Markets in Details: 20 November 2018

20 November, 2018

News

  • The U.S. is taking the trade war with China to a new level when President Trump stated he is considering imposing export controls on high-technology exports.
  • Governor Carney stated the BOE welcomed Theresa May’s divorce deal with the EU and warned of a “large negative shock” to the economy if a no-deal Brexit took place.

The focus of attention

  • Markets await remarks from the Inflation Report Hearings in the UK, the November CBI Industrial Trends Orders, Building Permits and Housing Starts numbers for October.

Expected events

  • 10:00 GMT UK will hold the BoE Inflation Report Hearings.
  • 11:00 GMT UK will release the CBI Industrial Trends Orders for November.
  • 13:30 GMT U.S. will release Building Permits and Housing Starts for October.
  • 21:30 GMT U.S. will release API Weekly Crude Oil Stock report.

Technical Analysis

  • EUR USD appears to be failing at holding on to this week’s gain given the huge price move down on Tuesday. 
  • EUR AUD started the week bullishly and this continues on Tuesday. The pair  overcame resistance at 1.5744 and has room to move in the very short-term.
  • AUD USD is having a bearish week and this worsened on Tuesday with a strong price action that will see it test the 0.7250 level very soon. Expect bearishness to remain.
  • USD JPY is drifting lower and counting on support at 112.31 at the moment. Expect weakness to accelerate if the support is broken.
  • GBP USD is trading sideways after bouncing off the low set on Monday at 1.2797. Expect the pair to remain rangebound in the near-term.

 


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