Weak Manufacturing Pressure US Dollar

 

The US dollar is currently steady after overnight’s corrective slump or negative price action. The pressure was caused by the awful print of the critical ISM manufacturing, which retreated to a decade-low for the month of September as business conditions were affected by the trade tensions. Renewed fears of a US recession dragged Wall Street and equities lower prompting the possibility of further interest rate cuts.

Trading in Asia will continually be thinned since China’s financial markets are closed until Monday for public holidays. In the European session, the euro may gain and remain better bid, courtesy of the heightened US recession fears and odds of October rate cut. Swiss CPI will be released at 0630 GMT.

Meanwhile, the Pound reacts negatively on headlines about no-deal Brexit. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on Oct. 31, no matter what. UK Construction PMI due at 0830 GMT will also gain a reaction.

NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.


Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. The Bullfx (thebullfx), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

Post categories

 

Symbol Bid Ask Spread
EURUSD 1.11195 1.11212 1.7
GBPUSD 1.29361 1.29389 2.8
USDCAD 1.31619 1.31638 1.9
USDJPY 108.782 108.800 1.8
USDCHF 0.99289 0.99310 2.1
AUDUSD 0.68255 0.68274 1.9
NZDUSD 0.63297 0.63320 2.3
EURGBP 0.85945 0.85966 2.1
EURCHF 1.10417 1.10437 2
EURJPY 120.974 120.991 1.7
AUDJPY 74.256 74.276 2
GBPJPY 140.737 140.767 3
USDSGD 1.36451 1.36472 2.1
XAUUSD 1485.48 1485.75 27
XAGUSD 17.415 17.442 2.7

The above live prices are provided solely for informational purposes, not for trading purposes, and may be delayed.

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