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    Daily Report – Monday 29th October

    THE DAILY REPORT

     

    THE DAILY REPORT
     

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    RISK EVENTS (Medium)

    Monday 29/10/18
    JPY – Retail Trade
    GBP – Budget Report
    GBP – Mortgage Approvals
    USD – Core Personal Consumption Expenditure

    Major Bloomberg & Reuters News

    China: Yuan exchange rate likely to maintain a weak trend in the coming months - BBVA

    “The drivers to the recent RMB sharp depreciations after the appreciation trend from April 2017 to April 2018 including the following factors: (i) Escalation of the trade war with the US; (ii) Strong DXY performance; (iii) Domestic economic slowdown; (iv) Easing monetary measures to offset trade war risks, leading the interest rate difference with the US expanded.

    Continuing depreciation pressure will be last for the following months, due to the unsettled trade war and domestic growth slowdown. In addition, FED interest rate hike will also add pressure on RMB. However, we do not think RMB exchange rate will depreciate above the psychological level at 7, due to the PBoC has more experience to intervene the market and does not want domestic financial turmoil again as 2015. Under the current circumstance, the equilibrium exchange rate should be in a range of 6.7-7. In the future, RMB exchange rate flexibility will be further enhanced, as exchange rate reform deepened. All in all, economic fundamentals of RMB

    ECONOMIC ANNOUNCEMENTS  

    Trading FX and CFDs involves a substantial degree of risk and should only be undertaken with risk capital. Please refer to our website www.forexct.com.au for a copy of our PDS & FSG. Forex Capital Trading Pty Ltd (“ForexCT”) provides general advice that does not take into account your objectives, financial situation or needs. The contents of this newsletter do not take into account the personal circumstances of any individual investor. Investors do not own or have rights to underlying assets. ForexCT is regulated by ASIC (AFSL 306400, ABN 69 119 086 270). ForexCT’s AFS license and Australian regulation only applies to the financial services being offered in Australia only.

    ForexCT and its related entities do not warrant the accuracy or completeness of the information contained in this newsletter and shall not be responsible or liable for any loss or profit whatsoever which may arise directly or indirectly from any use or reliance upon any information in this newsletter. Any person acting on the information in this newsletter does so entirely at their own risk. Any analysis, opinion, commentary or research in this newsletter is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell any financial product or instrument.  You should always seek independent financial advice.

    The trade signals above reflect Trading Central's judgement as at the time the information was prepared under the Terms and Conditions set by Trading Central. ForexCT and its related entities do not warrant the accuracy or completeness of the information contained in this newsletter and shall not be responsible or liable for any loss or profit whatsoever which may arise directly or indirectly from any use or reliance upon any trade setup, statement, opinion or omission.

    Posted: October 28, 2018 | 11:59 PM