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Daily Market Overview – 27/10/2016

Yesterday the USD printed stronger than expected economic data, enough to keep hawkish Fed expectations in play. The flash services PMI for October jumped from an upgraded 52.3 reading to 54.8 to reflect a much faster pace of industry expansion compared to the estimated rise to 52.4 as a result the EUR/USD pair fell from a high of 1.0947 to a low of 1.0898
Oil fell down to a three-week low as industry data showed US crude stockpiles rose while doubts grew about Russian willingness to cooperate with OPEC in curbing supply and has fluctuated near $50 a barrel amid uncertainty about whether the Organization of Petroleum Exporting Countries (OPEC) can implement the first output cuts in eight years and get producers outside the group to join in, notably Russia.
Gold pushed lower Wednesday after the release of U.S. new home sales, which despite missing expectations, were up almost 30% compared to last year. and after hitting a three-week high overnight, gold prices were modestly lower, dipping below the 200-day moving average and experts are mixed as to where prices are headed next in this current consolidation phase.

Key Market data Thursday – October 27th:
(All times below are GMT)

08:30 – GBP: GDP
12:30 – USA: Core Goods orders
14:00 – USA: Pending Home Sales

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Daily market overview – 01/06/2016

The USD index finished the month of May with its strongest performance since December on increased expectations for a June or July U.S. interest rate hike with that threat of a U.S. interest rate hike sooner-rather-than-later by the Fed also put pressure on the EUR/USD all month. Simply stated, the U.S. economy is strengthening slowly, but at a faster pace than the European economy. While the Fed is considering raising rates, the European Central Bank is likely trying to figure out additional means of stimulation.

Crude Oil featured a two-sided trade on Tuesday before finishing higher for the fourth monthly gain. The market was underpinned by investors betting on higher U.S. fuel demand as peak driving season arrived in the No. 1 oil consumer.

Gold is trading modestly higher today after probing yesterday briefly below $1200 in thin holiday trading on Monday. The yellow metal remains generally defensive amid revived expectations in recent weeks that the Fed will hike rates this summer.

Bitcoin is a web-based "cryptocurrency" that can move money across the globe quickly and anonymously with no need for a central authority .The Bitcoin price climb yesterday to almost two years high, with a price tag of over 540 $ per unit.

Wednesday – June 1st:
01:00 - CNY: Manufacturing PMI.
01:30 – AUD: GDP.
07:55 – EUR: German.
12:15 – USD: ADP Nonfarm Employment Change.
14:00 – USD: ISM Manufacturing PMI

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Brexit would not bring about better deal on trade – Lord Hill UK’s European commissioner says people voting to leave the EU should not expect improved terms for Britain