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    Daily Report – Wednesday 7th November

    THE DAILY REPORT
    THE DAILY REPORT
     

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    RISK EVENTS (AEDT)

             MID-TERM ELECTIONS          

    Major Bloomberg & Reuters News

    A Market Guide to the Midterms

    The U.S. midterm elections are upon us, and the results will have implications for everything from bond yields to equity volatility.

    Republicans adding to their Senate majority would offer an extra layer of protection for Donald Trump’s tax cuts beyond the next presidential cycle in 2020, while a Democratic House and a 50-50 Senate may not, Evercore ISI strategist Terry Haines wrote in a note Tuesday.

    If Democrats sweep, “they won’t be able to change fiscal policy before 2020, but it would change expectations about the trajectory beyond it,” Morgan Stanley strategists Michael Zezas and Meredith Pickett wrote in a note Monday. “This shifts the narrative away from rising rates and, in the near term, alleviates the pressure stocks have felt in recent weeks.”

    Oil Prices Slide After API Reports Large Crude Build

    The American Petroleum Institute (API) reported a crude oil inventory build this week, this time of 7.83 million barrels for the week ending November 2. The build was the fifth in as many weeks as reported by the API. The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 2,050 million barrels.

    Inventories in the Cushing, Oklahoma facility this week had climbed by 3.07 million barrels, adding to the inventory builds this week.

    Prices were down significantly on Tuesday as the Iranian sanction waivers granted by the United States to eight countries—including oil-hungry India and China—took the sting out of what could have been market panic given the re-imposition of sanctions on Monday.

     

    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: November 06, 2018 | 11:37 PM