Fundamental Summary (Eur)
The Euro continued its down slide against most its counterparts this past week (17-21 Oct 2016). Vital economic data came out in the Euro zone during the week coupled by the ECB President Draghi speech and the EU summit where Theresa May highlighted that the UK should still be part of summits and negotiations when matters affecting all 28 member states were being discussed. Having being advised by British officials to be cautious over what she negotiates in bilateral meetings,as this can be easy to misinterpret, she insisted that the UK has the right to begin trade negotiations with the rest of the world. This stresses the fact that Britain’s referendum decision will never be overturned.
-Interest Rate Decision
The ECB kept interest rates unchanged. This was based on their regular economic and monetary analysis. Click Here for the statement and transcript of questions and answers.
On Monday we had the Euro Zone Consumer Price Index data, for Sept, which was up from 0.2% in August to 0.4%. Data for the United Kingdom for September 2016 were not available in time for publication. Due to this fact the EU totals have been calculated using Eurostat estimates.
I personally believe that the debate around the FED’s decision is what most countries are leveraging on. All eyes on America now.
Upcoming Data for the week
-Purchasing Managers’ Index data
-ECB President Draghi speaks
During the week we have data from the Euro Zone Countries
Fundamental Summary (Yen)
There were no major economic data release from Japan over the past week (17-21 October 2016). Top Tier Chinese data, the 3rd quarter GDP and September’s Industrial Production on Tuesday had an effect on the Japanese Yen.
-The green and red long horizontal rectangles are drawn in to show resistance and support lines.
-The green being my support and red being my resistance.
– Bulls look for buy opportunities on the support levels and bears for sell opportunities on resistance levels.