Interesting Financial Events To Unfold On September 27th, 2019

Traders of the financial markets from all over the world are keenly waiting for the significant events to unfold on September 27^th, 2019 (Friday). As per the recently released data (07:00 GMT +1) on Friday, German import prices have witnessed a fall to -0.6% versus -0.3% that was expected. The French consumer spending as well as the French Prelim consumer price index (CPI) has also dropped 0.0% and -0.3% respectively. One of the most commonly traded currency pair worldwide, EUR/USD, is close to reaching the 1.09 level; the lowest it has traded since May of 2017.

The chances for a Brexit deal between the United Kingdom (UK) and the European Union (EU) are slimming by the day. After the acrimonious events of the parliament that occurred at the start of this week, the probability to have it pass through the House is quickly fading away. Only a few minutes earlier (08:00 GMT+1), Mr. Saunders of the Bank of England, has explicitly talked about the dwindling economy of the UK in light of the Brexit uncertainties and slower overall global growth. This has pushed Cable (GBP/USD) pair below 1.23 level again after finding stability over 1.23 level for a while.

The president of the United States of America, Mr. Donald Trump, has taken a swing at the whistleblower after he was accused of deploying unfair means to throw dirt at his staunch political rival, Mr. Joe Biden. While the impact has not yet been clear on the market, it is anticipated to ultimately cause a disturbance in the market sentiment.

Following an attack on the Saudi oil reservoir, the output is slowly retracing back to normal. In the meantime, however, oil prices continue to face pressure. The strongest indicator for market movement for the week is being predicted as the durable goods orders that is expected to be hawkish as well as the personal consumption expenditure (PCE) with a forecast of an increase to 1.8% YoY. Such data is set to be revealed at 13:30 GMT+1.

For traders interested in trading JPY, eyes were set on the core consumer price index (CPI) that dropped to 0.5%. The data failed to significantly move the market in the short term, however, being short of the anticipation, this data has hinted towards the likelihood of interest rate cut in the weeks to come.

Yesterday’s data for U.S GDP was announced at a 2% annual increase (third estimate). It was, however, counteracted by a relatively sharper decrease in the overall investments.

Lastly, cryptocurrencies continue to experience volatility with Bitcoin currently trading at around $8000 level. The break of the stronger support at $8200 level is being interpreted as an emerging bearish trend for BTC.