Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with you video analysis for Tuesday, October 4.
Today is another busy day. In fact it will be busy the rest of the week so hold on to your seats. This morning the Nikkei is up 3 percent and above 17,000 for the first time since 2007. As far as our economic calendar, the Reserve Bank of Australia (RBA) stood pat on its interest rates. According to the RBA, now is not the time to change rates as they are still concerned with housing and the price level of the Australian Dollar. Later today, we get more economic data out of Europe and the United States. At 0800, Estonia releases its unemployment change numbers. At 1330 GMT, the U.S. will release its trade balance. We expect that to meet expectations and offer no surprises. At 2145 GMT, New Zealand offers up its employment numbers. We expect their unemployment rate to fall a bit. Unemployment in New Zealand is not the problem, its all about cows and the price of milk.
As far as out technical analysis for today, the AUD/USD has found a floor but is still trading in a choppy pattern, the GBP/USD is trading around 1.60 but remains bearish and the USD/JPY has run out of steam just below 114.
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