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 Tuesday, November 11.
This is not a terribly big news day for economic data. Last week we had data thrown at us left and right and this week we are getting a breather. With no big news events we should get some market volatility as traders will focus on the future and not the now. Traders, in the Asian markets have pushed markets higher, following the US lead of record gains. Shanghai is now at a three week high.
China released its New loans data and it missed the mark widely. Investors are shrugging off China’s slowdown, and rightly so. The biggest piece of economic news, for later this evening at 8:05 pm will be a speech by the RBNZ Governor.
There is very little macro news right now. This is allowing the markets to move higher. Especially US markets. The big problem is commodities, in particular crude oil and iron ore.
As far as our technical analysis is concerned, the GBP/USD is still trading weak below 1.60, The AUD/USD is losing steam again and the USD/CHF is also losing some momentum. Traders are looking for direction right now so there is some sideways trading emerging.
Thank you for listening and have a great day trading!