Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex, this is David Frank with your Daily Video Analysis for Monday the 10th of November.
Asian markets are a bit higher on Hong Kong Stock Connect news, especially mainland shares. They have set the launch date for November 17. The Hong Kong Exchanges and Clearing, (HKEx) announced that is when the highly anticipated cross boarder trading program will begin.
As far as the economic calendar is concerned, China released some highly anticipated data this morning and the one glaring problem is still within thier CPI which is at a five month low. We are not that concerned with deflation but the wholesale sector is continuing its deflationary spiral as that indicator came in worse-than-expected showing a 2.2 percent contraction.
The other piece of high impact data today will be Japan’s current account, expected to be released at 2350 GMT this evening. we are expecting that to come in at 534.2 billion yen.
Looking at technical analysis today, the EUR/USD is correcting higher. We are not expecting a strong recovery. The USD/JPY move higher is losing steam and gold has also moved higher, which is a good sign from the yellow metal.
Have a great day! We will see you all tomorrow.