US-China trade deal and market rally will happen by year-end, predicts investment strategist
- State Street Global Advisors’ Michael Arone expects the market to bounce after the midterm elections.
- He also predicts the U.S. and China will come to terms on a trade deal, which should push the market higher into next year.
- Cresset Wealth Advisors’ Jack Ablin sees a short-term upswing after midterms but headwinds ahead. Read More @ https://www.cnbc.com/2018/10/29/us-china-trade-deal-and-market-rally-by-year-end-predicts-strategist.html
Fed reportedly ready to change more banking regulations
- The Fed is expected this week to vote on banking standards that would change the way big banks are regulated, according to a Dow Jones report.
- Banks would be divided into categories based on risk factors including size, international activity, off-balance sheet exposures and levels of short-term funding. Read More @ https://www.cnbc.com/2018/10/29/fed-reportedly-ready-to-change-more-banking-regulations.html
WHAT ARE THE MAJOR CURRENCIES SAYING TODAY?
Both hourly and daily charts are all in favor of the USD. All currencies are reaching their double top or the double bottom price. The market will consolidate and await for fresh news. FED is changing their game plan with tougher bank regulation and tighter easy money. As a Trader we wait for prices to consolidate and never rush into the market.
TODAYS NEWS THAT MGHT AFFECT YOUR TECHNICAL TRADES.
- 10.10am – Australia will start with building approvals – It’s an excellent gauge of future construction activity because obtaining government approval is among the first steps in constructing a new building. Construction is important because it produces a wide-reaching ripple effect – for example, jobs are created for the construction workers, subcontractors and inspectors are hired, and various services are purchased by the builder.
- 2.30pm 4.00pm – Germany & France & Spain will release their CPI – expect volatility.
- 3.45pm – France will release their Consumer Spending – expect volatility.
- 4.55pm – Germany wil release their Unemployment change – expected to be good for the EURO.
- 5.00pm – 6.00pm – EURO & Italy will release their GDP data – we believe this data will give some booster for EURO.
- 10.00PM – US will release their CB Consumer Confidence – expected to be good. Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity – USD expected to rally once again.
The demand for USD continues and we are expecting the USD to reach double top before it makes a correct at 97. Be cautious and always keep money management at your hand.
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