11 Forex Trading tips for 31st October


Forex trading tips for today ahead of  a week full of opportunities for traders, with over thirty high impact new releases, with news from China, Canada, Japan, New Zealand, UK and USA.  What further revelations can we expect prior to the US Presidential result? Continued pressure on GBP?  Bullish USD? 

31st October AtoZ Forex –   Today’s Forex trading tips ahead of  a week full of opportunities for traders, with key high impact new releases from China, Canada, Japan, New Zealand, UK and USA.  What further revelations can we expect prior to the US Presidential result? Continued pressure on GBP?  Bullish USD?

There are  no (0)  high impact news event today.  There are no high impact non-data based events today.

AtoZforex Hint: Do not trade on a single news event look at the total picture when news releases are at similar times.  

The following events are for Tuesday 1st Nov in the overnight hours GMT.

 # 1 CHINA – Tues 1st Nov @ 1:00am GMT

Manufacturing PMI – Previous 50.4; Forecast 50.3; Currency affected: CNY

Forex Trading Tips – A leading indicator of economic health based on surveyed purchasing managers (3000) in the manufacturing industry. Market expects slight contraction, however, if actual is greater than forecast expect CNY to appreciate.

 # 2 CHINA – Tues 1st Nov @ 1:45am GMT

Caixin Manufacturing PMI – Previous 50.1; Forecast 50.2; Currency affected: CNY

Forex Trading Tips – A leading indicator of economic health based on surveyed purchasing managers (430) in the manufacturing industry. Market expects slight expansion, however, if actual is less than forecast expect CNY to depreciate.

 # 3 AUSTRALIA – Tues 1st Nov @ 3:30am GMT

Cash Rate – Previous 1.5%; Forecast 1.5%; Currency affected: AUD

Forex Trading Tips – This is a measure of interest rate charged on overnight loans between financial intermediaries. Market expects no change in interest rates, if actual is less than forecast expect AUD to depreciate.

 # 4 AUSTRALIA – Tues 1st Nov @ 3:30am GMT

RBA Rate Statement– non-data news event; Currency affected: AUD

Forex Trading Tips – The RBA uses this occasion to communicate to investors about monetary policy.   Traders look for clues on the outcomes of future decisions.  If market senses a a more hawkish outlook, expect AUD to appreciate.

 # 5 JAPAN – Tues 1st Nov @ Time tbc – am GMT

BoJ Policy Rate – Previous -0.10%; Forecast -0.10%; Currency affected: JPY

Forex Trading Tips – This is a measure of the interest rate levied on excess current account balances held at BoJ.   Rates are expected to remain the same, if actual is greater than forecast, expect JPY to appreciate.

AtoZforex Hint:  Apart from the BoJ Policy Rate data release, there are three(3) additional non-data events a) BoJ Outlook Report; b) Monetary Policy Statement; c) BoJ Press Conference.  Do not trade on a single news event look at the total picture when news releases are at similar times.

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Currency Pairs – Daily Forex Trading Tips

#6 AUD forex trading tips

The AUD performance was choppy  in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bearish against CAD, CHF, EUR, NZD, USD and bullish GBP, JPY.

#7 CAD forex trading tips

The CAD performance was generally mixed in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bullish against the CHF, EUR, GBP, JPY, NZD and in the case of AUD this maybe a short-term correction. Bearish bias against USD.

#8 EUR forex trading tips

The EUR performance was mixed in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is on the bullish side against the CHF, GBP and bearish AUD, CAD, USD.

#9 GBP forex trading tips

The GBP performance was neutral-bearish in the Asian session.

Forex Trading Tips – On intraday (H1 TF) the bias currently is bearish AUD, CAD, CHF, JPY, NZD and USD.

#10 JPY forex trading tips

The JPY performance was bearish in the Asian session.

Forex Trading Tips –On intraday (H1 TF) the bias currently is bearish AUD, CAD, CHF, GBP and USD.

#11 USD forex trading tips

The USD performance was mixed in the Asian session.

Forex Trading Tips –On intraday (H1 TF) the bias currently is on the bullish against the AUD, CAD, CHF, EUR, GBP, JPY and NZD.  Please note that both the AUD and CAD may  just be a short term correction.

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