(Source: KVB PRIME)
EquityMarket
US market reconsolidated up last Friday. SP 500 went low but climb back fast and closed up 1.6% at 3298.46. NASDAQ went high and closed high by 2.34% at 1151.13. Dows went low and rose 400 pips and went up 1.34% at 27173.96. Technology and vaccine sections grow warm.
After UK and EURO fundamental released, EURO equity market fall while UK climbed back. DAX fall 1.09%. On the other side, UK FTSE rose 0.34%.
The Chinese market trading volume shrink and indexes went low. As of close, Shanghai Stock index went down by 0.11%, SZSE Component index was slightly down 0.02% and GEM index went down 0.18%.
Crude oil forward contracts :
Last Friday, both WTI and Brent met key support at $ 40 and $42 prospectively. WTI sticked at $40.09 per barrel.
Brent slightly rose 0.12% at $41.78 per barrel.
Precious metal forward contracts :
Gold price dropped as we expected. Price was consolidating in Asia Market around $1860 and rose during EURO market time hit day high at $1874.98. It draw back in US market and hit bottom at $1852.4, closed down by 0.39% at $1860.
Sliver was similar. Price closed down 1.09% at $22.88 per ounce.
Currency Pairs：
USDX：closed up 94.56 -0.297%
EUR/USD：closed down 1.16297 -0.337%
GBP/USD：closed up 1.27645 -0.047%
AUD/USD: closed down 0.70275 -0.272%
NZD/USD：closed down 0.65434 -0.029%
USD/CAD：closed up 1.33915 -0.279%
USD/JPY：closed up 105.571 -0.154%
Global Fundamental
26th Sept., Trump nominates judge Amy Coney Barrett to Supreme Court. Republican senators are already lining up for a swift confirmation of Barrett ahead of the November 3 election as they aim to lock in conservatives which now is 6 out of 9 among senators gains in the federal judiciary before a potential transition of power.
Mnuchin and Pelosi revive hope for aid talks. Treasury Secretary Steven Mnuchin said last week that he and Speaker Nancy Pelosi agreed to resume talks on another economic relief package amid concerns that the recovery will soon sputter without additional fiscal support.
In the USA, according to a Reuters count, 45,851 new infections were registered within 24 hours. A total of 7.11 million people were infected with the virus. The death toll increased by at least 742 to 204,538.
Justice Department seeks immediate ban on WeChat in US. The public hearing will be held on 15th Oct, 2020.
EURO
European Central Bank policy maker Francois Villeroy Galhausignaled that he’s open to letting inflation rise above the institution’s goal and changing the language it has used for nearly two decades to set its objective and said that the current target for price growth of “below, but close to, 2%,” is often incorrectly interpreted as a ceiling that would mechanically trigger tighter policy. Instead, it should be seen as “symmetric,” he said at an online conference on Friday.
EURO and UK both stated out they must hear to each sides condition and reach agreement on some of them next week meeting if they want to gain progress. The meeting will be held in Brussels and will be the last meeting for EURO and UK.
Oil
The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Bark in do said, in remarks at the G20 Energy Ministers virtual meeting: The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020.”He also said“However, stocks would then fall in the fourth quarter 2020, to stand around 123 million barrels above the latest five-year average.”
Major Assets Analysis：
EUR/USD & GBP/USD
Friday, main scheme on the EURO and UK market was dovish. The currencies’ price further fall. The deadline for UK and EURO to reach agreement is near. Once the fundamental development further ferment, the price will be down deeper. The process could be follow two scenario: 1) price consolidates parallelly which we prefer; 2) price boosted back and lay space for further drop, which requires solid risk control. EUR in short term layout has support at 1.1161 and further support at 1.158 and resist at 1.1165. For GBP, we would assume scenario 2 is going to occur due to the price now is near to weekly average which is the resist with support at 1.267.
(Source: KVB PRIME)
AUD/USD
AUD will drop more in long term. If price fall through $0.7, it will drop further to 0.68. The price has been fall 300 pips since our prediction from the two weeks ago with another 200 pips further to drop. The price is forming bottom pattern in the short term which provides support guide at 0.702 and resist guide at 0.708 which might be tested today.
(Source: KVB PRIME)
XAU/USD
Gold price keep dropping but it might reconsolidate as scenario 2 described above or it also has a certain possible to develop to scenario 3: capital pull out massive. Regardless which scenario, gold price is not positive in mid-term. Short term strategy is valid with support at 1850 and resist at 1876.
(Source: KVB PRIME)
USDX
USDX support and resist are both valid at 94.40 and 94.8 prospectively. Based on our statics from last week trendy, USDX is expected to have daily $0.62 price range. Price will test support more for today and tomorrow.
(Source: KVB PRIME)
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن