{"id":158631,"date":"2019-10-29T07:03:19","date_gmt":"2019-10-29T11:03:19","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=158631"},"modified":"2019-10-29T07:03:19","modified_gmt":"2019-10-29T11:03:19","slug":"trump-raises-trade-hopes-sentiment-refreshed-again","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/trump-raises-trade-hopes-sentiment-refreshed-again\/","title":{"rendered":"Trump Raises Trade Hopes, Sentiment Refreshed Again!"},"content":{"rendered":"
October 29, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

The week continued being volatile yesterday following a number of impactful events affecting market sentiment.<\/p>\n

For one,\u00a0Trump indicated that a trade deal with China is very likely<\/strong>\u00a0now, driving flows into equities and away from safe havens.<\/p>\n

In Europe on the other hand, the European Commission granted another extension request for Brexit<\/strong>, removing recent gains from gold.<\/p>\n

Meanwhile, traders\u2019\u00a0expectations for another Fed cut are increasing<\/strong>.<\/p>\n

Equities Hit Record Highs Following Trump Comments<\/strong><\/h2>\n

On Tuesday night Trump said that \u201cWashington was ahead of schedule to sign a very big portion\u201d of a potential trade deal with China.<\/p>

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Stocks were\u00a0upbeat on hopes for trade progress<\/a>\u00a0and also on the back of renewed Fed sentiment. The CME FedWatch tool shows\u00a0market\u00a0participants expect another cut with a 95% probability.<\/strong><\/p>\n

In addition,\u00a0markets moved higher on good US earnings reports<\/strong>\u00a0and are expected to be volatile for the rest of the week.<\/p>\n

SPX Breaks All-Time High, More Room to Upside<\/strong><\/h2>\n

With a number of risk-positive events pushing equities up the\u00a0SPX marked a fresh ATH yesterday at 3041<\/strong>.<\/p>\n

Although expectations remain upbeat,\u00a0prices are near an exhaustion level<\/strong>\u00a0that could mark the competition of minute correction c with an ending diagonal near 3048.<\/p>\n

\"eurusd\"<\/strong><\/p>\n

Brexit Risks Recede But Uncertainty Looms<\/strong><\/h2>\n

Johnson accepted the EU\u2019s granted extension yesterday in a bid to push for a general election in December.<\/strong>\u00a0This allowed markets to take a breather on at least one of the\u00a0lingering Brexit risk components.<\/a><\/p>\n

UK\u2019s MPs rejected BoJo\u2019s bid,<\/strong>\u00a0however. This left the pound somewhat mixed despite the extension news which should have provided some good gains.<\/p>\n

Pound Expected to Remain Mixed, Looking Bearish Short-term<\/strong><\/h2>\n

GBPUSD responded to both bearish and bullish headlines, initially driven up but then discounted most gains following the \u2018election\u2019 snapback.<\/p>\n

Trading within intermediate wave (3) and having potentially ended minute 5 we can now focus on whether the current structure leads to a zigzag correction near 1.27.<\/p>\n

\"gbpusd\"<\/p>\n

Politics Drive Markets Away from Safe-Havens<\/strong><\/h2>\n

It was a good week for gold up until Trump\u2019s trade comments. The good news surrounding a potential trade deal drove gold back down below the 1500 handle. With added pressures from Brexit, even partial, resolution\u00a0the yellow metal could remain bearish in the short-term<\/strong>.<\/p>\n

XAUUSD Triangle Hints to Further Declines<\/strong><\/h2>\n

The last spike to the upside allowed bulls to take profits and start selling to perhaps completing the corrective minor wave 4.<\/strong><\/p>\n

With prices under the round level and after the throwback to 1515,\u00a0markets could now push the commodity near 1440.<\/strong>\u00a0This would be where the complex correction could finally complete.<\/p>\n

\"xauusd\"<\/p>\n

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

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

By Orbex The week continued being volatile yesterday following a number of impactful events affecting market sentiment. For one,\u00a0Trump indicated that a trade deal with China is very likely\u00a0now, driving flows into equities and away from safe havens. In Europe on the other hand, the European Commission granted another extension request for Brexit, removing recent […]<\/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-158631","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158631","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=158631"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158631\/revisions"}],"predecessor-version":[{"id":158638,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158631\/revisions\/158638"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=158631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=158631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=158631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}