US and Chinese trade negotiations worry traders again

By 07/10/2019 No Comments

Even though Nonfarm Payrolls reports were worse than expected, the unemployment rate fell to 3.5% – the lowest level in 50 years. In this regard, investors have become a little less afraid of a slowdown in the US economy and will expect negotiations between Washington and Beijing on Thursday-Friday. Also, traders saw progress in trade relations between Japan and the United States. Against the background of this news and good US statistics, shares in Asian markets rose on Monday.

Forex Calendar
Forex calendar Oct 7
In China and Hong Kong, weekends are held due to national holidays.

At 20:00 (GMT+3) performance of the head of the Federal Reserve Jerome Powell is expected.

Commodity Markets
Gold. Gold holds above $1505. On Monday, October 7, gold futures cost $1,505.5 a troy ounce.

Oil. On Monday, oil declines by an average of -0.1%. On the morning of October 7, Brent futures were trading at $58.3 a barrel, and WTI crude oil was $52.8. Crude oil futures fell 5% last week.

The dollar index (DXY) began to recover. Monday morning DXY is 98.8 against a basket of major currencies.

The pound is getting cheaper by -0.2% at the beginning of the week, as the UK and the EU have not all agreed on it. On the morning of October 7, the GBP/USD pair is trading around 1.2308.

On Monday, the euro is stable after a slight increase. In the morning, the EUR/USD pair is trading around 1.0983.

The dollar is getting cheaper against the “protective” yen. On Monday morning, the pair USD/JPY is trading near 106.8.

At the end of the week, the dollar strengthened against the Swiss franc but declines on Monday. Today, the USD/CHF is trading at around 0.9944.

Daily Trading Signals
Trading signals oct 7 commod Trading signals oct 7 fx
Important: this review does not contain trading recommendations and calls for transactions, all the opinions expressed are the personal opinion of the author. Traders are solely responsible for decisions made.