Market Roundup
•New Zealand Exports (Sep) 5.01B ,4.85B previous
•New Zealand 7.12B,7.15B previous
•New Zealand Trade Balance (MoM) (Sep) -2,108M,-2,306M previous
Looking Ahead Economic Data(GMT)
•06:00 UK Car Registration (MoM) (Sep) -42.7% previous
•06:00 UK Car Registration (YoY) (Sep) -1.3% previous
•06:00 UK Public Sector Net Borrowing (Sep) 17.40B forecast, 13.73B previous
•06:00 UK Public Sector Net Cash Requirement (Sep) 4.875B previous
•06:00 Italian Car Registration (MoM) (Sep) -44.6% previous
•06:00 Italian Car Registration (YoY) (Sep) -13.4% previous
•06:00 German Car Registration (YoY) (Sep) -27.8% previous
•06:00 German Car Registration (MoM) (Sep) -17.2% previous
•06:00 French Car Registration (MoM) (Sep) -31.8% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro eased slightly on Tuesday as U.S. dollar added to recent gains as U.S. bond yields climbed and investors positioned for the Nov. 5 presidential election. U.S. presidential election just over two weeks away, former President Donald Trump and Vice President Kamala Harris are caught in a knife-edge battle to win over some of the more competitive states. On a broader level, a Trump victory would likely send shockwaves , potentially putting the squeeze on some currencies and central banks even as countries that are more tied to commodities or trade with China could emerge largely unscathed. The euro last trading at $1.081725, wallowing near its lowest level since Aug. 2. Immediate resistance can be seen at 1.0847(Daily high), an upside break can trigger rise towards 1.0866(38.2%fib).On the downside, immediate support is seen at 1.0820(23.6%fib), a break below could take the pair towards 1.0800(Psychological level).
GBP/USD: The pound eased on Tuesday as investors focused on the relative strength of the U.S. economy, pushing up the dollar. The U.S. dollar has climbed against its peers in recent weeks as the economy has fared better than expected. Meanwhile, investors awaited speeches from key Bank of England officials this week, following surprising consumer price index figures for September last week that revealed Britain's inflation had dipped below the BoE's 2% target.On Tuesday, all eyes will be on speeches by BoE Governor Andrew Bailey, Deputy Governor Sarah Breeden, and Monetary Policy Committee member Megan Greene, as investors seek hints on the trajectory of interest rate cuts.On the data front, Britain's flash PMI figures for October are set to be released on Wednesday, offering further insights into the country's inflation landscape, while UK's consumer confidence data is due on Friday. Immediate resistance can be seen at 1.3054(38.2%fib), an upside break can trigger rise towards 1.3123(50%fib).On the downside, immediate support is seen at 1.2981(23.6%fib), a break below could take the pair towards 1.2928 (Lower BB).
NZD/USD: The New Zealand dollar held near two months low on Tuesday as higher US treasury yields bolstered U.S. dollar across the board. Treasury yields jumped overnight as bets for aggressive U.S. easing further diminished in the months ahead, although there has not been an obvious catalyst.Traders only see a total U.S. easing of 40 basis points for the rest of the year, implying less than two quarter-point moves from the Federal Reserve in November and December. At (GMT 02:25) The kiwi held at $0.6039, the lowest in about two months, after falling 0.7% overnight. Immediate resistance can be seen at 0.6116(38.2%fib), an upside break can trigger rise towards 0.6161 (50%fib).On the downside, immediate support is seen at 0.6059 (23.6%fib), a break below could take the pair towards 0.6000(Psychological level).
USD/JPY: The dollar steadied against the yen on Tuesday on expectations the Federal Reserve will take a measured approach to interest rate cuts, while a close battle in the upcoming U.S. election kept investors on edge.The dollar's strength, boosted by rising Treasury yields, kept the pressure on the yen, euro and sterling - a theme that has been building over the past few weeks as data showed the U.S. economy remained in a good place, resulting in traders scaling back their bets of large and rapid rate cuts from the Fed. The pair was at 150.74, hovering around its highest level since Aug. 1st. Immediate resistance can be seen at 150.86 (23.6 %fib), an upside break can trigger rise towards 151.00(Psychological level). On the downside, immediate support is seen at 149.45(Oct 17th low), a break below could take the pair towards 148.67(38.2%fib)
Equities Recap
Japan's Nikkei share average fell on Tuesday amid concerns the ruling party may lose its lower house majority in the coming election, while Wall Street's weak finish overnight also weighed on market sentiment.
The Nikkei was down 1.21% at 38,482.12, as of 0214 GMT, after opening 0.05% lower.
Commodities Recap
Oil prices fell on Tuesday, paring the previous day's nearly 2% rise as the top U.S. diplomat renewed efforts to push for a ceasefire in the Middle East, and as slow demand in China, the world's top oil importer, continued to weigh on the market.
Brent crude futures for December delivery were down 26 cents, or 0.3%, at $74.03 a barrel at 0046 GMT. U.S. West Texas Intermediate crude futures for November delivery were 2 cents lower at $70.54 a barrel on the contract's last day as the front month.
Gold prices remained steady on Tuesday after jumping to a record high in the previous session on escalating geopolitical tensions in the Middle East and uncertainties surrounding the U.S. presidential election.
Spot gold rose 0.1% at $2,723.06 per ounce, as of 00:20 GMT. U.S. gold futures were 0.1% lower to $2,737.1.
