Welcome to this week’s Market Blast Fundamentals where we will look at USDCNH, the S&P 500, the NASDAQ, EURGBP, and GBPUSD.
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Over the weekend Boris Johnson promised government spending to boost the economy which may help the Pound but also announced that the UK will walk away from the Brexit deal if necessary so watch for news affecting GBP this week.
As well watch for tomorrow’s quarterly UK GDP for an overview of the economy.
We have lots of news this week even though we have holidays in the US and Canada.
Note that the Non-Farm Payrolls will be one day early this month so expect volatility on all asset classes Thursday.
The US has news every day with Pending Home Sales today, Consumer Confidence and Jerome Powell speaking tomorrow, and a PMI and the ADP Employment figures Wednesday.
Also, with the US Stock indices, watch for news on the November US Elections where we now expect mixed reactions over a Biden presidency as the market is more impacted by surging Coronavirus cases in the US, but countered with news on vaccines and better US/China trade relations in 2021.
We see Renminbi consolidating this month against the USD and tomorrow we have important Manufacturing and Composite PMIs which will give us an insight into Chinese industry and its recovery.
That’s all for now. Happy trading with Valutrades and we will see you tomorrow.
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