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, November 24.
The big news impacting today’s markets is the surprise interest rate cut by the People’s Bank of China (PBOC) that happened Friday. It is not the big cure all and will protect downside risks but will not change anything too much concerning economic growth. More on this in my featured article, later today. In other economic data today, Germany will release a whole string of IFO business climate numbers. We are hoping these numbers will show business are content with economic growth and consumer spending. Since previous numbers have not been great the last several weeks, do not be too shocked if these numbers miss the mark.
Due out later today the United States will release will release some Markit data as we get PMI Composite and the services PMI at 1445 GMT. This evening we will get the minutes from the last bank of Japan Policy meeting.
Looking at gold this morning, we are noting a bit of a recovery but see formidable resistance near the 55 day moving average (DMA).
Have a great day trading!