{"id":156576,"date":"2019-10-01T09:30:22","date_gmt":"2019-10-01T13:30:22","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=156576"},"modified":"2019-10-01T08:41:16","modified_gmt":"2019-10-01T12:41:16","slug":"us-factory-data-in-focus","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/us-factory-data-in-focus\/","title":{"rendered":"US Factory Data In Focus"},"content":{"rendered":"
October 1, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

ISM Manufacturing Data Up Next<\/strong><\/h2>\n

The US dollar has been a little lower over the European morning on Tuesday as risk appetite has recovered, taking equities higher.<\/strong>\u00a0The market has responded well to news of better manufacturing data out of China. Traders are now waiting on US manufacturing data due later today which is also expected to have increased over August. USD index trades 99.16 last, with price still sitting above the 99.10 level for now.<\/p>\n

Eurozone CPI Misses Expectations Again<\/strong><\/h2>\n

EURUSD has been lower again today despite a softer US dollar. Eurozone CPI was lower than expected over the last month printing 0.9% vs expectations of a 1% reading. With inflation still less than half way to the ECB\u2019s target range, the chances of further ECB easing in the coming months remain high. EURUSD trades 1.0895 last, with price now firmly below the 1.0914 level.<\/p>\n

GBP Lower On Data Miss<\/strong><\/h2>\n

GBPUSD has stabilized today, though the near-term outlook remains bearish given recent UK developments.<\/strong>\u00a0The latest UK GDP data showed growth contracting at -0.2% over Q2. The UK is now at risk of a technical recession should the Q3 reading come in lower than expected. GBPUSD trades 1.2286 last.<\/p>\n

Risk Assets Quiet Ahead of Data<\/strong><\/h2>\n

Risk assets continued to stagnate over Tuesday morning.\u00a0With traders divided over the likelihood of further easing from the Fed and awaiting the week\u2019s headline data on Friday (US employment reports) price action is likely to remain subdued over the week.<\/strong>\u00a0Today\u2019s\u00a0US manufacturing data<\/a>\u00a0could provide some volatility however. SPX500 trades 2984.53 last.<\/p>\n

Safe Havens Lower Despite USD Strength<\/strong><\/h2>\n

Safe havens have both been lower today.\u00a0Better data out of China, as well as optimism heading into the next round of US\/China trade talks, is keeping equities supported, taking the safe-haven flows away from JPY and gold.<\/strong>\u00a0XAUUSD trades 1467 last with price continuing to slide from the 1522.75 level in light of reduced Fed easing expectations. USDJPY trades 108.35 last, with price moving back towards September highs.<\/p>

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Crude Steady Ahead of API<\/strong><\/h2>\n

Oil prices have posted a mild recovery over the European session so far as a weaker USD and better risk appetite have seen crude prices pause their recent decline.\u00a0Despite the demand seen so far, API data due later today could see prices under pressure again if another inventories build is seen.<\/strong>\u00a0Crude trades 54.64 last, with price having found support at a retest of 53.94 lows.<\/p>\n

CAD Still Weak<\/strong><\/h2>\n

USDCAD has been higher today despite a weaker USD and higher oil prices<\/strong>. CAD has been under pressure over recent weeks due to the sharp reversal lower in crude prices which have retraced all of the Saudi drone-strike gains. USDCAD trades 1.3276 last with price moving back up towards the 1.33 level resistance.<\/p>\n

RBA Cuts Rates<\/strong><\/h2>\n

AUDUSD has been heavily lower today following the rate cut overnight from the RBA.<\/strong>\u00a0Citing downside risks from the ongoing\u00a0US\/China trade war,<\/a>\u00a0the RBA cut rates to a new record low of .50%, while signalling that further cuts could still be needed. AUDUSD trades .6703, quickly approaching the .6678 2019 lows.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex ISM Manufacturing Data Up Next The US dollar has been a little lower over the European morning on Tuesday as risk appetite has recovered, taking equities higher.\u00a0The market has responded well to news of better manufacturing data out of China. Traders are now waiting on US manufacturing data due later today which is […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-156576","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=156576"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156576\/revisions"}],"predecessor-version":[{"id":156579,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156576\/revisions\/156579"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=156576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=156576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=156576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}