FX Gold and Currency markets are consolidating

Gold: Covid-19 outbreak from China to Britain, NZ

XAUUSD Gold price is moving in an Ascending channel and the market reached the higher low area of the major ascending channel and fell from the lower high area of the minor descending channel.

XAUUSD Gold price is moving in an Ascending channel and the market reached the higher low area

XAGUSD Silver price is moving in the Descending channel and the market is falling from the recent resistance area of the inside channel.

XAGUSD Silver price is moving in the Descending channel and the market is falling Gold prices see the consolidation market between 1770-1810$ and waiting for the FOMC meeting outcome today.

Gold prices see the consolidation market between 1770 1810 and waiting for the FOMC meeting outcome today

And now covid-19 outbreak expanding from China to the UK, and New Zealand countries slowly.

So Global level economy may slow down once again; due to this, Gold prices remain underperformance as higher storage cost of Gold.

And US Treasury bonds yields higher as US Domestic data performed well and soon rate hike is expected from FED.

US Dollar: FOMC meeting outlook

USDCHF is moving in the Symmetrical triangle pattern.

USDCHF is moving in the Symmetrical triangle pattern 2

US Dollar is driving higher against all currencies ahead today’s of FOMC meeting.

US Dollar is driving higher against all currencies ahead todays of FOMC meeting

Already RBA and RBNZ, Bank of Canada has done tapering, So in this meeting, we can expect tapering from FED.

US and EU agreed to Steel manufacturing to overcome China’s steel production.

And also, US Non-Farm payrolls have been scheduled this week; more than expected numbers are anticipated.

US Dollar index moving in the consolidation mode for last one month, today will see the market if Hawkish or Dovish move based on FED Powell speech.

EURO: Domestic data from Eurozone shows weakness

EURGBP is moving in an Ascending channel and market prices consolidated at the higher high area of the channel.

EURGBP is moving in an Ascending channel and market prices consolidated

This week speech from ECB President Christine Lagarde and FED Powell is going to happen.

In October, Eurozone manufacturing PMI from Germany and France slowdown, which makes worry for the Euro economy.

ECB is currently buying 100 billion Euro worth of Debt bonds.

And ECB is now waiting for the FED meeting today; if FED does tapering, then ECB has the chance to do tapering next year; if not happen from FED, then ECB keeps more patience for tapering.

And Covid-19 outbreak cases increased in the UK is worries for Eurozone, if spread expanded to Euro too.

This week US ADP, FOMC and NFP data are the key events to watch for further directions of EURUSD.

UK Pound: UK PM Johnson shows less response to Brexit issue

GBPCAD is moving in the sideways market in the last 2 years in the weekly time frame and the market now reached the multi-year support area of the Sideways market..

GBPCAD is moving in the sideways market in the last 2 years

UK PM Johnson downplayed the Significance of Brexit tussles between the UK and France issue.

UK PM Boris Johnson announced free to move from the US to the UK with no quarantine period for travellers

And France has already warned to block UK Vessels in French Waters, But UK PM Johnson said Post Brexit talks with France is not more important than limiting the Global warming issue.

293 Covid-19 deaths happened in the UK from last February month, so covid-19 cases are increased step by step.

And October UK services PMI expected to come at 58 reading.

US Senator Joe Manchin said Joe Biden package of $1.75 trillion will be reached before Thanksgiving Day.

Canadian Dollar: OPEC+ meeting forecast

Crude oil is moving in the Ascending channel and consolidated at the top of the channel area and now reached the support area between Equal lows and Equal highs area..

Crude oil is moving in the Ascending channel and consolidated

Canadian Dollar keeps consolidation after 9% increased from September month and now waiting for Thursday OPEC+ meeting.

CAD OPEC meeting

Currently, OPEC+ nations doing 600k barrels per day and expected 1 million barrels per day from this meeting.

And If this happens, then Oil prices get slump as heavy selling pressure; if it reverses, then Oil prices hit new higher highs once again.

Bank of Canada already did taper and now waiting for rate hikes in coming quarters.

And this week FED Meeting is essential on the table; tapering is the main concept looking for the outcome.

Japanese Yen: US Domestic data forecast

GBPJPY is moving in the Descending channel and the market is rebounded from the lower low area of the channel..

GBPJPY is moving in the Descending channel and the market is rebounded

Japanese Yen remained in corrections from the lower end since the last two months of heavy selling happened in the market against major currency pairs.

Now FED Powell speech on tapering of $120 billion asset purchases is the key tool, and if Decreased the Asset purchases, then US Dollar will get stronger; if it increases or is stable with current asset purchases, then US Dollar gets lowered.

Today ADP Private Job data is set to release, and Friday Non-Farm payrolls data is set to release.

USDJPY consolidated between ranging markets and waiting for FED outcome today

And USDJPY consolidated between ranging markets and waiting for FED outcome today.

Australian Dollar: RBA keeps patience in rate hike tool

AUDJPY is moving in the Box Pattern and rebounded from the Support area.

AUDJPY is moving in the Box Pattern and rebounded from the Support area

Australian Dollar keeps lower as RBA Downplayed the interest rate yesterday.

And RBA said inflation will be 2.5% before the rate hike is done in 2024.

Australian Dollar keeps lower as RBA Downplayed the interest rate yesterday

So, all investors keep patience to watch the economic recovery, and the higher inflation is only transitory.

And Australian Border restrictions are easing now to travel across all nations and travelling into Australia for Tourists.

But strict norms are instructed to avoid further spread of the Delta variant.

Today FED meeting is expected to taper $15 billion per month is possible until June 2022, and it will close the $120 billion taperings.

UOB downgrades China Growth

According to UOB, China Growth will be slumped to 3.5% in Q4 of GDP from 4.9%y/y in Q3 of 2021, and Full growth sees at 7.9%.

Risks that continue to affect Chinese economies are supply chain disruptions, Energy shortages, increasing Covid-19 cases and Real estate defaults. As china government facing so many problems, they have to inject more money to overcome the Economy disaster.

And China manufacturing purchasing managers index shows less reading than the previous reading.

Non-Manufacturing PMI shows above 50 but below September reading, current reading printed at 52.4 from 53.2.

New Zealand Dollar: Strong Q3 job Numbers

EURNZD is moving in the Descending channel and consolidated at the lower low area of the Channel.

EURNZD is moving in the Descending channel and consolidated

New Zealand Dollar shows strong Q3 Job numbers like 4.2% y/y versus 2.7%. More lockdowns easing makes Businesses run better, and Job creations are increased.

New Zealand Parliamentary Library with the memorial statue of John Ballance

So in the upcoming meeting of RBNZ, we can expect another rate hike as the Employment rate goes in line with the Goal of the target.

And China Caixin PMI data is expected to come lower as predicted later today, as the Chinese economy shows slower recovery due to more Energy and Real estate issues.

Due to this, New Zealand Export revenues remain cautious as China now decreased the imports from Island nations like Aussie and Kiwi.

Swiss Franc: Domestic data up in Swiss zone

CHFJPY is moving in an Ascending channel and rebounded from a higher low area.

CHFJPY is moving in an Ascending channel and rebounded from a higher low area

Swiss franc shows corrections after October month CPI data crossed 1.1% versus 1.2% YoY. Retail sales data jumped to 2.5% on a yearly basis from 0.80% previous reading.

Swiss franc shows corrections after October month CPI data

So USDCHF showed some stronger strength after News was released.

And Today, FOMC meeting tapering of 15 billion dollars per month is widely expected from Investors.

ADP data and NFP data are respectively released one by one this week.


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