Baker Hughes weekly oil rig count ForexLive
Broadly unchanged JOLTS, CPI and PPI were the only new inputs this week and they didn’t have much effect. ForexLive
Tests July 2017 lows and near the low for the year today and bounces. But rise is limited. Those topics can be thought as risky events and in the old days, might have led to flights into the safety of the gold.
First test stalled the fall The EURGBP is moving toward support defined by its 50% of the recent move higher and the 200 hour MA at 0.8936 -0.89417 area. The low just reached 0.8943.
Trump puts the squeeze on Canada Last weekend it was Saudi Arabia, this weekend it’s Trump. Canada can’t catch a break in diplomatic relations. USD/CAD jumped at the open last week after Saudi Arabia recalled its ambassador and it continued higher when top officials ordered the divesture of Canadian financial assets “at any cost”.
Nasdaq 8 day run in jeopardy The US stocks are opening lower in reaction to the global risks/uncertainty. Financials are leading the way to the downside. In the financials:
EUR/CHF falls below the May low There are breakdowns all over the place in the FX market today. The latest is EUR/CHF as it edges below the May low of 1.1359.
Bank concerns spreading The plunge in the TRY has is rolling over into concerns about European banks. Example… Deutsche Bank stock is down over 6% on the day. Exposure is a concern.
EUR/USD falls even lower I like to keep my technicals simple and a drop below 1.1500 is pretty clear. Meanwhile, there is a head-and-shoulders pattern on the weekly chart.
Further comments by Turkish president Erdogan – Focus on the big picture instead – Increasing production, exports, employment is the best response ForexLive