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The Night Ahead

  • General mood is “risk off”
  • PMI numbers due from Germany, France, the U.K., the Euro-zone and the U.S.
  • Gold coming into London heavy

What’s Moving
A quiet session overnight led to another quiet session in Asia today, with slightly firmer USD being the flow the day. USD strength saw new recent highs against the Euro and the Yen, while the falling gold price pressured the AUD.
Gold came into Asia on the offer and extended then held slightly weaker levels over the session. The reappointment of Powell to the Fed Chairman position.
Recent trends remain in place, its just moving in slow motion.

European PMI’s won’t have too much of an impact on trade unless they area long way away from consensus. This having been said, expect USD strength to remain the predominant bias.
Gold still has a little more downside in it, but we don’t expect this correction to be too deep. This could be a dip buying opportunity for further gains next week.


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