Equities slipped again

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Daily outlook – 22 Oct. 2020

By: Stuart Cowell

Equities slipped again (7th day down) USD stalls the slide from yesterday. NZD bid overnight. (GBP was up over 1.7% yesterday and BTC added more than $800). The on-off stimulus deal and the rise in Covid cases drive sentiment. Gold is at the top of its channel at 1920 and Oil slipped on big inventory build. German GfK consumer confidence dropped back to -3.1 (-1.7 last month). FINAL PRESIDENTIAL DEBATE later

USDIndex – into 5th day down & 2nd under 93.90. Trades 92.66 (pp) – s1

EUR – 1.1850

JPY – big mover lower – under 105.00 – 104.55 now

GBP up over 1.3100 significantly 1.31

AUD – up to 0.7100

NZD – back over 0.6600 – to 0.6660-

CAD – holds over 1.3150

CHF – 0.9050.

BTC – up to over 13,000 earlier – 12,800 now

GOLD – holds 1920 – channel top

USOil – Another BIG volatile day yesterday – down to39.75 now 40.00 Inventories build now

USA500 – closed -7.56 (-0.22%) at 3435, – Futs. now at 3425. 50-day MA 3406 – Netflix down 6.92% (weak subscriber numbers), Paypal up 5.5% (the service will accept Crypto’s) Tesla – 5th Q of profits ($311m), sets revenue record, ($8.7b) deliveries up 54%, expects to reach 500k by year-end. (close at 422 pre-results).

Today – US Weekly Jobs & Existing Home Sales, EZ Consumer Confidence (Flash), CBRT Rate Decision, BoE’s Bailey & Haldane, Fed’s Kaplan & Barkin, ECB’s Panetta & Hakkarainen

Biggest (FX) Mover @ (06:30 GMT) AUDNZD (-0.27%) –. Down from 1.0720 (R1) yesterday, continued move today under s1 now (1.0670) Fast MA’s still aligned lower, RSI 30 and weak, MACD histogram & signal line aligned lower and below 0-line from 12;00 yesterday. Stochastics in OS zone from earlier. H1 ATR 0.0011 Daily ATR 0.0054.


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