The Australian consumer is expected to further tighten the screws and reign in spending as investment lending as well as as owner-occupier loan value for May plunged. This is the latest sign of a slowing global economy which points towards a recession. The AUDUSD was able to extend its gains despite the economic data as forex traders continue to trade out of their long US Dollar positions after US Fed Chief Powell confirmed that that central bank is open to cut interest rates. How will this impact your forex investment? Subscribe to the...
Forex traders are awaiting a series of economic reports out of the UK in order to assess if current support levels will hold in the British Pound or if today’s data will inspire a fresh wave of sell orders. The May GDP figure is anticipated to show a recover with a slight increase in the service sector. Industrial and manufacturing production as well as construction output are all expected to show a solid increase. Will today’s data allow bulls to push price action higher or will it give bears ammunition to attempt a new breakdown in the...
Economic data released out of Asia continues to paint a picture of a slowing global economy. The New Zealand ANZ Truckometer Heavy Index posted a contraction which suggests less cargo is being moved due to a lack of demand, UK BRC Like-for-Like Sales decreased once again and Australian consumer confidence eased while Japan reported a decrease in labor cash earnings. Gold prices remained stable at its new support level which embraces the 1,400 level on each side. Subscribe to the PaxForex Daily Fundamental Analysis and allow our expert analysts...
Markets continue to respond to the positive Friday release of NonFarm Payrolls. The US economy in June added 224 thousand jobs, which is much better than expected. Even a slightly higher level of unemployment, which rose to 3.7%, which is 0.1% higher than the five-year figure of May, could not prevent the good mood of investors. There is no significant statistics on the first day of the new trading week in the USA that would have an impact on the direction for the dollar. Markets will await Fed chairman’s testimony to Congress on Wednesday....
Following last Friday’s stronger-than-expected US NFP report, analysts have downgraded their expectations for an interest rate cut by the US Fed. Going into the report, markets have priced in a 25 basis point cut with an almost 100% certainty after the US and China failed to reach a trade deal at the G-20 Summit in Osaka. The focus will now shift back to economic data and Germany reported a steeper annualized contraction in industrial production which prevented the Euro to advance. The German trade surplus expanded as exports picked up, but...
