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 Friday, October 31.
Let’s get started. Welcome to the end of the week! Happy Friday everyone. Overnight the United States reported better than expected economic expansion as their gross domestic product (GDP) came in at 3.5 percent. Markets were fairly happy with this result and turned higher. The rally is continuing into the Asian markets as the Nikkei and Shanghai are both one percent higher this morning.
As for our economic calendar, Australia already came out with fairly good producer price inflation numbers, this helped move its benchmark S&P/ASX higher. We are now waiting on the Bank of Japan to release its policy decision. Will they announce a new round of QE to support their economy? We are waiting to hear. At 10 am GMT the Eurozone will release inflation data. We are expecting tepid results. At 3 pm GMT, the United States will end the week’s data deluge with the Michigan consumer sentiment index. We expect a nice strong print there as the U.S. economy is beginning to pick up some solid momentum. Especially in the labor market.
Okay everyone, that is it for today. Have a wonderful day and an even better weekend.
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