Trump says Fed Chairman Powell ‘almost looks like he’s happy raising interest rates’
President Trump escalated his attacks on Federal Reserve Chairman Jerome Powell, saying the head of the nation’s central bank threatens U.S. economic growth and appears to enjoy raising interest rates. In an interview Tuesday with the Wall Street Journal, Trump acknowledged the independence the Fed has long enjoyed in setting economic policy, while also making clear he was intentionally sending a direct message to Powell that he wanted lower interest rates. Read More @ https://www.marketwatch.com/story/trump-says-fed-chairman-powell-almost-looks-like-hes-happy-raising-interest-rates-2018-10-23
Japanese stocks fall more than 3 percent following Wall Street sell-off
- Shares in Australia tumbled in morning trade, with major banking and mining stocks selling off.
- Overnight on Wall Street, major stock indexes sold off and the Dow Jones Industrial Average and S&P 500 erased their gains for the year while the Nasdaq Composite entered correction territory. Read More @ https://www.cnbc.com/2018/10/25/asia-markets-wall-street-sell-off-geopolitics-currencies-in-focus.html
WHAT IS THE USD SAYING?
USD charges ahead as more rate hike is expected moving forward for the FED; Price breakout to new high have started and traders are becoming more cautious as the market becomes fragile and unpredictable.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 2.00pm – Germany will release their GFK Consumer Climate – Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity.
- 3.00pm – Spain will release their unemployment Rate – expected to be good.
- 4.00pm – Germany will release their Info business climate – It’s a leading indicator of economic health – businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. Expect movement.
- 7.45pm – ECB releases Main refinancing rate – Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future. Expect volatility.
- 8.30pm – ECB Press conference – expect lots of volatility. Expected to be hawkish.
- 8.30pm – US will release their – Core durable goods orders, Goods Trade Balance and Prelim Wholesale Inventories – expected to be mix – little movement expect for the USD.
- 10.00pm – US will release their Pending Home Sales m/m – expected to be better then the previous months – It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.
Do remember that tomorrow will be US GDP data release and we are expecting massive volatility; watch your trade size and don’t overtrade your positions.
High Risk Investment Warning:
Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.