Forex traders will start the new trading week with a light economic calendar which will likely see an extension of existing trends across currency pairs. Starting off on a positive note, UK property website Rightmove reported a 6.1% annualized increase in UK home sales for August. As Brexit is nearing, UK consumers enjoy a strong labor market with the biggest wage increases in 11 years. The British Pound has started to recover last week from multi-month lows which resulted in a breakout of the GBPJPY above its horizontal support area. Will...
Gold prices extended their sharp rally and the breakout above the psychological $1,500 mark has further enhanced bullish sentiment. Economic data out of Asia offered more recession signals for the global economy. The New Zealand Business Manufacturing PMI slid into contractionary territory below 50 with a downward revision to the previous month. While the Singapore trade surplus for July came in higher than expected, on an annualized basis it is contracting with non-oil exports slumping. The Hong Kong riots are also darkening the overall...
After the UK economy posted an unexpected contraction in the second-quarter and the labor market surprised to the upside, forex traders will get key retail sales data this morning. Economists predict a contraction, but with the British Pound in extreme oversold conditions, will retail sales ignite a counter-trend short-covering rally? Momentum in the GBPCHF has been building up as this currency pair reached the upper band of its horizontal support area, will this level hold and can bulls force a march to the upside? Follow the PaxForex Daily...
The Australian Dollar advanced during the Asian trading session as consumer inflation expectations rose and the labor market surprised to the upside by adding 41.4K jobs. The AUDUSD elevated from string support levels as the US Dollar is coming under more selling pressure after the 30-Year Treasury Yield dropped to a new all-time low and the 2-Year/10-Year yield curve inverted, a strong recession signal. Can price action accelerate further to the upside? Today’s fundamental analysis will analyze the upside potential in the AUDUSD as well as...
On Wednesday, the Japanese yen continued to grow, as China's weaker than expected economic data reinforced the view that the end of the trade war was still a long way off, even if US President Donald Trump postpones the imposition of some additional duties.
