Macro Events & News

FX News Today

  • A gloomy IMF outlook: Forecasts for major economies revived recession fears globally and saw risk aversion picking up again.
  • The IMF warned that the Sino-US trade war, a “no-deal” Brexit and a weakening European economy could lead to a sharp global slowdown.
  • Topix and Nikkei lost -0.63% and -0.47% respectively.
  • President Trump calling on China to stop “playing around” and do a “real” trade deal -Added to the negative backdrop for markets.
  • The Earnings season is also in full swing and reports from UBS this morning disappointed and only added to lingering risk aversion.
  • USDJPY edged out 2-session low under 109.40; Yen firmer amid risk-off vibe.
  • EURUSD ebbed to 18-day lows below 1.1350, driven by firming in the Dollar.
  • WTI Oil prices back under $54.0 after hitting 7-week high yesterday at $54.39.

Charts of the Day

Main Macro Events Today

  • UK Average Earnings Index 3m/y – Expectations – Average weekly earnings are expected to remain perky in the three months to November, expected at +3.3% y/y in both the with- and ex-bonus figures.
  • UK Unemployment Rate – Expectations – Unemployment is expected to remain unchanged at 4.1%.
  • German ZEW Economic Sentiment Expectations – Seen falling back to -18.3 from -17.5.
  • Canadian Manufacturing & Wholesale Sales – Expectations – Manufacturing shipment values are expected to drop 1.0% m/m in November after the 0.1% dip in October. Wholesale shipment values are seen falling 0.5% m/m in November after jumping 1.0% in October.

Support and Resistance Levels

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Andria Pichidi

Market Analyst


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