The Australian service sector expanded strongly according to the Australian AiG Performance of Services Index, but this was conflicted by the final reading of the Australian CBA Services PMI which was revised down to 50.0 and just barely avoided contraction. The final CBA Composite PMI was also revised down to 50.0 and the Chinese services sector eased slightly as measured by the Caixin Services PMI while the Caixin Composite PMI inched up. The AUDUSD remained stable at resistance, what’s next for price action? Subscribe to the PaxForex Daily...
Forex traders will start the new trading week with PMI data across the Eurozone, any downward revisions to previous October reading are likely to pressure the Euro lower. The Eurozone Sentix Investor Confidence is also anticipated to have an impact on price action. With a new ECB President, will there be changes to monetary policy or will it remain the same Draghi ECB under a new proxy? Will bulls power ahead and rally the EURAUD or will bears force more downside? Today’s fundamental analysis will take a look at price action in both directions...
All eyes will be on the NFP report out of the US, where economists predict less than 100K job additions and over 50K job losses on the manufacturing sector. The labor force participation rate is also called lower while the unemployment rate is expected to rise. The ISM Manufacturing report will also expected to move the US Dollar and anticipated to show its second consecutive month in contractionary territory. How will the USDCHF react after the release of today’s economic data? Subscribe to the PaxForex Daily Fundamental Analysis and grow...
The UK election campaign started as PM Johnson is trying to secure a majority in Parliament in order to get this Brexit deal approved. The British Pound will be exposed to plenty of headlines until Britons head to the first December election in almost one century. Forex traders will also get the October Manufacturing PMI today to close out an eventful week, what impact will it have on the GBPAUD? Today’s fundamental analysis will take a look at price action in both directions. The Australian manufacturing sector slowed down sharply as two...
Forex traders received a big cache of economic data out of the Eurozone today. It showed that inflation remains absent while the economy is under-performing, but the EURUSD managed to extend its rally after the FOMC cut interest rates yesterday. It is Mario Draghi’s last day at the ECB, will a change in leadership rally the Euro or should forex traders prepare for sell-off? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade. The US Dollar is under selling pressure against the Euro, despite Fed Chief...