The US currency peaked for more than two years in a basket of major currencies today ahead of data that is expected to show that the US manufacturing sector has returned to growth, mitigating concerns about the impact of a trade war with China.
Final Manufacturing PMI data out of the Eurozone and key member countries will be in focus today. German data will be the most important one as it has been dragging down the Eurozone as a whole. Inflation data will also be released where economists expect no inflationary pressures, forex traders should be prepared for a potentially lower reading below 1.0% annualized. How will this impact the EURUSD which is trading at extreme oversold conditions? Today’s fundamental analysis will explore the upside potential and weigh the downside risk....
The Australian central bank delivered its 25 basis point interest rate cut from 1.00% to 0.75%. This was expected by market participants following the release of minutes from the previous RBA meeting. The announcement was preceded by a surprise increase in the Australian manufacturing sector as confirmed by two different reports. The housing market remains under pressure which could impact the consumer moving forward. The AUDJPY started to contract, will this move extend further to the downside? Subscribe to the PaxForex Daily Fundamental...
Forex traders will start the new trading week with a series of economic reports out of Eurozone member countries. After German retail sales came in stronger then expected, and Spanish data showed the absence of inflationary pressures as the economy expanded 2.0% annualized in the second-quarter, the EURAUD remained above support as bulls refused to give in to bears. More inflation data will be reported during the trading session, on top of unemployment data. How will this impact price action in the this currency pair? Today’s fundamental...
Final GDP as well as total business investment data for the second-quarter is expected to remain unchanged. Over the weekend, PM Johnson stated that he will not resign as this could result in a Brexit delay. As the political impasse continues and the Brexit deadline is approaching, the British Pound is expected to come under more pressure which will push the GBPJPY further to the downside. How will today’s UK economic data impact price action? Subscribe to the PaxForex Daily Fundamental Analysis and take the profitable side of this trade!...