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On the commodities front, both crude benchmarks traded on the back foot, as US grants temporary oil waivers to China and India from the Iran sanctions. Gold prices on Com ex were little changed near USD 1232 while copper futures on Com ex attempted a tepid bounce to 2.760 region amid ongoing US-China trade deal talks.
Despite the releases of the second-tier macro news from both sides of the Atlantic, the fx markets will be driven by the political headlines, with the key focus likely on the Brexit deal-related headlines and the US mid-term Congressional elections.
Resistance lever and Support lever
today current rate Gbp / Usd/ 1.3060
Resistance lever 1/ 1.3066
Resistance lever 2/ 1.3073
Resistance lever 3/ 1.3079
Support lever 1/ 1.3053
Support lever 2/ 1.3048
Support lever 3/ 1.3041
Amongst the economic releases, the final services PMI reports for the Euro area economies will start trickling in from 0815 GMT, followed by the Euro zone PPI data due at 10000 GMT. The speech by the ECB policymaker Lautenschlaeger is scheduled at 1200 GMT.
The EUR/USD is flat lined around 1.14 and may revisit the recent low of 1.13 if the Republicans secure a majority in both chambers. To start with, the markets are pricing a split Congress - Democrats to take House and Republicans to retain the Senate.
With the automation of services has come an opportunity for forex traders to trade online. With the first simulated forex trading regulated by the Nairobi, security exchange has come the opportunity for many to invest in the venture. The new concept on foreign exchange market has so far-fetched approximately 80,000 traders and looks to fetch more including university students who want to trade and invest in forex markets.
The conventional wisdom is that a split government would be less likely to pass meaningful economic policies, perhaps putting more pressure on the Fed to keep the economy healthy as we head into 2019 and 2020, potentially hurting the greenback.
The latest addition to the MSC’s warning list is a multi-asset broker called FSM Smart Ltd. The company was blacklisted by the MSC as they are not registered in Manitoba to engage in the business of trading or advising anyone with respect to investing in securities. The brand is also not registered to sell securities in Manitoba, or anywhere else in Canada, and have therefore failed to comply with provincial securities laws.
Gold has charted a bull flag - a continuation pattern - on the hourly chart. A move above the upper edge of the flag, currently at $1,234.30, would signal a revival of the rally from the $1,212 and would open up upside toward $1,260.
FSM Smart, operating online under the url http://www.fsmsmart.com, offers investors several trading assets including securities, derivatives, cryptocurrencies, precious metals, and other commodities and shares. The broker also offers managed accounts which the Manitoban watchdog says complainants were told they would make up to 20 per cent return on investment per week.