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Market Review 11-10-21

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Forex Today: Quiet start to the week ahead of key data releases

Here is what you need to know on Monday, October 11:

The dollar weakness following the disappointing September US jobs report, which showed that Nonfarm Payrolls rose by 194,000 to miss the market expectation of 500,000 by a large margin, remained short-lived. Surging US Treasury bond yields provided support to the greenback and helped it remain resilient against its rivals.
There won’t be any high-tier macroeconomic data releases on Monday. The US bond markets will be closed due to Columbus Day but stock markets will operate during normal hours. Nevertheless, the trading action is expected to remain subdued ahead of Wednesday’s US inflation data.
Wall Street: US stock futures trade flat on Monday, mirroring a neutral market mood.
USD/JPY: USD/JPY extended last week’s rally, which was fueled by the 10-year US T-bond yield’s advance to multi-month highs above 1.6%, and reached its strongest level since December 2018 at 112.75. Moreover, the Nikkei 225’s impressive more-than-1.5% increase on Monday seems to be putting additional weight on the safe-haven JPY’s shoulders.
Gold: Following a sharp upsurge to a fresh two-week high of $1,781 in the early American session on Friday, gold ended up closing the week with small losses at $1,757. Currently, XAU/USD is fluctuating in a tight channel above $1,750.
EUR/USD: The EUR/USD pair registered losses for the fifth straight week and stays relatively quiet below 1.1600 at the start of the week.
GBP/USD: British pound is edging higher in the early European session on Monday and the GBP/USD pair was last seen trading at its highest level since late September at 1.3658. September labour market data from the UK could be the next major catalyst on Tuesday.
AUD/USD: Supported by rising copper prices, the AUD/USD pair opened on a firm footing and closes in on the multi-week high it set at 0.7340 on Friday.
Cryptocurrencies: Following a quiet weekend, Bitcoin regained its traction and renewed five-month highs above $56,000. Ethereum is up more than 3% on a daily basis and is trading around $3,500.

Source: https://www.fxstreet.com/news/forex-today-quiet-start-to-the-week-ahead-of-key-data-releases-202110110627




According to Rekha Chauhan (Analyst at FXStreet – 3rd party source) the EURJPY is long positions above 130.54 with target at 131.16

Past performance is not a guarantee of future performance

Source: https://www.fxstreet.com/news/eur-jpy-price-analysis-13050-remains-major-hurdle-for-bulls-to-sustain-gains-202110110605

Number of Lots: Required Margin: Risk Management (50%): Potential Profit/Loss 131.16
1 € 3,333.33 € 1,666.67 € 475.31
5 € 16,666.67 € 8,333.33 € 2,376.57
10 € 33,333.33 € 16,666.67 € 4,753.14
25 € 83,333.33 € 41,666.67 € 11,882.86
50 € 166,666.67 € 83,333.33 € 23,765.72

The above chart and any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material.

Asian Stock Market: Trades mostly higher led by Nikkei’s 2% rally

Asian stocks are mostly trading in the green on Monday. Investors digested the latest US NFP data, the global energy crunch conditions and major central banks’ hawkish stance.
MSCI’s broadest index of Asia-pacific shares outside Japan jumped nearly 0.5%.
The Hang Seng Index rose 0.55% as traders keep a watch over China’s debt-ridden Evergrande Monday’s deadline for coupon payments. Meanwhile, tensions brew over Taiwan after Beijing denounced statements made by President Tsai Ingwen in which she said not to bow down against China’s pressure.
The ASX 200 slipped 0.9% despite Australia’s largest city Sydney emerged from 100 days of strict lockdowns due to the Delta variant spread.
South Korean markets were closed for a holiday, and the Bank of Korea will announce its policy decision on Tuesday.
The Nikkei 225 rose 1.2% after New Prime Minister Fumio Kishida said he will not seek tax increases on capital gains and dividends.
Oil prices touch an all-time high above $80.00, exacerbating the inflation concerns across the globe.

Source: https://www.fxstreet.com/news/asian-stock-market-trades-mostly-higher-led-by-japans-nikkei-gains-near-2-202110110530

According to Dhwani Mehta (Analyst at FXStreet 3rd party source) the EURUSD is short positions below 1.1545 with target at 1.1521

Past performance is not a guarantee of future performance

Source: https://www.fxstreet.com/news/eur-usd-price-analysis-acceptance-above-50-sma-is-critical-to-unleashing-additional-recovery-202110110552

Number of Lots: Required Margin: Risk Management (50%): Potential Profit/Loss 1.1521
1 € 3,333.33 € 1,666.67 € 207.25
5 € 16,666.67 € 8,333.33 € 1,036.27
10 € 33,333.33 € 16,666.67 € 2,072.54
25 € 83,333.33 € 41,666.67 € 5,181.35
50 € 166,666.67 € 83,333.33 € 10,362.69

The above chart and any information provided therein are indicative and subjective to the technical analysis method or trading patterns used and the timing of their release. Those are provided as general market information and/or market commentary and/or the publication of market/factual data and should not be construed as containing personal and/or other investment recommendation, and/or to be Investment Advice or independent Investment Research. As such, the legal and regulatory requirements in relation to independent investment research do not apply to this material.

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