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Daily Briefing – A Busy Day Expected

Published 11/07/2013, 06:54 AM
Updated 03/19/2019, 04:00 AM
Currencies
A busy day expected within the currency markets today with Spanish & French Bond auctions this morning followed by the BOE’s rate setting meeting @ 12.00, ECB’s @ 12:45 & press conference @ 13:30, US Advanced GDP & Unemployment Claims also @ 13:30 GMT.
  • EUR/USD – Trading above its 20, 50 & 200 day Simple Moving Average’s on a 30 minute timeframe and the RSI is bullish signaling a possible move towards short term resistance at the 1.3560 -1.3570 & 1.36 level.
  • GBP/USD – Trading at 1.6085 at the time of writing, approximately in line with its 20 & 50 day Simple Moving Average’s on a 30 minute timeframe, the pound remains on an upward trend with Support seen @ 1.6050.
  • USD/JPY – Trading above its 20, 50 & 200 day Simple Moving Average’s on a 30 minute timeframe, the Trend still remains up and resistance @ 99.00 should be tested over the next few trading days.
TREND
Indices
  • Asian Markets bearish on Thursday morning. The Nikkei index fell nearly 0.86% while MSCI Taiwan Index trading at 0.27% down.
  • With the European Central Bank Decision coming up later in the day European markets are slightly down with only DAX 30 showing a small uptrend of 0.1%
  • U.S. Indices are flat ahead the nonfarm payrolls and the July-September GDP data. This could be a volatile day with all the major news coming up but for the time being traders remain cautious.
TOP News
  • The ECB and the Bank of England are expected to keep their interest rates and policies unchanged according to analysts estimations.
  • Twitter has raised 1.82 billion Dollars via its IPO, valuing the company at $ 14.2 billion. The micro blogging Stock was issued at a price of $ 26, above the expected target range of the IPO, that was raised last week from 17-20 to 23-25 ​​per share per share. The stock will be available for trading at 14:30 GMT on AVA platforms.
  • US GDP for the 3rd quarter is forecasts to show that the US economy has expanded by 2% in October following 2.5% in September. Weekly jobless claim will also be published at 13:30 ahead of tomorrow’s monthly job reports.
  • The unemployment rate in Australia remained unchanged at 5.7%.
Things to Remember
  • The Trend is your friend.
Market Sentiment
  • Gold – The precious metal remains below its ST resistance of $1328 and has yet to test the $1300 level, a break of $1328 opens up a move towards the $1360 level, below $1300 the target would be $1275.
  • Crude Oil – Black Gold is rebounding from the $93 Level hit on Tuesday with $96 seen as the next Resistance Level.
  • VIX- Volatility Index decreased by 4.52% to 12.67.
News Agenda For Today
12:00 GMT

GBP– Official Bank Rate
12:00 GMT

GBP– Asset Purchase Facility
Tentative

GBP– MPC Rate Statement
12:45 GMT

EUR– Minimum Bid Rate
13:30 GMT

EUR – ECB Press Conference
13:30 GMT

USD – Advance GDP q/q
13:30 GMT

USD – Unemployment Claims
15:30 GMT

USD – Natural Gas Storage
19:00 GMT

EUR – ECB President Draghi Speaks

Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam

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