{"id":160302,"date":"2019-11-22T07:20:20","date_gmt":"2019-11-22T12:20:20","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=160302"},"modified":"2019-11-22T06:47:59","modified_gmt":"2019-11-22T11:47:59","slug":"markets-trade-mixed-on-trade-cues","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/11\/markets-trade-mixed-on-trade-cues\/","title":{"rendered":"Markets Trade Mixed On Trade Cues"},"content":{"rendered":"
November 22, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Investors were cautious amid mixed reports on the trade talks on Thursday. US equities dipped slightly but the dollar was steady.<\/p>\n

China\u2019s trade negotiator said that he was cautiously optimistic about reaching the\u00a0\u201cphase one\u201d deal.<\/a>\u00a0This comes as the December 15th<\/sup>\u00a0deadline for tariff hikes inches closer.<\/p>\n

Draghi Calls for Governing Council Unity in Last Meeting<\/strong><\/b><\/h2>\n

The European Central Bank\u2019s monetary policy meeting accounts, also known as the meeting minutes, were released yesterday. The minutes, which cover the final monetary policy meeting chaired by Mario Draghi, revealed a call for unity among members.<\/p>\n

After the ECB restarted its QE program, there were many dissents within the governing council. The minutes showed that besides unity among the members, there was also a call for patience for the tools to take effect on the economy.<\/p>\n

EURUSD Fails at Resistance<\/strong><\/b><\/h3>\n

The common currency failed to capitalize on the gains, turning weaker on Thursday. The declines in the EURUSD now put the bias to the downside. This is consistent with the hidden bearish divergence on the 4-hour Stochastics. The EURUSD could maintain a sideways range within 1.1062 an 1.1000 levels.<\/p>

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UK Budget Deficit Widens in October<\/strong><\/b><\/h2>\n

The latest budget details for the UK showed a widening in the public sector net borrowing. The borrowing excluding public sector banks rose by 2.3 billion GBP from the previous year to 11.2 billion.<\/p>\n

This was higher than the forecasts of an increase to 9.3 billion, and the highest borrowing levels in over five years.<\/p>\n

GBPUSD Marks a Double Top<\/strong><\/b><\/h3>\n

The currency pair\u2019s rally to the resistance level at 1.2960 saw a reversal. This has led to a double top pattern forming at the resistance. If prices fall below 1.2904, then we could see a decline further. This will break past the current lower support at 1.2865 and could trigger further declines in the near term.<\/p>\n

Gold Pushed Lower on Existing Home Sales<\/strong><\/b><\/h2>\n

The precious metal was trading weaker on Thursday. The US existing home sales report saw a bigger than forecast increase. Data from the National Association of Realtors showed that existing home sales jumped 1.9% on the month in October. This was after existing home sales fell 2.5% in the month before.<\/p>\n

XAUUSD Holding Steady Above Support<\/strong><\/b><\/h3>\n

The precious metal has been attempting to rise higher. But, the momentum looks to have been exhausted. Price action is, however, stable above the support level of 1462. Overall, XAUUSD is trading within the corridor of 1483 and 1462. A breakout from this level is required to bring further direction to prices.<\/p>\n

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

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

By Orbex Investors were cautious amid mixed reports on the trade talks on Thursday. US equities dipped slightly but the dollar was steady. China\u2019s trade negotiator said that he was cautiously optimistic about reaching the\u00a0\u201cphase one\u201d deal.\u00a0This comes as the December 15th\u00a0deadline for tariff hikes inches closer. Draghi Calls for Governing Council Unity in Last […]<\/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-160302","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160302","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=160302"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160302\/revisions"}],"predecessor-version":[{"id":160312,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160302\/revisions\/160312"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=160302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=160302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=160302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}