Forex Today; What You Need To Know For November 8, 2019

November 8, 2019 by  
Filed under Featured, Trading in the Market

Contradicting reports about the state of US-Sino talks have been whipsawing markets. The world’s largest economies are set to include a rollback of tariffs in the phases of the trade agreement. However fierce internal opposition is holding progress back. Among White House advisers, Larry Kudlow has expressed optimism and readiness for concessions, while Peter Navarro has said that nothing has been agreed, and everything depends on President Donald Trump. Beyond the trade talk the University of Michigan’s preliminary Consumer Sentiment Index for November is set to show a small improvement, confirming the strength of the consumer. As we head into the Chrismas shoppingbseason we expect this to hold true.

Chinese trade balance figures have shown a smaller than expected drop in exports.

GBP/USD is struggling around 1.28 after the Bank of England painted a more gloomy picture of the local and global economies. Two members of the Monetary Policy Committee voted for a rate cut.  This is actually a realistic look at the whole situation.

The European Commission’s new forecasts have included a downgrade of GDP forecasts from 1.2% to 1.1% this year and from 1.4% to 1.2% in 2020. German trade balance and French industrial output are eyed today. This data will be negative ans reinforce earlier data of a German recession.

AUD/USD has been losing ground after the Reserve Bank of Australia’s Summary of Monetary Policy has shown that the bank is reluctant to raise rates even if the global economy picks up.

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