Week Ahead October 28th – November 1st
EURUSD pair closed last week’s trading session lower on US Dollar strength followed by better than expected economic releases and FED’s officials’ hawkish comments on future interest rate path. FED’s Officials speeches during the week waived prospects of any aggressive interest rates reductions pointing their finger to a persisting inflation. This push the pair lower during the week, although by the end of the week Euro manage to recover most of the lost ground as ECB’s officials’ comments highlighted that is premature to discuss about any interest rate reduction.
As for this week, traders and investors will mainly focus on the economic calendar and mostly on the US non-farm payrolls and EU CPI number.
As of now when we are writing this report, the geopolitical tensions between Israel and Iran are becoming a new hot topic for the coming week after Israel stroked military targets in Iran. This may push investors and traders into safe heaven asset US Dollar and push the pair lower.
On the economic calendar we have on Wednesday, German gross domestic product pointing lower at -0.3% European gross domestic product higher at 0.8%, US ADP employment expected at 110K, US Gross domestic product at 3% and German Harmonized index of consumer prices higher at 2% On Thursday, European Harmonized index of consumer prices to remain unchanged at 2.7% and US personal consumption expenditure pointing higher at 0.2% On Friday, US non-farm payroll to show an additional 140K new jobs with the hourly earnings lower at 0.3% later the US ISM manufacturing PMI expected higher at 47.6
Technically the picture is negative after last week’s downside move and close below (61.8%) at 1.0795 In this week’s trading session if pair trades on the upside will test 1.0837 (61.8%) If trades on the downside will re-test 1.0760 last week’s lowest level. Our traders are net long with positions between 1.0767 – 1.0930 targeting profits above 1.1000 We are expecting new short positions above 1.0913 and more aggressive long positions on the way down.
GBPUSD pair closed last week’s trading session lower on US Dollar strength followed by better than expected economic releases and FED’s officials’ hawkish comments on future interest rate path. FED’s Officials speeches during the week waived prospects of any aggressive interest rates reductions pointing their finger to a persisting inflation. This push the pair lower during the week, although by the end of the week pair manage to recover some lost ground most probable due to some profit takings after last week’s huge downside move.
As for this week, traders and investors will mainly focus mostly on the US non-farm payrolls. As of now when we are writing this report, the geopolitical tensions between Israel and Iran are becoming a new hot topic for the coming week after Israel stroked military targets in Iran. This may push investors and traders into safe heaven asset US Dollar and push the pair lower. The lack of any economic release in UK will let pair on the mercy of it counterparty US Dollar.
On the economic calendar we have on Wednesday, US ADP employment expected at 110K, US Gross domestic product at 3% On Thursday, US personal consumption expenditure pointing higher at 0.2% On Friday, US non-farm payroll to show an additional 140K new jobs with the hourly earnings lower at 0.3% later the US ISM manufacturing PMI expected higher at 47.6
Technically the pair’s overall picture is neutral after last week’s close above (61.8%) at 1.2961 As for this week, if pair trades on the upside, will test 1.3038 (50%) Alternative, if trades on the downside, will re-test 1.2900 last week’s lower level. Our traders are net long starting at 1.3038 and 1.2985 targeting profits above 1.3200 We are expecting new short positions above 1.3200 and more aggressive long positions on the way down.
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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