2 Nov: Trend table outlook for FX, Commodities, Indices

By | November 2, 2018

The sharp selloff in the US$ has been the focus on Thursday, and according to the charts it does look as though there is now more to come in the session ahead  although the outcome of the US Jobs data, later in the session, will decide the overall direction. My medium term long US$ bias has certainly been put on hold although US yields remain firm (US10Y @ 3.14%) so I have not given up on it altogether. In the meantime, it seems that Sterling could lead the way higher, and if there actually is a positive Brexit outcome we can expect quite a steep rally here, dragging the Euro and probably the Commonwealth currencies along with it.

Elsewhere, a weaker US$ would see the metals head higher, which seems possible, according to the charts while WTI still looks very heavy.

Stocks also look healthy and buying dips would again seem to be the plan.

Economic data highlights will include:                                                                                      

Fri: Australian Retail Sales, PPI, EU Mfg PMIs, US Jobs/NFP/Average Hourly Earnings data

No trades today ahead of the US employment data.