Welcome to the outlook for the coming week, from Trade360, the world’s only online trading platform based on CrowdTrading –up-to-the-minute insights on majority and minority positions of traders who make up “The Crowd”.
The EUR/USD fell 143 pips, pulling the pair down to a rate of $1.0741. The British Pound also lost ground against the Dollar – the GBP/USD pair receded by 155 pips, down to a rate of $1.5053.
Keep an eye on UK Employment data, covering average earnings and the unemployment rate, on Wednesday at 09:30 GMT.
With German GDP data to be released on Friday 07.00 GMT, the bigger picture should become even clearer. Despite low German consumer confidence, the EU is claiming that the massive migrant influx will ultimately boost the German and wider European economies.
The Australian Dollar also fell against the US Dollar, with the AUD/USD dropping by 101 pips, to finish Friday at a rate of $0.7043.
Employment data from Australia on Wednesday 00.30 GMT will be closely watched.
The USD also rose against the Canadian Dollar. The USD/CAD pair shot up 136 pips to a rate of $1.3306.
Barack Obama’s decision to formally end the Keystone pipeline project will have a long-term effect on the Canadian economy.
Oil continues to slide. Apart from the Keystone cancellation, a struggling Saudi Arabia has announced massive price-cuts for its European customers in an effort to preserve one of its key markets.
West Texas Intermediate (WTI) dropped by 2.01% a barrel, ending the week at a price of $44.29. Brent also dipped, closing Friday at $47.42 a barrel – a 1.17% drop.
Gold is still depressed. COMEX ended the trading week down 1.49%, closing at $1,087.70 per ounce. GoldSpot was likewise down 1.28% at the $1,089 per ounce price point.
The top US Indices experienced mixed fortunes on Friday. The DOW Jones was up 0.26%, at 17,910.33, with the NASDAQ rising 0.38% up to 5,147.12. The S&P 500 however, ended the week down 0.73%, at 2,099.20.
This week, watch the US Retail sales numbers on Friday at 13.30 GMT. A small improvement on last month’s disappointing figures is expected.