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 18.
China released data showing their economy continues to slow. Foreign direct investment slowed down as well as their real estate market. New home prices contracted 2.6 percent from a year ago. They fell 1.3 percent in September.
Due out a bit later today we will start to get the German ZEW numbers. We will be watching the economic sentiment number closely to get a sense how consumers feel about Germany’s economic growth. Remember that the German economy is the juggernaut of the Eurozone. There are signs it is slowing down and that is very bad for the EU. Later this afternoon the President of the Reserve Bank of Australia (RBA) will give a speech. We expect him to stick to the script as he is concerned about housing, the labor market and the overall strength of the Australian Dollar. Also coming our today are the inflation numbers for England.
Overall this will be an interesting economic news day.
As for technical analysis, the EUR/USD failed at a key pivot and is back below the key level of 1.25, the NZD/USD is range bound between two key technical levels and Exxon Mobile (XOM:NYSE) continues to mirror the price of crude oil.
Have a great day trading!