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 Thursday, November 20.
There is a lot going on today. China has already released its manufacturing data which shrunk for the first time in six months. The HSBC Flash PMI came out at 50. This at the level separating expansion and contraction. Last month’s reading came out at 50.4 in October.
Later today, France and Germany will be releasing their manufacturing numbers. We expect France to remain in contraction if not contracting further. We will hope that Germany stays in expansion. At 1:30 p.m. GMT, the U.S. starts with its data. We will get the CPI numbers as wells as housing permits and a Federal Reserve Board member will be giving a speech. All of these numbers can be market movers. We expect U.S. inflation to remain benign and the housing market to continue to firm up. The real big mover here will be the Fed member as investors are searching for clues as to when the United States will normalize policy and raise rates.
In today’s technical analysis, the USD/JPY is eyeing 119.05 with a break above that targeting 120 and higher. In the GBP/USD, we are stuck between two key technical levels looking for a clearer trading signal.
Have a great day trading!