Market Sentiment 7th of October

There is no trade call for London session. Nothing major occurred during yesterday’s New York session. The AUD extended on gains from the prior session in the wake of a neutral RBA. Aussie rallied over 100 pips during the session from it’s Asian session lows. The NZD also rallied after GDT Price Index showed an increase of 9.9% in dairy prices. Kiwi rallied up through the 65 handle upon release.

Current Market Sentiment:

U.S. Equities ended an unimpressive session with the S&P down 0.36% , the Nasdaq down 0.57%, and the Dow fairly flat at +0.08%.

During Asia, equities traded mixed providing little direction for risk sentiment ahead of the BOJ. The BOJ kept policy unchanged as was expected, and the JPY saw some immediate strength across the board at the announcement. Japanese lawmaker Yamamoto also stated that the BOJ is worried about more easing weakening the JPY. Kiuchi continued to be the lone dissenter, calling for the central bank to increase the monetary base at an annual pace of 45 trillion yen. Asian equities turned mostly positive after the BOJ decision.

The NZD has continued to rally on the back of yesterday’s GDT print rallying up to test the 6600 handle against the USD on the session.

Coming up during London we have U.K. Manufacturing Production and the NIESR GDP Estimate. As usual you can recap those events by watching my weekly risk events overview here.

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Source:: Market Sentiment 7th of October

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