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 Thursday, November 6.
Let’s get started as we have a busy day. First off U.S. markets closed in record territory overnight and Asian markets are a bit mixed before the Bank of England (BOE) and European Central Bank (ECB) policy meetings today. The BOE is under pressure to make a move today. Will they normalize policy and raise their main interest rate from its record low of 0.5 percent? There is a good chance this could happen, if not today then at their last policy meeting of the year. Their labor market has heated up as well as their housing market. as far as the ECB, they need to do something. we have economic stagnation and deflationary pressures hurting the euro. Will the ECB enact a QE program similar to what England and the U.S. just exited from? They need to do something because investors are not too happy nor are they confident right now.
Later this afternoon we get unemployment change out of the United States, we expect that number to meet expectations as the labor market in the world’s largest economy is firming up.
Technical analysis for toady: The EUR/USD is at the key 1.25 level, the bottom could fall out if the ECB hesitates again. The GBP/USD is oscillating around 1.60 waiting on the BOE decision. The yellow metal gold, is fallen to a price level not seen in 10 years.
Have a great day trading and we will chat again tomorrow! ENJOY!