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European Round-Up: 5th November

5 November 2018 By Adam Taylor

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Key Economic News Releases Today:

  • GBP Markit/CIPS UK Services PMI (October) lower at 52.2 vs. 53.3 forecast
  • GBP Markit/CIPS UK Composite PMI (October) lower at 52.1 vs. 53.4 forecast
  • USD ISM Non-Manufacturing/Services Composite (October) higher at 60.3 vs. 59.1 forecast

To keep up to date with the upcoming economic events click here for our Economic Calendar.

Forex

Latest news on Brexit had a slight impact on the Pound when news broke out that Brussels and Dublin rejected the Irish border plan by the Brexit Secretary Dominic Raab. The Pound weakened to the session low against US dollar; however, it later recovered.

GBPUSD – Hourly

GBPUSD forex pair Hourly charting

forex pairs rising

Commodities

The US announced that they would re-impose sanctions on Iran today. However, they granted temporary waivers from oil sanctions to eight countries, including China, India, Japan, South Korea, Taiwan, Italy, Greece, and Turkey, so they are allowed to import Iranian oil.

Oil trading slightly higher today after reaching the lowest level since August at the end of last week.

USOUSD – Hourly

USO/USD forex pair candlestick chart

Indices

The S&P 500 and the Dow Jones Industrial Average rose today after strong results from Berkshire Hathaway. A drop in Apple shares dragged down the Nasdaq, the share price for the tech giant fell by around 3%.

Berkshire Hathaway impact on indices markets

Cryptocurrencies

Relatively good day for the top 5 cryptocurrencies today with XRP making the most significant gains, up by 5.35%.

cryptocurrency market gains

Chart Of The Day By Adam Taylor 

NZD/JPY market falling

NZDJPY – Price action converging on two significant price points, the previous highs around 75.60 and also the 200 Day Moving Average. Above here we may see a rally targeting 77.00 or a corrective move could see the pair head down towards the weekly pivot of 74.55.

This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.

Sources: Go Markets MT4, Google, Datawrapper

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