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Tuesday, 31 October 2017

Bitcoin analysis and trading plan for 31/10/2017

Trading plan for 31/10/2017: 
Tuesday's Asian session did not bring any change in volatility. USD/JPY is trading around 113.00 after the Bank of Japan maintained its policy stance unchanged while revising downward inflation projections for 2017 and 2018. EUR/USD is closed in a range between 1.1625 and 1.1650. GBP/USD is trading near 1.32. The two days of correction were again under moderate pressure, especially on the weaker NZD today. 
On Tuesday 31st of October, the event calendar is quite busy with important news releases. During the London session, France will post Preliminary GDP and CPI figures (the same applies to the Eurozone) and Italy will release CPI and Unemployment Rate data. During the US session, Canada will post Gross Domestic Product data and the US will present CB Consumer Confidence and Chicago Purchasing Manager Index data. There are speeches from BOC Governor Stephen Poloz and BOC Senior Deputy Governor Carolyn Wilkins scheduled later during the day as well.

Bitcoin analysis for 31/10/2017: 
The Lebanese Central Bank, Banque du Liban (BDL) and Governor Riad Salameh said the Bitcoin and other digital currencies are unregulated commodities the use of which should be prohibited.
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Global macro overview:
The Swiss economy is performing well and Autumn is welcoming it with a tailwind

The independence of the Catalans is not a strong argument for the decline of the euro, as the events of the weekend suggest that the politicians' decisions are met with resentment among the Catalans themselves.
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Global macro overview for 31/10/2017: In the Monetary Policy Statement, BoJ Governor Kuroda said that debating stimulus exit would send a wrong message to the markets.

Global macro overview for 31/10/2017: The recent weeks have left investors sharply negative about the US Dollar. 


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