Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with your daily video for Monday, November 17. I hope everyone had a wonderful weekend.
This morning, Asian markets are quiet and mixed. Following the cue from the U.S. market closure on Friday, which were quiet. U.S. markets were up for the fourth week in a row. The big peace of news today will be ECB (European Central Bank) President Mario Draghi who will give a peach around 1400 GMT. We will be listening to any hints for quantitative easing and way he and his team will support the common currency bloc. The EU is stuck in a period of economic stagnation and deflation pressures.
Looking at some technical analysis this morning , Gold is a bit higher as we are seeing a choppy bounce higher from the floor. The EUR/USD is also trading higher and back above 1.25. This recovery, while encouraging is still below the 55 DMA as well a 1.2850. I am not too convinced it has legs. Let’s see what Draghi says during his speech. The GBP/USD is trading firmly below 1.60 and in a bearish pattern.
That is is for today, have a wonderful day and see you tomorrow.