Yesterday's dismal EZ PMI's especially manufacturing out of Germany continue to keep worries in place about a globally contracting economy. The German economy is apparently suffering its worst downturn in almost seven years as the manufacturing slump deepens, raising pressure on the government to add fiscal stimulus. Factory activity shrank at the fastest pace in a decade in September and growth in services softened, while the labour market has also taken a hit. It seems that for Europe’s biggest economy, the stakes are becoming increasingly high.
All Eyes on the Trade War Front
Risk markets are still indecisive as they are also factoring in the news that Liu He was to visit the US in the next week, which is seen as a sign of progress in the trade war situation. Specifically, Treasury Secretary Steven Mnuchin said on Monday that talks between Washington and Beijing would resume in two weeks.
Europe Stands Against Iran
Meanwhile, the pressure on Iran is mounting as Europe has also shared the position that Iran was to be made responsible for the attacks on Saudi Arabia. The UN assembly will feature Iran's Rouhani today which could potentially be quite market-moving.
Forex Preview: USD Strengthens
The USD has solidified its gains against major rivals in the light of weakening data in Europe and China while the US is still doing fairly well in comparison. The EUR could be on its way for more declines as investors focus on a set of fresh German data this morning. Elsewhere, the GBP is losing more ground because of yet another turnaround in the Brexit situation which smashed all hopes of an Ireland border solution that even EC President Juncker was so vocal about last week. The EU’s chief negotiator, Michel Barnier, commented that it's hard to see a Brexit agreement. A no-deal Brexit scenario has again taken centre stage hurting the pound further. The insolvency of Thomas Cook on top of everything else is not going to help UK markets either.
Britain’s Supreme Court Ruling
Britain’s Supreme Court is set to rule this morning on whether Boris Johnson’s controversial suspension of Parliament was legal. With hours to go until the decision, investors are intently focused on how the FTSE and GBP will react to the news.
Oil Prices Dip, Gold Steady, Cryptos Tumble
Brent and Crude dipped this morning on the latest news of a quick restoration of full capacity. That said, this news seems to change often recently and we could be in for a sudden change in direction as events continue to unfold. Spot gold settled around $1,520 and could see more upside on further Europe weakening and possible Iran escalations. Elsewhere bitcoin dropped after the eagerly-anticipated Bakkt crypto platform went live. Bitcoin price failed to perform, however, sliding below the 100-day moving average.
Watch the video here:
All Eyes on the Trade War Front
Risk markets are still indecisive as they are also factoring in the news that Liu He was to visit the US in the next week, which is seen as a sign of progress in the trade war situation. Specifically, Treasury Secretary Steven Mnuchin said on Monday that talks between Washington and Beijing would resume in two weeks.
Europe Stands Against Iran
Meanwhile, the pressure on Iran is mounting as Europe has also shared the position that Iran was to be made responsible for the attacks on Saudi Arabia. The UN assembly will feature Iran's Rouhani today which could potentially be quite market-moving.
Forex Preview: USD Strengthens
The USD has solidified its gains against major rivals in the light of weakening data in Europe and China while the US is still doing fairly well in comparison. The EUR could be on its way for more declines as investors focus on a set of fresh German data this morning. Elsewhere, the GBP is losing more ground because of yet another turnaround in the Brexit situation which smashed all hopes of an Ireland border solution that even EC President Juncker was so vocal about last week. The EU’s chief negotiator, Michel Barnier, commented that it's hard to see a Brexit agreement. A no-deal Brexit scenario has again taken centre stage hurting the pound further. The insolvency of Thomas Cook on top of everything else is not going to help UK markets either.
Britain’s Supreme Court Ruling
Britain’s Supreme Court is set to rule this morning on whether Boris Johnson’s controversial suspension of Parliament was legal. With hours to go until the decision, investors are intently focused on how the FTSE and GBP will react to the news.
Oil Prices Dip, Gold Steady, Cryptos Tumble
Brent and Crude dipped this morning on the latest news of a quick restoration of full capacity. That said, this news seems to change often recently and we could be in for a sudden change in direction as events continue to unfold. Spot gold settled around $1,520 and could see more upside on further Europe weakening and possible Iran escalations. Elsewhere bitcoin dropped after the eagerly-anticipated Bakkt crypto platform went live. Bitcoin price failed to perform, however, sliding below the 100-day moving average.
Watch the video here: