The moves overnight were heavily influenced by the Chinese economic data released yesterday but I have always been very suspicious of these results. For such a massive economy with 1 billion people to be able to spit out accurate economic data for October on November the 11th, I find hard to comprehend. I’d be surprised if they are able to collate accurate data for last year never mind last month so I am not going to take any positional risk based on these numbers.
The one real move in the market at the moment is the gold price. The physical market keeps driving higher and even though futures traders may try and cap it from time to time they will eventually lose out. AUD/USD seems to have the closest correlation with gold so it looks like that pair will also continue to grind higher.
Good luck today.
