EURUSD

 

EURUSD was struggled to regain, but it also did not extend its decline. A mix of PMIs, inflation numbers and also GDP stand out at the turn of the month. The economic recovery is set to sustain according to forward-looking PMIs and also Germany’s IFO business survey. Still, there still is a divide between Germany and France, where the latter crash to grow. In the US, durable goods orders have been blended. Headline GDP came out above forecasts at 2.9 percent, but the internals was varied. Although the larger trend stays to the downside, good European data might stabilize the pair. Also, the growing tension towards the US presidential elections might keep the pair in a range ahead of the action in the following week. EURUSD this week’s outlook remains Neutral.

 

GBPUSD

GBPUSD had an uneventful week, as the pair finished at 1.2176 levels. There are 10 events on the calendar. In the US, durable goods orders were blended. Advance GDP wiped out expectations at 2.9 percent, but the internals was varied. UOM Consumer Sentiment falls to its lowest level since 2015 September and missed forecasts. In the UK, Preliminary GDP in Third quarter edged lower to 0.5 percent, but this beat the forecast of 0.3 percent. 

 

GBPUSD unlocked the week at 1.2218 levels and reached a low of 1.2080 levels, testing support levels at 1.213. The pair after that reversed directions and mounted to a high of 1.2272 levels. The pair ended the week at 1.2176 levels. The BoE might decide to leave the benchmark rate at 0.25 percent, and this would measure to a vote of confidence in the economy, which might help the pounds drive upwards. However, the pound remains at low levels and might lose more floor if this week’s PMIs don’t meet the forecasts. GBPUSD this week’s scenario was Neutral. 

 

AUDUSD

 

AUDUSD was unmoved for 3rd weeks in a row, as the pair finished slightly below the 0.76 lines. This week’s key event was Cash Rate and Retail Sales. In the US, durable goods orders were blended. Advance GDP beat the forecasts at 2.9 percent, but the internals was varied. UOM Consumer Sentiment fell to its lowest level since 2015 September and missed the anticipations. In Australia, Q3 CPI impressed with a growth of 0.7 percent, above the forecast.

 

AUDUSD unlocked the week at 0.7602 levels & reached a high of 0.7709 levels. The pair then changed directions and cut down to a low of 0.7556 levels, breaking support levels at 0.7597 mentioned last week. AUDUSD ended the week at 0.7581 levels. With the odds of a Fed rate hike, this December priced the over 70 percent, market sentiment stands out positive towards the US dollar. The US economy stays solid and continues to outperform the AUD, which is contending with weak inflation and slack global demand for its exports. AUDUSD this week’s picture remains Bearish.

 

USDJPY

 

USDJPY placed considerable gains, as the pair finished at 104.63 levels. This week’s highlight was BoJ Policy Rate. In the US, Advance GDP wiped out the expectations at 2.9 percent, but the internals was mixed. Durable goods orders were blended. Consumer confidence depressed, as UoM Consumer Sentiment fell to its lowest level from September 2015. In Japan, Household Spending reduced 2.1 percent, above forecasts. Tokyo Core CPI constant to show deflation, with a decline of 0.4 percent.

 

USDJPY unlocked the week at 103.92 levels and suddenly reached a low of 103.72 levels. After that, the pair moved upwards and mounted to a high of 105.53 late in the week, as resistance held firm at 105.55 levels. The pair was helpless to consolidate at these levels and ended the week at 104.63 levels. The BoJ has been reluctant to take additional monetary easing measures and is not predicted to make any changes at this week’s policy meeting. The Japanese economy sustained to struggle, in acute contrast to the US economy, which has been usually strong in the Q3. USDJPY remains Bullish this week.