Market Overview…

23 Oct

Market overview:EURUSD traded in range this week.Traders were sitting on the sidelines awaiting news of the prolonged debate regarding the Greek debt issue. EURUSD merely traded in low volumes on worlds exchanges.
On the other hand, commodities were volatile. Oil climbed to 89 usd per barrel and fell after colonel Gadafi announced dead, which eased fears on oil supplies.
Gold on the other hand fell after rumors on china selling huge amounts surfaced in the markets. Gold almost touched 1600 level seen as a big correction from all time high of 1900.

Next week will be an interesting one, with the month ending and squaring of existing currency positions, volatility should be high.

Euro is expected to stay on hold until a decision on the Greek debt.

Week ahead:

Monday:Canadian PPI forecasted at 0.8% the same data’s as previous results.   

Tuesday:Canadian Core Retail Sales forecasted at 0.4%, later on the same day BOC is to release the Over Night Rate and from US we will be expecting CB Consumer Confidence forecasted better than the previous results at 46.2
Wednesday:Canadian CPI quarterly results forecasted at 0.7%, US is to release New Home sales results forecasted at 302k, Reserve Bank of New Zealand will be announcing Interest rate.

Thursday:From Japan BOJ will announce their Interest rate,  later on the same day US is to release Advance GDP quarterly results at 2.4%,  Unemployment Claims forecasted at 404k and Pending Home sales rising to 0.2% better than previous results.

Friday:All eyes will be focused on Swiss KOF Economic Barometer, the Index is designed to predict the direction of the economy over the following six months forecasted at 1.01 lower than last results.


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