{"id":33232,"date":"2018-09-24T03:25:38","date_gmt":"2018-09-24T03:25:38","guid":{"rendered":"http:\/\/www.gcmasia.co\/analysis\/en\/?p=33232"},"modified":"2018-09-24T03:25:38","modified_gmt":"2018-09-24T03:25:38","slug":"240918-weekly-analysis","status":"publish","type":"post","link":"https:\/\/www.gcmasia.co\/analysis\/en\/information\/day\/240918-weekly-analysis\/","title":{"rendered":"240918 Weekly Analysis"},"content":{"rendered":"

24 September 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Weekly Analysis<\/strong><\/p>\n

 <\/p>\n

GCMAsia Weekly Report: September 24 – 28<\/strong><\/p>\n

Market Review (Forex): September 17 \u2013 September 21<\/u><\/strong><\/p>\n

US Dollar<\/strong><\/p>\n

The US dollar bounced up from its 2-month low drop before closing on Friday\u2019s market after Brexit headline which caused investors\u2019 sentiment to turn negative towards the riskier assets such as the sterling. Dollar index edged up by 0.32% while closing the price at 94.22 last Friday.<\/p>\n

 <\/p>\n

The concerns over Brexit grew on Friday as the EU rejected UK Prime Minister Theresa May post-Brexit plans, adding that the UK and EU are reaching an impossible progress for the post-Brexit deal which immediately changed investors\u2019 sentiment towards riskier assets and shifting their portfolio into the safer dollar. Greenback also managed to bounce higher after the release of US economic data Manufacturing PMI for the month of September which had higher actual reading of 55.6 compared to the forecasted reading of 55.0.<\/p>\n

 <\/p>\n

Overall, the dollar managed to regain some of its strength against its rivals after its biggest weekly drop in the past 7 months. The price of the dollar for this week will depend solely on the interest rate decision by the Fed on Wednesday as well as US President Donald Trump\u2019s next move in the trade wars.<\/p>\n

\u00a0<\/strong><\/p>\n

USD\/JPY<\/strong><\/p>\n

USDJPY pair rose 0.11% to 112.60 during late Friday trading session.<\/p>\n

 <\/p>\n

EUR\/USD<\/strong><\/p>\n

EURUSD had dropped 0.24% to 1.1749 during last week Friday session.<\/p>\n

 <\/p>\n

\u00a0<\/strong><\/p>\n

GBP\/USD<\/strong><\/p>\n

GBPUSD had plunged 1.46% to 1.3069 during late Friday New York session. The single currency lost all its gains during the week as concerns grew amid UK Prime Minister Theresa May\u2019s comment on the post-Brexit deal being impasse as the EU rejects May\u2019s post-Brexit plans.<\/p>\n

 <\/p>\n

Market Review (Commodities): September 17 \u2013 September 21<\/u><\/strong><\/p>\n

GOLD<\/strong><\/p>\n

Gold price plunged as dollar strengthened amid Brexit concerns and strong US Manufacturing PMI. The yellow metal closed last week markets at a loss of 0.64% to 1199.44 a troy ounce.<\/p>\n

 <\/p>\n

The gold price was seen falling as the greenback started regaining a bullish momentum amid Brexit concerns and a positive sentiment from the US Manufacturing PMI economic data.<\/p>\n

\u00a0<\/strong><\/p>\n

Crude Oil<\/strong><\/p>\n

The price of crude oil closed the market at a higher price despite US President Donald Trump\u2019s Tweet stated that the OPEC should stop oil price increase and lower its prices as soon as possible. The commodity price spiraled up by 0.75% to $71.09 per barrel during last Friday\u2019s session.<\/p>\n

 <\/p>\n

The crude oil started the week at a lower price amid increasing tension in the trade war between the US and China as China retaliated US $200 billion tariffs by imposing tariffs on $60 billion of US goods which caused the price of crude oil to fall. The commodity successfully regained its strength before closing on Friday despite the Tweet from President Donald Trump where he furiously stated that the OPEC who are monopolizing the market are increasing its price ridiculously and it should start lowering the prices. Investors shrugged off that Tweet and focus on the upcoming weekly oil rig count data which will be a major indicator of demand for oil products. On the other hand, the surged in crude oil price was also capped as investors fear of the report that the OPEC were expected to discuss a 500k barrel per day increased in production.<\/p>\n

 <\/p>\n

Overall, crude oil price can be seen increasing for the past week as investors\u2019 sentiment towards the crude oil remained positive for the week despite all the bad news, probably due to the closing in of Iran sanctions which will be held effect early November.<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

\u00a0<\/u><\/strong><\/p>\n

Weekly Outlook: September 24 – 28<\/u><\/strong><\/p>\n

For the week ahead, investors will remain focus on the release of various economics data especially UK GDP which is scheduled on this week. The data which is an indicator of inflationary pressure that may anticipate interest rates to rise. Thus, investor will keep an eye for the release to attain further signals regards of the pound sterling momentum.<\/p>\n

 <\/p>\n

As for oil traders, they will be eyeing on US inventories level reported by API and EIA to gauge the strength of crude demand for world\u2019s largest oil consumer.<\/p>\n

\u00a0<\/u><\/strong><\/p>\n

Highlighted economy data and events for the week: <\/u><\/strong>September 24 – 28<\/u><\/strong><\/p>\n\n\n\n\n\n\n\n
Monday, September 24<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

EUR \u2013 <\/strong>German Ifo Business Climate Index<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

EUR \u2013 <\/strong>ECB President Draghi Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Tuesday, September 25<\/strong><\/td>\n\u00a0<\/strong><\/p>\n

Data<\/strong><\/p>\n

USD <\/strong>\u2013 CB Consumer Confidence (Sep)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

N\/A<\/p>\n

 <\/td>\n<\/tr>\n

Wednesday, September 26<\/strong><\/td>\n <\/p>\n

Data<\/strong><\/p>\n

USD \u2013 <\/strong>New Home Sales (Aug)<\/p>\n

CrudeOIL – <\/strong>Crude Oil Inventories<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

USD<\/strong> \u2013 FOMC Member Bullard Speaks<\/p>\n

 <\/td>\n<\/tr>\n

Thursday, <\/strong>September 27<\/strong><\/td>\n\u00a0<\/strong><\/p>\n

Data<\/strong><\/p>\n

USD<\/strong> \u2013 Core Durable Goods Orders (MoM) (Aug)<\/p>\n

USD \u2013 <\/strong>GDP (QoQ) (Q2)<\/p>\n

USD \u2013 <\/strong>Pending Home Sales (MoM) (Aug)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

NZD \u2013 <\/strong>RBNZ Press Conference
\nEUR \u2013 <\/strong>ECB President Draghi Speaks
\nGBP<\/strong> \u2013 BoE Gov Carney Speaks<\/p>\n

 <\/td>\n<\/tr>\n

\u00a0<\/strong><\/p>\n

Friday, September 28<\/strong><\/p>\n

\u00a0<\/strong><\/td>\n

 <\/p>\n

Data<\/strong><\/p>\n

CNY \u2013 <\/strong>Caixin Manufacturing PMI (Sep)<\/p>\n

EUR \u2013 <\/strong>German Unemployment Change (Sep)<\/p>\n

GBP \u2013 <\/strong>GDP (YoY) (Q2)<\/p>\n

GBP \u2013 <\/strong>GDP (QoQ) (Q2)<\/p>\n

EUR<\/strong> \u2013 CPI (YoY) (Sep)<\/p>\n

CAD <\/strong>\u2013 GDP (MoM) (Jul)<\/p>\n

 <\/p>\n

Events<\/strong><\/p>\n

USD<\/strong> \u2013 Fed Chair Powell Speaks
\nCAD<\/strong> \u2013 BoC Gov Poloz Speaks<\/p>\n

GBP<\/strong> \u2013 MPC Member Ramsden Speaks<\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

24 September 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Weekly Analysis   GCMAsia Weekly Report: September 24 – 28 Market Review (Forex): September 17 \u2013 September 21 US Dollar The US dollar bounced up from its 2-month low drop before closing on Friday\u2019s market after Brexit headline which caused investors\u2019 sentiment to turn negative towards the riskier assets such as the […]<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[13,30],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/33232"}],"collection":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/comments?post=33232"}],"version-history":[{"count":0,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/posts\/33232\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/media?parent=33232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/categories?post=33232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gcmasia.co\/analysis\/en\/wp-json\/wp\/v2\/tags?post=33232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}