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 Wednesday, November 5.
Asian and Pacific Rim markets are lower this morning as the Nikkei is coming off its high. Crude Oil prices are continuing to sink, making markets jittery. We are pushing towards $77 per barrel. This should not be too surprising with the glutton of supply and weakening global demand.
On the calendar today, it is all about U.S. employment numbers. At 1300 GMT, the U.S. will release its ADP employment change number. We expect a print of 220K. This is a forward indicator to Friday’s all watched non-farm payroll number (NFP). With the labor market firming up in the world’s largest economy, the question has to be asked: “When will the Fed normalize monetary policy and hike rates?” Their unemployment rate target is early met. The Fed continues to say “for a considerable” time in their statement. But will they wait till mid-2015 to hike rates. Probably.
Our technical analysis is focusing on the USD/CAD as it runs out of steam near 1.14, the EUR/USD as 1.25 holds and Exxon Mobile as it continues to track the price of crude oil.
Thank you for listening. Have a wonderful day trading and see you tomorrow.