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StraussX

Followme-Daily Forex Analysis

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#WeekAhead #Forex #Followme #SocialTrading
Hi Traders, happy new week! 
“He who seizes the right moment is the right man.”

Here is this week forex calendar highlights:
(GMT+0)
Monday
01:30   China PBoC Interest Rate Decision
reaction to Brexit vote and Canadian elections

Tuesday 
08:00   EuropeECB Bank Lending Survey
12:30   Canadian Retail Sales (MoM) (Aug)

Wednesday 
14:30 Crude oil inventories

Thursday
07:30   German Markit PMI Composite (Oct)
07:30   German Markit Manufacturing PMI (Oct)
08:00   Eurozone PMIs 
11:45   ECB Deposit Rate Decision
11:45   ECB Interest Rate Decision
12:30   US Nondefense Capital Goods Orders ex Aircraft (Sep)
12:30   ECB Monetary Policy Statement and Press Conference


Friday
06:00   German GfK Consumer Climate
08:00   German Ifo Business Climate

#GBPUSD #Brexit
The GBP/USD was continuing to find buyers late in the day on Friday, with investors reacting to some UK media reports that said Boris Johnson had secured enough backing to support his deal. However, what matters is the actual votes in the ‘Super Saturday’ sitting.

#Labour is strongly advising its #MPs to oppose the deal, and most, perhaps all, are likely to do so. 10 ‘no’ votes appear all but inevitable from MPs of Ireland’s DUP party that has also vowed to oppose the deal. So, the fate of Boris Johnson’s plan hangs partly on Tory pro-Brexit MPs who have repeatedly voted down previous deals
The #PM is busily making pleading calls to MPs ‘across the Commons’ as the weekend approaches, says Downing Street. There’s really no telling how persuasive he will be, till the result of the vote is known. It’s a recipe for investors to execute only the most necessary moves in advance, before a possible ‘manic Monday’ in Saturday’s wake
#MarketsReaction
Should the deal get the majority required in Parliament for the #UK to leave the #EU in an orderly fashion, we could expect sterling to rally and the #FTSE to jump higher in a knee-jerk reaction, similar to what we saw on Thursday’s announcement of the Brexit deal. However, the stronger pound could eventually weigh on the #FTSE given the index’s high percentage of multinationals earning abroad which will be hit by the less favorable exchange rate.
Should Boris Johnson’s selling skills fail him, and the deal does not pass through #Parliament we can expect the pound and the FTSE to sell off sharply, the reverse of Thursday’s reaction, with the FTSE then potentially rebounding as it responds to sterling’s decline.

#ECB
It will be #MarioDraghi’s last policy meeting as the head of the #ECB, and having just re-introduced #QE at the last meeting he will likely go out with a whimper. The euro has appreciated since the ECB’s last meeting, partly because of Brexit optimism and also due to a weakening dollar. Also, raised hopes over a US-China trade resolution, which could boost Chinese demand for Eurozone exports, has also supported the single currency. Furthermore, several ECB policymakers have criticized Draghi’s renewed bond-buying program and called for a change of strategy when Christine Lagarde takes over next month. The probability of further policy loosening has therefore fallen.

10.21.jpg

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#forex #forexnews #Brexit
#GBPUSD is trading at 1.2867, having breached key support on Tuesday, courtesy of Brexit delay.
The pound fell below the 50-hour moving average, confirming a bearish reversal on short duration charts. The key MA had consistently reversed pullbacks throughout the rally from 1.22 to 1.30 and may work as stiff resistance henceforth. 

The GBP was offered as #PrimeMinister #Johnson's #BrexitBill won parliamentary support, but the government’s timetable of just 3 days debate on the bill was rejected. 

With the parliamentary defeat, the probability of Britain leaving the European Union (#EU) before the Oct. 31 deadline has dropped sharply. 

Further, a source in Prime Minister Boris Johnson’s office said on Tuesday that a new election would be the only way to move on from Britain’s Brexit crisis if the European Union agrees to a delay until January. 

On a daily chart, the uptrend in GBP/USD appears to have stalled. Signs of indecision loom as a #Bearish Harami candlestick pattern risks paving the way for a reversal. Prices are eyeing near-term support which is a range between 1.2773 and 1.2798. A close under this barrier could open the door to testing former highs from September. Otherwise, clearing resistance at 1.3001 prolongs the uptrend.
Expectation for GBP to “retest the 1.3010/15 level” was incorrect as GBP rose briefly to 1.3000 before plummeting to 1.2862 during NY hours. Upward pressure has dissipated and the short-term risk is for a deeper pullback. That said, any weakness is viewed as a lower trading range of 1.2810/1.2920 and a sustained decline below 1.2810 appears unlikely for now.

Next 1-3 weeks: 
#GBP tried to break clearly above 1.3000 for the second straight day yesterday (22 Oct) but slumped after touching 1.3000. For now, there is no change to our view from Monday (21 Oct, spot at 1.2880) wherein “GBP has to ‘punch’ above 1.3000 and register a NY closing above this level in order to indicate that the current rally has enough ‘ammunitions’ to extend to 1.3050, possibly as high as 1.3150”. While there is no change to our view, severely overbought conditions suggest GBP could ill afford to dither below 1.3000 or the risk of a short-term top would increase rapidly. From here, unless GBP cracks and stays above 1.3000 within these 1 to 2 days, a break of 1.2770 (no change in ‘strong support’ level) would indicate that the positive phase that started more than a week ago (see annotations in the chart below) has run its course. Looking ahead, a breach of 1.2770 would suggest that GBP is ready to ‘take a breather’ after the steep rally over the past couple of weeks.
 

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#WeekAhead #Forex #NewWeek #Followme #SocialTrading
(GMT+8)
Monday 
23:00   ECB's President Draghi speech

Tuesday 
07:30   Tokyo CPI ex Fresh Food (YoY) (Oct)
14:45   RBA's Governor Lowe speech

Wednesday 
08:30   RBA Trimmed Mean CPI (QoQ) (Q3)
08:30   Consumer Price Index (QoQ) (Q3)
19:00   Harmonized Index of Consumer Prices (YoY) (Oct)
20:30   US Gross Domestic Product Annualized (Q3)
22:00   CANADA Bank of Canada Monetary Policy Report

Thursday 
02:00   US Fed's Monetary Policy Statement
03:30   FOMC Press Conference
24h   Brexit Deadline
18:00   Europe Gross Domestic Product s.a.

Friday 
09:45   China Caixin Manufacturing PMI (Oct)
22:00   US ISM Manufacturing PMI (Oct)


The fate of the dollar could be decided by the upcoming #Fed policy decision. While the market is fully pricing in a third consecutive #RateCut, the odds for another cut in December have dropped to 40%.  The Fed is likely to cut rates but possibly signal they will wait-and-see the impact of recent batch of cuts.  #Powell has highlighted Greenspan’s mid-cycle adjustment in the 1990s and we could see that remain the game plan.
The #TradeWar should see incremental updates, but we may not see a major move until we get to the Trump-Xi meeting at the APEC summit next month. The #USD has weakened significantly in the early part of October and we could see this recent rebound be short-lived if the deep pessimism for the global outlook eases, and the dollar to remain very vulnerable.

#Oil prices have been rising towards the back end of the week aided by a surprise inventory drawdown on Wednesday. Oil has been gradually rising since testing its summer lows. Remains vulnerable to global growth worries and further attacks in the middle east.

#Gold has been creeping off its lows but is still struggling to gather any upward momentum. A softer dollar has aided the resilience in the yellow metal but it continues to linger around $1,500. Gold volatility has been relatively muted but the risk environment remains fragile.

The #UK remains in limbo as the country waits to hear whether its extension will be accepted and how long it will be. #BorisJohnson has proposed to Labour that in exchange for an election on 12 December, he will extend the timetable for the #BrexitBill until 6 November. Labour expected to respond on Monday once extension from EU becomes clear. It’s unclear when the #EU will respond as there’s apparently a dispute around whether to offer the full three months or just a couple of weeks, reportedly favoured by France. It’s extremely unlikely it will be rejected altogether but the currency remains volatile.
Weak economic data out of #China has a serious knock-on effect for most of Asia, who rely heavily on exports to China. It’s also likely to filter down to slower global growth.
Quarterly #CPI data on Wednesday could be a market mover, but it’s not the #RBA’s major focus at the moment. Prices have been trending lower since Q2 last year. Weak CPI data could give the RBA more wiggle space for rate cuts, which would be #AUD negative.

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    • Dictionary Thesaurus Medical Dictionary Legal Dictionary Financial Dictionary Acronyms Idioms Encyclopedia Wikipedia Encyclopedia Tools A A A A Language:     Mobile Apps: apple android For surfers: Free toolbar & extensions Word of the Day Bookmark Help For webmasters: Free content Linking Lookup box Close Correct all you're your grammar errors instantly. Try it now. useless Also found in: Thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia. Related to useless: indubitably, predecessor, abruptly use·less  (yo͞os′lĭs) adj. 1. a. Being or having no beneficial use; ineffective: This pen is useless because it's out of ink. See Synonyms at futile. b. Having no purpose or reason; pointless; to no avail: It's useless to argue over matters of taste. 2. Incapable of acting or functioning effectively; ineffectual or inept: He panics easily and is useless in an emergency. use′less·ly adv. use′less·ness n. American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved. useless (ˈjuːslɪs) adj 1. having no practical use or advantage 2. informal ineffectual, weak, or stupid: he's useless at history. ˈuselessly adv ˈuselessness n Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014 use•less (ˈyus lɪs) adj. 1. of no use; not serving the purpose or any purpose; unavailing. 2. without useful qualities; of no practical good. [1585–95] use′less•ly, adv. use′less•ness, n. Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved. ThesaurusAntonymsRelated WordsSynonymsLegend: Switch to new thesaurus Adj. 1. useless - having no beneficial use or incapable of functioning usefully; "a kitchen full of useless gadgets"; "she is useless in an emergency" ineffective, ineffectual, uneffective - not producing an intended effect; "an ineffective teacher"; "ineffective legislation" unprofitable - producing little or no profit or gain; "deposits abandoned by mining companies as unprofitable" unserviceable - not ready for service; "unserviceable equipment may be replaced" useful, utile - being of use or service; "the girl felt motherly and useful"; "a useful job"; "a useful member of society" Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc. useless adjective 1. worthless, of no use, valueless, pants (slang), ineffective, impractical, fruitless, unproductive, ineffectual, unworkable, disadvantageous, unavailing, bootless, unsuitable He realised that their money was useless in this country. worthless useful, practical, valuable, effective, productive, fruitful, workable, advantageous 2. pointless, hopeless, futile, vain, idle, profitless She knew it was useless to protest. pointless worthwhile, profitable 3. (Informal) inept, no good, hopeless, weak, stupid, pants (slang), incompetent, ineffectual He was useless at any game with a ball. Collins Thesaurus of the English Language – Complete and Unabridged 2nd Edition. 2002 © HarperCollins Publishers 1995, 2002 useless adjective 1. Having no useful purpose: ineffectual, inutile, unusable, worthless. 2. Incapable of being used or availed of to advantage: impracticable, impractical, unnegotiable, unserviceable, unusable, unworkable. 3. Having no useful result: barren, bootless, fruitless, futile, unavailing, unprofitable, unsuccessful, vain. Idiom: in vain. 4. Not having the desired effect: ineffective, ineffectual, inefficacious, inefficient. The American Heritage® Roget's Thesaurus. Copyright © 2013, 2014 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved. Translations Spanish / Español Select a language: inútil useless [ˈjuːslɪs] ADJ 1. (= ineffective) [object] → que no sirve para nada; [person] → inútil this can opener's useless → este abrelatas no sirve para nada compasses are useless in the jungle → las brújulas no sirven para or de nada en la selva she's useless → es una inútil he's useless as a forward → no vale para delantero → no sirve como delantero I was always useless at maths → siempre fui (un) negado or un inútil para las matemáticas 2. (= unusable) [object, vehicle] → inservible; [limb] → inutilizado, inútil he's a mine of useless information! (hum) → se sabe todo tipo de datos y chorraditas que no sirven de nada to render or make sth useless → inutilizar algo 3. (= pointless) → inútil it's useless to shout → de nada sirve gritar, es inútil gritar Collins Spanish Dictionary - Complete and Unabridged 8th Edition 2005 © William Collins Sons & Co. Ltd. 1971, 1988 © HarperCollins Publishers 1992, 1993, 1996, 1997, 2000, 2003, 2005 use2 (juːs) noun 1. the act of using or state of being used. The use of force to persuade workers to join a strike cannot be justified; This telephone number is for use in emergencies.uso, utilización 2. the/a purpose for which something may be used. This little knife has plenty of uses; I have no further use for these clothes.uso 3. (often in questions or with negatives) value or advantage. Is this coat (of) any use to you?; It's no use offering to help when it's too late.utilidad 4. the power of using. She lost the use of her right arm as a result of the accident.uso 5. permission, or the right, to use. They let us have the use of their car while they were away.uso ˈuseful adjective helpful or serving a purpose well. a useful tool/dictionary; She made herself useful by doing the washing for her mother.útil ˈusefulness noun utilidad ˈusefully adverb in a useful way. He spent the day usefully in repairing the car.útilmente ˈuseless adjective having no use or no effect. Why don't you throw away those useless things?; We can't do it – it's useless to try.inútil be in use, be out of use to be used or not used. How long has the gymnasium been in use / out of use? en uso/desuso, dar un uso/no darle un uso come in useful to become useful. My French came in useful on holiday. resultar útil have no use for to despise. I have no use for such silliness / silly people. no querer saber de it's no use it's impossible or useless. He tried in vain to do it, then said `It's no use.' es inútil make (good) use of, put to (good) use He makes use of his training; He puts his training to good use in that job. sacar partido/provecho de Kernerman English Multilingual Dictionary © 2006-2013 K Dictionaries Ltd. useless → inútil Multilingual Translator © HarperCollins Publishers 2009 useless adj inútil English-Spanish/Spanish-English Medical Dictionary Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, or visit the webmaster's page for free fun content. Link to this page:   Facebook Twitter     Finally, Farlex brings you all the rules of English grammar, all in one place, explained in simple terms. The Farlex Grammar Book is available now in paperback and eBook formats. Feedback Finally, all the rules of English Grammar in one place. Explore The Farlex Grammar Book now for FREE. Flashcards & Bookmarks ? Please log in or register to use Flashcards and Bookmarks. You can also log in with Facebook Twitter Google+ Yahoo TheFreeDictionary presents: Write what you mean clearly and correctly. Correct all you're your grammar errors instantly. Try it now. Mentioned in ? aidless anopheles anopheline barren bauchle bitslag bogotify boonless bootless bootlessness Cassate destroy discard dissipation Disutilize dud duff dufferdom effectless References in classic literature ? "I purposely abstain from troubling you by any useless allusions to myself. Vanstone has left it, seems like taking a journey for nothing -- and my staying in London appears to be almost equally useless. View in context The adult might become fitted for sites or habits, in which organs of locomotion or of the senses, &c., would be useless; and in this case the final metamorphosis would be said to be retrograde. View in context Mordaunt tried for a moment to read in the general's face if this was simply a useless question, or whether he knew everything. View in context Useless! The air had made the flame attached to the conductor more active; the match, which at rest might have burnt five minutes, was consumed in thirty seconds, and the infernal work exploded. View in context The attempt proved to be useless, and worse--it seemed to make her suspicious. View in context But while he was seeking with thimbles and care, A Bandersnatch swiftly drew nigh And grabbed at the Banker, who shrieked in despair, For he knew it was useless to fly. View in context During the scene of tumult, Andrea had turned his smiling face towards the assembly; then, leaning with one hand on the oaken rail of the dock, in the most graceful attitude possible, he said: "Gentlemen, I assure you I had no idea of insulting the court, or of making a useless disturbance in the presence of this honorable assembly. View in context "It is useless, mother, to speculate on what might have happened. View in context I'm glad there's something to give my life for, for it's not simply useless but loathsome to me. View in context Those who tried to understand the general course of events and to take part in it by self-sacrifice and heroism were the most useless members of society, they saw everything upside down, and all they did for the common good turned out to be useless and foolish- like Pierre's and Mamonov's regiments which looted Russian villages, and the lint the young ladies prepared and that never reached the wounded, and so on. View in context That is to say, justice is useful when money is useless? View in context More results ►   Dictionary browser ? ▲ Usbegs Usbek USC USCA USCB USCG USD USDA USDAW use use immunity use of force policy use of goods and services use up useable useableness use-by date used used to used-car used-car lot usedn't useful usefully usefulness useless uselessly uselessness Usenet usen't user user group user interface user-definable user-defined key user-friendliness user-friendly username user-unfriendly Ushant U-shaped U-shaped valley Ushas usher usher in usher out Usherance Usherdom usherette ushering in Usherless ▼ Full browser ? ▲ usefully usefulness usefulness usefulness usefulness usefulness usefulness usefulness Usefulness of Training Topics for Domestic Violence Questionnaire usefulnesses usefulnesses USEG usege usege usege USEI USEIA USEIC USEIGHT Usein Kysytyt Kysymykset Useinov, Mikael Useinov, Mikael Aleskerovich USEIR Useit USEITI USEK USEL USELC USELEMCMOC USELEMNORAD useless useless as an ashtray on a motorbike useless as tits on a boar hog useless as tits on a bull useless as tits on a nun Useless Bits of Information Useless Fact of the Day Useless Inert Nothing Useless Information for You Useless Information Society Useless language Useless languages Useless Management Overhead Useless Movie Quotes Useless Piece of Information Useless Piece of Stuff Useless S. Grant Useless S. Grant Useless use of cat Useless Use of Grep Useless, Unsuccessful, And/Or Unpopular Memes uselessly uselessly uselessness uselessness USELMNORAD USELMS USEM usen't Usenbaev, Alymkul Usenet ▼ Correct all you're your grammar errors instantly. Try it now. Facebook Share Twitter CITE   Site: Follow: Facebook Twitter Rss Mail Share: Facebook Twitter LinkedIn Mail Open / Close More from Dictionary, Thesaurus, and Translations Mobile Apps Apple Android Kindle Windows Windows Phone Free Tools For surfers: Free toolbar & extensions Word of the Day Bookmark Help For webmasters: Free content Linking Lookup box Terms of Use Privacy policy Feedback Advertise with Us Copyright © 2003-2020 Farlex, Inc Disclaimer All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. 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