by SignalFactory · November 6, 2019 | 08:10:15 UTC
the latest risk-off concerning the US-China trade relations, not to forget
downbeat Japanese data and dovish BOJ minutes, the EUR/JPY pair stays under
pressure while taking rounds to 120.80 during the pre-European session on
a day filled with too much optimism surrounding the “Phase One” trade deal
between the United States (US) and China, global media unearthed doubts over
the global superpowers’ trade agreement. Adding to the doubts were China’s
strong stand against Hong Kong protestors and anyone, likely the US, entering
between “One Country, Two Systems”.
the other hand, Japan’s services activity as indicated by the Jibun Bank
Services Purchasing Managers Index (PMI) shrank for the first time in 2016
during October. Further, minutes of the Bank of Japan’s (BOJ) October month
meeting suggests that most policymakers keep support for easy money policy
while holding expectations of a gradual recovery in the headlines inflation
numbers towards 2.0% target.
this, the US 10-year Treasury yields decline to 1.85% while Asian stocks also
pare gains after rising during the recent days.
if trade if news about the US-China trade/political relations will be in the
spotlight during the day, investors’ immediate focus will be on Germany’s
September month Factory Orders followed by German/Eurozone PMIs. While German
numbers and Eurozone Retail Sales could please the new European Central Bank
(ECB) President Christine Lagarde, EU PMIs still stop the hawks.
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