Anton Perdana Putr - / プロファイル

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industrial production in August Wednesday, and Eurozone trade data for August Friday.

sentiment due Tuesday. Also on the calendar are final figures for German inflation in September and Eurozone

Turning to the economic data to be released in the week ahead, the only number of note is the ZEW index of German economic

Moreover, Bloomberg reported that the ECB is studying a new bond-buying program to prevent any market turmoil when its pandemic emergency support purchases are phased out next year. So not only is the ECB near the end of the queue, it seems to be leaving it; and that’s bad news for the Euro.

and industrial production dropped by 4.0% when a 0.4% decline had been predicted. It was no surprise therefore that traders willing to inch out of the safe-haven US Dollar found other currencies more attractive than Euros.

However, the latest statistics from Germany, the Eurozone’s largest economy, were dire. Factory orders fell 7.7% month/month in August, far worse than the 2.1% forecast

Russian President Vladimir Putin rode to the rescue of natural gas buyers and news filtered out of a possible meeting between US President Joe Biden and Chinese President Xi Jinping.

There were certainly signs last week of an improvement in market sentiment as the chances of an agreement on the US debt ceiling improved

The problem for Euro devotees is that the European Central Bank remains near the back of the queue of central banks thinking of tapering their monetary stimulus programs and, until it nears the front, the Euro will likely remain weak.

Against this background, it could be seen as “cheap” enough to attract some dip-buyers and bottom-fishers, but where is the catalyst for a change in direction?

EUR/USD has been falling steeply for the past month now, dropping from a recent high just above 1.19 on September 3 to its current levels around 1.1550. Indeed, at one stage last week the pair reached its weakest point since July 2020.

FUNDAMENTAL EURO FORECAST: BEARISH
Anyone thinking of going long the Euro needs to ask a simple question: what could be a catalyst for a change of direction?
For sure, EUR/USD has already fallen steeply over the past month but the bad news for the bulls keeps on coming.

Explore the top five global events this week that may have a significant effect on the Forex market. If you'd like to explore more key global events on the horizon that could subtly shift or substantially shake up the financial markets, please click below.

Should price fail to breakout above this level via the bcr rules, I expect NG will decline to previous lows at around the 5.500 level.

Look for a breakout above the structural level at approximately 6.05 for a fresh push to the key weekly level.

NATGAS has been in a solid uptrend for a long time and although we've recently come back for a little bit of a break, I still firmly believe bullish continuation is on the cards this week.

In short, If price should break and close above the resistance zone at approximately 1760.00, I am expecting bulllish continuation right the way back up to 1782.00.

Gold has recently been thrown into a mix of volatility with it being caught between a struggle of recent economic data and end of quarter liquidity injections.

The GBP/CAD pair has been trending down nicely for some time but I expect it could be coming to an end.

This week I am looking at a potential counter trend opportunity in the GC. Should price breakout above the top of the trend and the resistance zone, we could see a rise up to at least 1.72500 and beyond.