japan 225

-0.5%

DAX 30

-0.5%

FTSE 100

-0.5%

CAC 40

-0.4%

Currencies

The US Dollar index retreated further on Thursday eyeing a test of the inverted head and shoulders neckline located at 93.47. A daily close below that level could send the price even lower towards 92.73.

The EUR/USD bearish momentum has slowed down and rallied eyeing a test of 1.1909. That said, a daily close below 1.1713 could send the price even lower to re-test 1.1621. A better than expected non-farm payrolls data on Friday may send the pair even higher.

GBP/USD benefited from a weaker US dollar and rallied above 1.2773 hinting to test 1.3048. Nonetheless, markets pay attention to the EU/UK negotiation’s updates, as the hard Brexit risk is not reflected in the Sterling pound price. The UK has offered some concessions in the fisheries track and now it is up to the EU to decide if they are enough or not.

Commodities

Rising numbers of Coronavirus kept oil price fundamentals weak due to worries of lower fuel demand. The Brent oil remained below $42.50 and indicated a possible downward move towards $39.60, while the US Crude bears could press towards $38.37.

The gold steadied above $1,861 hinting towards $1,921. However, a close below $1,861 could send the precious metal towards $1,796.

Looking Ahead

Eyes will be on the US PCE index numbers with the initial jobless claims at 8:30 PM (GMT). At 9:30 PM comes the Canadian manufacturing PMI final read for September, and at 9:45 and 10:00 PM the US Markit and ISM manufacturing PMI data will be released. By 11:00 PM the Fed member Williams speaks.


Esta información/estudio preparada por Mahmoud Alkudsi no tiene en cuenta los objetivos específicos de inversión, la situación financiera o las necesidades particulares de una persona. El analista de estudios es, principalmente, responsable del contenido de este informe de estudio, en parte o en su totalidad, certifica que los puntos de vista sobre las compañías y sus valores expresados en este informe reflejan con exactitud sus puntos de vista personales, y como consecuencia, toda persona que actúe basándose en ellos lo hace bajo su propio riesgo.

El estudio proporcionado no constituye los puntos de vista de JME Financial Services (Pty) Ltd., ni es una invitación a invertir con JME Financial Services (Pty) Ltd. El analista de estudios certifica, además, que ninguna parte de su remuneración ha sido, es o será directa o indirectamente relacionada con recomendaciones o puntos de vista específicos expresados en este informe.

A partir de la fecha en la que se publique el informe, el analista de estudios y su esposo/a o familiares que dependen financieramente de dicho analista, no mantendrán intereses en los valores recomendados en este informe (“como “intereses” se incluyen la titularidad directa o indirecta de los valores).

El analista de estudios no está contratado por JME Financial Services (Pty) Ltd. Le animamos a buscar asesoramiento con un consejero financiero independiente con respecto a la idoneidad de la inversión, en virtud de otra participación separada, cuando considere oportuno que es conforme con sus objetivos específicos de inversión, su situación financiera o, sus necesidades financieras particulares antes de comprometerse a invertir..

Las leyes de la República de Sudáfrica regirán cualquier reclamación relacionada o que surja de los contenidos de la información/estudio proporcionado.