Latest data released by Eurostat – 30 October 2020
The outlook for Q4 looks grim amid tighter virus restrictions and that takes away a lot of the „feel-good“ factor from the last quarter. If anything else, it reaffirms the narrative that the economy cannot quite go back to normal while keeping the health crisis at bay.

Latest data released by Eurostat – 30 October 2020

Are we looking at a repeat of the dollar melt up in 2016?
The straightforward one being „buy everything, sell the dollar“ of course, but once the euphoria begins to fade.

WTI down by another 4% to $35.80, its lowest since mid-June
The drop in oil yesterday was bad but things are looking worse from a technical perspective today, as we see price break below its 200-day MA (blue line) and now threatening a fall below its 8 September low @ $36.13.

Comments by ECB banking supervision member, Kerstin af Jochnick
Adding that „the baseline scenario of our projections cannot be taken for granted“. This could be a personal opinion but it also reflects the downside risks to the outlook, which I would expect to be brought up by Lagarde in her press conference later today.

Latest data released by Eurostat – 29 October 2020

China to accelerate pace to build the nation into a technological power, as part of its strategic pillar for the next five years
This is among the key takeaways from the 4-day meeting by the Communist Party’s Central Committee in laying out the country’s next five-year plan.

Comments by European Commission president, Ursula von der Leyen
– Urges governments to step up response to the pandemic
– Spike in virus infections is ‚alarming‘
Given how things have progressed, it is a fair assumption to say that the virus situation will remain rather serious throughout Europe during the winter.

Latest data from the Mortgage Bankers Association for the week ending 23 October 2020
–  -0.6%
– Market index 807.8 vs 794.2 prior
– Purchase index 305.2 vs 304.6 prior

EUR/JPY sellers in search for a stronger technical break to the downside
The low today touched 122.34, and that is the weakest level the pair has traded since 20 July. But on the daily chart, the pair is pretty much flirting with support from the 28 September low @ 122.38 currently.