Today’s Key Market Drivers: 16th November 2018
“Join me for Friday Live 3.00pm AEDT.”
Please join me today for Friday Live at 3.00pm AEDT when we will recap all the major currency news and views for the week, review the charts for upcoming trade setups and look ahead to next week to see what key economic data numbers are set to drive currency markets. Just click on this link at 2.55pm AEDT (Sydney time) and I will be waiting for you.
The Aussie Dollar spiked higher on Thursday following a better than expected unemployment report which showed the official unemployment rate for Australia dropped from 5.1% to 5% and 32,000 jobs were created in the month of October vs the 20,000 leading economists expected. My view is the RBA will have raised the official cash rate by this time next year and it will only take an uptick in wages growth before the Aussie Central Bank reminds markets it will normalise interest rates in coming years and the current 1.5% is as low as we will likely go. When this occurs a flurry of money will come for the Aussie Dollar similar to a flurry of money will come for the Pound in 2019 once an acceptable Brexit deal is finalised and done.
Speaking of Brexit, the Pound fell sharply on Thursday following the UK’s Brexit Minister resigning in protest over Theresa May’s handling of the current negotiations. It seemed the Pound was on solid footing on Wednesday after May’s government ministers gave the thumbs up to her draft Brexit plan but 24 hours on and she has government ministers resigning and rumours are running hot again that a challenge to her leadership is gathering momentum. It appears the volatility on the Pound is set to continue as traders ask the question. “When is it all going to end?” March 19th 2019 is when the UK will officially leave the EU.
I have taken just two trades for the month of November, long EUR v JPY and long EUR v USD, one winner and one loser (winning exceeding the loser) with my last trade taken on the 7th of the month. In October I took 10 trades, in September 9 trades and in August 10 trades. I will likely get another trade or two for November but frankly, I could not care less if I do or don’t. It’s not about the number of trades I take it’s about the quality of trades, volume sizing and risk vs reward ratios I hit. This is one topic I will be dedicating time to in today’s Friday Live.
Friday’s economic calendar sees ECB President Mario Draghi speaking in Frankfurt along with the release of Euro Zone October Inflation data. Industrial US Production and Manufacturing numbers will be released in the US trading session and I doubt any of the data numbers today unless out of line with expectation will gain much attention.
Meet your Trading Mastery MC Ed Phillips
Ed is currently the host of “The House of Wellness” on Channel 7 and is a Sydney based Radio and TV personality. He has previously hosted some of Australia’s prime time radio slots on both AM and FM radio stations nationally as well as being a popular fixture on daytime TV as the live-cross man on Good Morning Australia with Bert Newton. Ed also hosted Channel 9’s game show Temptation alongside Livinia Nixon. Ed will keep you entertained in between speakers with his friendly, lively and experienced talents and can’t wait to welcome you to Trading Mastery 2019.
100 Early bird tickets go on sale for LTG GoldRock members on Monday 26th November 2018. Trading Mastery is at the award-winning Peppers Resort in Noosa Heads on March 16th – 18th.
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About the Author: Andrew Barnett
Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular keynote speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).
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