Forex Signals Brief for Oct 30: Trade Wars Shake Up Markets
Rowan Crosby • 2 min read
World stock markets have again run into strong headwinds thanks, yet again, to the trade wars.
A report by Bloomberg suggested that the US is set to announce by early December tariffs on all remaining Chinese imports, by early December.
The list would apply to the imports from China that aren’t already covered by the first rounds of tariffs – which may be $US257 billion based on previous figures.
The news sent stock markets tumbling after many had started the day on the front. However, the USD remained relatively upbeat and held up, despite the pressure from elsewhere.
However, in an interview on Fox, the President suggested that he does expect a ‘great deal’ with China. So watch this space.
The relative strength of the USD, despite the news, is potentially a sign that the majors will be under further pressure as the week rolls on.
Today the main two economic events are German employment and US consumer confidence. On the back of Angela Merkel deciding not to run in the next election, the EUR/USD might be in for an interesting day.
Forex Signal Update
The FX Leaders Team had a really busy day to get the week started, finishing 6 and 3 in another solid performance.
DAX – The DAX has again failed at resistance at 11400 and it will need to hold above that level before it can see any more upside.
BTC – Bitcoin has worked its way out of the current tight range, but with no real volume of follow through as yet. Keep on looking for the big move here.
EUR/CHF – Active Signal
The EUR/CHF remains in a slight downtrend and this is almost a copybook trade from last week. Expect further weakness here, but watch out for today’s German employment data.
EUR/GBP – Active Signal
Similar to the EUR/GBP, this is a pair we’ve been in recently. Again we are looking to go with the trend here and let it run higher.