EUR and CAD Remain in Focus at the Week Close

While the week is drawing to a close, let’s take a look at the currencies, market influencing stats released and those already due out with the impacts created.

Geopolitics
The UK upcoming election has been in focus with a YouGov poll predicting a majority win for conservatives. Earlier on today, any update on the opinion polls conducted recently will impact the market. Due out later today is the BBC televised debate which will be broadcasted live.

Investors eagerly await China’s response to the latest bills passed by the United States to support human rights in Hong Kong. If China takes a retaliatory stance, it may weigh on the currencies.

Focus is also on any latest update on the trade talks which had seemingly made progress in the last two weeks buoying the dollar and other riskier assets.

Market Influencing Stats
Japan recently released its inflation and industrial production stats, October building consents from New Zealand which had 1.1 % drop and private sector credit figures released out of Australia also impacted the market in the early hours of today.

Also impacting the market is consumer spending and GDP numbers out of France, retail sales and unemployment figures which came out of Germany.

If events go as predicted, the inflation figures may not significantly influence the Euro while the other two which are the consumer spending and unemployment figures will significantly count.

The inflation rate annually is below a percent so if there are any increases; it may not be a cause for concern for the European Central Bank, so it may not be impactful.

Estimated inflation numbers for November are due out of Italy and the Eurozone; investors also await Eurozone’s unemployment figures for November.

There is no market influencing stats for the pound and USD has given the Thanksgiving holiday in the United States.

For CAD, market influencing stats are 3rd quarter GDP and October RMPI figures given the Bank of Canada monetary policy decision meeting to hold next week.

The Current Standing of the Currencies
The Kiwi Dollar rose to $0.64184 from a previous price of $0.64181 due to building consent stats. Currently, the Kiwi Dollar is standing at +0.02% to trade at $0.6421.

EUR rose by 0.02% to trade at $1.1011. The Pound fell by 0.01% to trade at $1.2911. The Dollar Spot Index fell by 0.05% at a stand at 98.325.

CAD fell by 0.02% to stand at C$1.3285, versus the U.S Dollar.

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Geopolitics Advance Gold’s Upward Movement

Previously in the news, it was recalled that US-China top officials had a video conferencing call in which observers termed as a constructive one. Many saw this as a dim light in a tunnel although the final say depended on president trump.

Investors entered the week been hopeful even though US threat on slapping more tariffs on Chinese goods in case of a failed pact stands.

On Tuesday, in a twist of events, President Trump reiterated that the United States’ stance on increasing tariffs on Chinese goods in the event of a failed pact still holds steady thereby dousing the hopes hitherto lit by previous reports.

The trade war which had spanned for 16 months created fears of a global recession; therefore the President’s threat might stall the progress of the trade talks. Analysts also predict that the recent bill passed by the US Congress in support of the protest in Hong Kong might also be a stumbling block to the progress made so far.

Apart from the bill passed to support human rights in Hong Kong, the U.S. Congress also passed another bill to stop the export of some ammunition to Hong Kong police. This didn’t augur well with China who taunted the US to stop being a watchdog.

Gold Trends Higher
Spot gold edged higher to $1,473.98 per ounce early this morning with a market gain of 0.1% while U.S. gold futures held steady at $1,474.40 per ounce.

Gold is yet to consolidate its gains given the awaited minutes from Federal Reserve which is due out later on today. There are speculations that the Fed’s decision of holding steady its interest rate cut might undermine the precious metal.

The Federal Reserve had embarked on a three-time interest rate cutting this year while its decision to hold steady was applauded by a top Federal Reserve official to be supportive of the US economy.

On the Asian side, the share market took a downturn from reports on the trade talks while the reverse was seen in the global equities market.

Though Gold had taken a downtrend in the equities market, it remains supported by the geopolitical stance.

A top analyst forecasted that Spot gold may climb up to $1,480 even reaching $1,485 per ounce.

Other precious metals such as silver held steady at $17.14 per ounce, while palladium stood at -0.1% to $1,760.80 per ounce.
Platinum also stands at – 0.6% to $904.52 per ounce.

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