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Bob Mason
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Earlier in the Day:

It was a relatively quiet day on the economic calendar through the Asian session this morning.

Key stats included September inflation figures out of Japan.

Outside of the numbers, geopolitical risk continued to be a test for the majors.

While trade chatter was positive on Wednesday, news hit the wires on Thursday that the U.S government was unlikely to extend the waiver given to U.S firms to continue to supply Huawei.

Throughout the extended trade war, Huawei has been an integral part of talks. With China ramping up U.S agriculture imports, the latest news could limit any progress in talks next month.

From the U.S, impeachment talk was also negative for the Asian markets early on.

For the Japanese Yen

Tokyo’s core annual rate of inflation eased from 0.7% to 0.5% in September, which was worse than a forecast of 0.6%. According to consumer price figures released by the Ministry of Internal Affairs and Communication,

  • Prices for transportation and communication slid by 1.1%, with prices for clothing and footwear falling by 0.4%.
  • A 3.2% rise in the prices for furniture and household goods provided support.
  • Month-on-month, Tokyo consumer prices ex fresh food and energy fell by 0.3% in September. In August prices had risen by 0.6%.

The Japanese Yen moved from ¥107.80 to ¥107.797 upon release of the figures. At the time of writing, the Japanese Yen was up by 0.08% to ¥107.74 against the U.S Dollar

Elsewhere

At the time of writing, the Kiwi Dollar was down by 0.11% to $0.6291, with the Aussie Dollar down by 0.03% to $0.6747.

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The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. August consumer spending figures are due out of France ahead of the European open.

We would expect the EUR to be responsive to the numbers. Following some dire private sector PMI numbers at the start of the week, consumer spending is a must for the Eurozone economy.

Outside of the numbers, expect political chatter from both sides of the Pond to influence.

At the time of writing, the EUR was flat at $1.0921.

For the Pound

It’s another quiet day ahead on the data front, with no material stats due out of the UK to provide the Pound with direction.

Brexit and British politics continue to be the key drivers. Can Boris Johnson deliver some much needed good news or will it be more doom and gloom?

We can expect the Pound to continue to feel the pressure as the Brexit clock ticks on.

At the time of writing, the Pound was down by 0.02% to $1.2326.

Across the Pond

It’s a particularly busy day ahead on the economic calendar. Key stats include August durable goods orders, the FED’s preferred Core PCE Price Index figures, and personal spending.

Later in the session, prelim September Michigan Consumer Sentiment and Expectation figures are due out.

Barring a material shift in consumer sentiment and expectations, we would expect the markets to brush aside the University of Michigan numbers.

Outside of the numbers, however, trade war chatter and impeachment talk will also influence through the day.

The Dollar Spot Index was up by 0.04% to 99.173 at the time of writing.

For the Loonie

It’s yet another quiet day ahead on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.

The lack of stats will leave the Loonie in the hands of market risk sentiment and any chatter on Iran in the wake of the attacks on the Saudi oil fields. Trump will be looking to change the narrative as impeachment talk continues.

The Loonie was down by 0.03% at C$1.3272, against the U.S Dollar, at the time of writing.

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