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Recent Posts by Stuart McPhee

United States Nonfarm Payrolls

Today at 1:30pm UK Time. Nonfarm Payrolls present the number of new jobs created during the given month, in all non-agricultural sectors of the U.S. The indicator growth can have a positive effect on dollar quotes. F: 168 K, P: 128 K.

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GBPUSD - Surges to Seven Month High above 1.31 as U.K. Election Looms

 

 
In the last two days the GBPUSD has surged through the key 1.30 level to reach its highest level in more than seven months. Given the break, the 1.30 level will be expected to provide some support should the sterling decline. Leading up to the surge for the last six weeks or so, the GBPUSD traded in a narrow range consolidating under resistance at 1.30, which has become a level of significance as a result.
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European Union Gross Domestic Product (GDP) q/q

Today at 10:00am UK Time. EZ GDP q/q reflects the changes in the total value of all goods and services produced in the euro area in the current qtr compared to previous, and is used to rate of the economic growth and living standards. F:0.2%, P:0.2%. #EURUSD may test 1.10

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XAUUSD - Settles Around $1470 as Markets Consider Fed’s Next Move

 

 
In the last few days gold has moved a little higher however it remains in a narrow range trading roughly between $1460 and $1470, where it has spent the best part of the last few weeks. It has spent this time consolidating after dropping sharply back through the key $1500 level to a three month low below $1450. For the prior two months gold had settled around the current key $1500 level, moving back and forth around this level, seemingly content to not move anywhere else, so the recent move lower could be significant. Now that gold has broken lower through $1500, it may start to meet resistance at this level should it rally higher.
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Bank of Canada (BoC) Interest Rate Decision

Today at 3:00pm UK time. BoC announces its decisions on interest rate eight times a year, and is one of the key events influencing the CAD quotes. The decision is made depending on the current economic conditions and financial outlook. F: 1.75%, P: 1.75% #USDCAD may test 1.33

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US30 - Drops Sharply from above 28000 on Trump Comments and Weak Data

 

 
In the last two days the US30 index has fallen sharply away from all time highs above 28000 and will now be eyeing off support at 27000 if it continues to decline. After trading around the key 27000 level for several weeks, the last few weeks have seen the US30 index surge higher to new all time highs above 28000, before easing, rallying again, and now dropping sharply and returning a lot of the gains.
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Australia Gross Domestic Product (GDP) q/q

Today at 12:30am UK time. Australia GDP q/q provides a monetary gauge of all goods and services produced in Australia (less the value of goods and services used in production) in the reported qtr compared to the previous one. F:0.8%, P:0.5%. #AUDUSD may break through 0.6750

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AUDUSD - Surges off Support at 0.6750 as RBA Expected to Hold

 

 
In the last 24 hours the AUDUSD has bounced strongly off the key support level at 0.6750 after spending the last five weeks steadily but surely easing away from a three month high above 0.69 and moving back down below the key 0.6850 level. In doing so it returned to its popular range between 0.6750 and 0.6850, where it continues to trade.
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Reserve Bank of Australia (RBA) Interest Rate Decision

Today at 3:30am UK time. RBA Interest Rate Decision is one of the key instruments of the national monetary and credit policy, and the releases contain announcements of interest rate and explanations to the bank's decision. F:0.75%, P:0.75%. #AUDUSD may break through 0.6750.

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Market Recap: 25 - 29 November

 

 
On Tuesday last week we covered UK Oil which continued to trade above the key $63 level before dropping sharply back towards $60 to finish the week. After meeting resistance at the key $63 level for several weeks, UK Oil had poked its head above this level in the last week or so attempting to maintain a break higher. During last week it had also started to receive some support at the $63 level however this quickly gave way as excessive selling pressure forced it lower.
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