Today’s Key Market Drivers: 31st August 2018
“Oh! I think it’s Stormy on the line.”
Friday’s currency market threatens to roll slowly into the weekend with no high impacting economic data likely to give traders any reason to enter new trades today and hold those newly entered positions over the weekend. We will see the release of European CPI data which has the potential to impact the Euro if it is out of line with expectations, however, I doubt it will be a headline grabber for much more than 15 minutes. I have no issues entering trades on a Friday holding them over the weekend. Unless investment banks and hedge funds jump onto a new or existing theme, currencies may be rangebound in this Friday’s European and US trading sessions.
If there was a theme on Thursday it was back to trade concerns between the US and China with emerging market currencies being sold and the US Dollar being supported against them. Stock Indexes fell for the first time in 4 days. The safe haven Yen rallied as US and European stock indexes closed down around 0.5%. A one day fall after a 4-day rally on global stocks is the major theme today and a change to a negative risk appetite is going to see the Aussie and Kiwi continue to come under pressure.
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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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