European Round-Up: 5th November
5 November 2018
Key Economic News Releases Today:
- GBP Markit/CIPS UK Services PMI (October) lower at 52.2 vs. 53.3 forecast
- GBP Markit/CIPS UK Composite PMI (October) lower at 52.1 vs. 53.4 forecast
- USD ISM Non-Manufacturing/Services Composite (October) higher at 60.3 vs. 59.1 forecast
To keep up to date with the upcoming economic events click here for our Economic Calendar.
Forex
Latest news on Brexit had a slight impact on the Pound when news broke out that Brussels and Dublin rejected the Irish border plan by the Brexit Secretary Dominic Raab. The Pound weakened to the session low against US dollar; however, it later recovered.
GBPUSD – Hourly
Commodities
The US announced that they would re-impose sanctions on Iran today. However, they granted temporary waivers from oil sanctions to eight countries, including China, India, Japan, South Korea, Taiwan, Italy, Greece, and Turkey, so they are allowed to import Iranian oil.
Oil trading slightly higher today after reaching the lowest level since August at the end of last week.
USOUSD – Hourly
Indices
The S&P 500 and the Dow Jones Industrial Average rose today after strong results from Berkshire Hathaway. A drop in Apple shares dragged down the Nasdaq, the share price for the tech giant fell by around 3%.
Cryptocurrencies
Relatively good day for the top 5 cryptocurrencies today with XRP making the most significant gains, up by 5.35%.
Chart Of The Day By Adam Taylor
NZDJPY – Price action converging on two significant price points, the previous highs around 75.60 and also the 200 Day Moving Average. Above here we may see a rally targeting 77.00 or a corrective move could see the pair head down towards the weekly pivot of 74.55.
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: Go Markets MT4, Google, Datawrapper
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
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