China central bank affirms stable yuan, warns against speculators;
China will be able keep its yuan currency basically stable due to the country’s healthy economic fundamentals and ample foreign exchange reserves, Pan Gongsheng, a vice governor at the People’s Bank of China, said on Friday. The central bank will adopt macro-prudential measures to stabilize market expectations and take targeted measures to cope with market risks, Pan told a briefing. “The fundamentals of China’s economy are healthy, the macro leverage ratio is basically stable, and the financial and financial risks are generally controllable,” Pan said. China has sufficient foreign exchange reserves, he said. Read More @ https://www.reuters.com/article/us-china-economy-yuan-cenbank/china-central-bank-affirms-stable-yuan-warns-against-speculators-idUSKCN1N00PA
Italy blames Draghi for poisoning climate with his remarks – pointing fingers have started – euro is caught in the process!!
Italian populists sought to blame the European Central Bank for the rising risk to banks as the country appeared increasingly isolated in a standoff with the European Commission over its budget for next year. “We are in a time when we have to support Italy and I’m surprised that an Italian is poisoning the climate further this way,” Deputy Premier Luigi Di Maio was cited by newswire Ansa as saying during the recording of an interview to be aired later Friday on state broadcaster Rai. Di Maio was commenting on remarks made by the ECB’s Rome-born President Mario Draghi earlier this week. With the government doubling down on a controversial deficit target of 2.4 percent of output for 2019, Austrian Chancellor Sebastian Kurz, whose country holds the European Union’s rotating presidency, called Italy’s budget proposal “unacceptable in its current form.” On Thursday Draghi called on the Italian administration to tone down its rhetoric, stop questioning the euro and act to bring down borrowing costs threatening the banking system. Read More @ https://www.bnnbloomberg.ca/italy-blames-draghi-for-poisoning-climate-with-his-remarks-1.1158855
WHAT ARE USD, EURO & CNH TECHNICAL SAYING?
USD, EURO & CNH will be the game plan for this week; lots of volatility expected. Do remember do not over-expose your position and get caught trying to catch the price. Expect gaps for EUR & CNH Monday morning.
MONDAY NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 7.50am – Japan will release their retail sales – little or no movement.
- 5.30pm – UK will release their Mortgage approvals – Tends to have a muted impact because about 60% of all mortgages are covered by the BBA Mortgage Approvals data released a few days earlier.
- 8.30pm – US will release their Personal Spending & Personal Income – expected to be good for the USD.
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.