Good morning, Last nights Australian trade balance was disappointing, with the US and Canada reporting theirs later. The UK construction PMI was down to 61.4 from the expected 63.5, but still well above 50.0 so indicating expansion. Spanish unemployment increased by 50k, and New Zealand employment figures out tonight. Lots happening to get you trading. OIL Bearish sentiment Oil broke the supportive 80$ level convincingly yesterday. Production still high and usage slowing. The possible upside is Saudi Aramco reducing the discounts it offered Asia to maintain market share. AUD/USD Bearish sentiment Australias trade deficit doubled from -1.01bn last month up to -2.26bn, due to falling commodity prices, iron ore price down 40% and coal at five year lows, they are keeping cash rate at 2.5%. The dollar is continues to strengthen. USD/JPY Bearish sentiment After the additional QE from Japan, this pair gained around 4%, its looking over bought, with some profit taking today.
Posted on: Tue, 04 Nov 2014 11:58:50 +0000
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