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Forex Focus on German Ifo and Michigan Consumer Sentiment

Forex Focus

Friday is a quiet day in our forex calendar after a busy session yesterday. Mario Draghi left ECB policy unchanged as widely expected by markets.  Boris Johnson said he would seek for election in early December in an attempt to break the Brexit deadlock, but it’s uncertain if he can win Parliament’s vote.

EURUSD traders will focus on Germany November GfK consumer confidence due at 6:00GMT followed by Germany October Ifo business climate index, expectations and business situation all to be released at 8:00GMT.

In the American calendar the Michigan Consumer Sentiment, Michigan Consumer Expectations and Michigan Current Conditions will be out at 14:00GMT. In Canada the Budget Balance will be released at 18:00.

Crude oil traders will turn their eyes on Baker Hughes US Oil Rig Count due at  17:00GMT.

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[vc_single_image image=”14654″ img_size=”medium” alignment=”center” style=”vc_box_rounded” onclick=”custom_link” img_link_target=”_blank” link=”https://www.investingcube.com/q4-global-market-outlook-eurusd-gold-crude-oil-bitcoin-sp-500/”]Vice President Pence expressed hope for a phase-one trade deal and said the U.S. USA would continue the talks in good faith with China. Pence also criticised China’s actions to curb civil rights in Hong Kong and mainland China.

Investors will have a busy week next week as they expect the FOMC policy meeting; forecasts point to cut interest rates for the third time this year. The Bank of Japan policy meeting also next week expected to be a close call.

Asian equity indices are trading mixed today; Nikkei is 0.18% higher, the Hang Seng trading 0.36% lower at 26,702 and Singapore Straits Times is 0.45% higher at 3,183. EURUSD trades 0.02% higher at 1.1105; the USDJPY is 0.05% higher at 108.66 while the AUDUSD is 0.13% higher at 0.6827.

The central bank of China set the Yuan rate (USDCNY) at 7.0749 versus yesterday settlement at 7.0727.

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