Focus on Asia as Markets Remain Quiet in Europe
Both China and Germany’s trade balance disappoints, with China reporting weaker than anticipated exports and imports for July. Export growth for China slowed to 7.2% in July which is the weakest pace since February and a much lower reading that the 11.3% rise in June.
German exports dropped by the most since August 2015 to 2.8%, ending five consecutive months of growth. But Germany's trade surplus hit a 10-month high in June as imports fell at a faster rate than exports.
We are awaiting the outcome of the OPEC meeting, which also includes non-OPEC representatives too in Abu Dhabi. The group is looking and hoping to improve compliance from the production cut deal that was struck at the beginning of the year.
For Brent, if we see an hourly close above $53.00, or below $51.38 this would provide the key signs of where the price could go, right now it remains within this symmetrical triangle.
Paddy Power Bet fair shares dropped after the company said it had also been affected by the lack of a major football tournament in June. Last year the company did really well form bets made on the Euro 2016.
Pets at Home shares jumped 8.5% after it reported a 5% rise in first-quarter revenues, thanks to strong demand it’s pet grooming toys. And it’s international cat day – today!
--- Written by Katie Pilbeam, DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.