First the the Aussie had an interesting trading after the positive Retail Sales figures. Retail Sales saw a rise in all states and territories except Victoria by 3.3%. As the retail sales figures are an indication of the pace of the Australian economy, it shows the performance of the retail sector over a short and mid-term period. Positive growth is good the the AUD whilst low is negative. But today we didn’t much of a movement with the pair remaining for most of the day until in took a dive after lunch falling to a low of 0.7136. However it has quickly bounced back regaining much of its losses to sit at 0.7204 at the time of writing.
We have seen the S&P 500 Futures continue it’s bull run with another week of positive results. Even though it has pulled back to 3,385. The murmurs of US-China trade talk have helped the Wall St rally for a 4th consecutive week. However coronavirus continues to lurk, making traders uneasy and uncertainty remains high causing the pullback.
Entering the European session all eyes are on the German/Euro PMI numbers. With a strong decision to action stimulus, a stonger than expected result would inject positivity into the the EUR/USD. However a negative release could see a strong jerk towards 1.200.
The correction in gold is turning more into a direction of old, with the yellow metal struggling to push past $1,950 with any confidence. strengthening figures out of the US will not see the safe haven remain here much longer. A support break at $1,920 could see it start its descend into the woods where the bears lurk.