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Last week's attack on Saudi oil routes triggered a surge in international oil prices, and on Friday Saudi retaliation attacked Yemeni armed forces, raising market risk aversion. It is true that the outbreak of war will affect market sentiment, but investors need to pay attention to the continuity of the war. Just after the Saudi attack, Yemeni armed forces issued a statement that they would no longer carry out risky attacks, while Iran also made a positive posture of easing to release the British cruise ship it had seized. So the situation in the Middle East has not gone out of control, which is good for the recovery of market confidence.
Euro
At present, the monetary policy of Eurobank is very obvious. It is not only the current leaders of Eurobank, but also the first leaders who hold an open attitude towards further easing. As long as economic data show that the eurozone economy is threatened and in recession, Eurobank will use various tools to support the economy. In such an atmosphere, the market is highly concerned about the economic situation in the eurozone, but the news from Germany worries the market.
Earlier, there were external reports that Germany would use financial instruments to support the economy. As a result, the government denied the rumor, which caused the euro to rise and fall. In her speech on Friday, German Chancellor Angela Merkel made it clear to the market that Germany would abide by EU fiscal discipline and would not resort to fiscal means. This shows that Germany takes political factors into account and considers EU stability to be of vital importance. On the one hand, let the market anticipate that without the support of fiscal policy, it will weaken the effect of monetary policy implementation. If the economy does not improve, it will undoubtedly increase the possibility of Eurobank's continued easing. During the day, investors focused on the September Markit manufacturing PMI data in the euro area, which will be in direct proportion to the trend of the euro.
Technically, the pressure above and below the Euro is around 1.104 and 1.1 respectively. It is possible that the Euro will keep oscillating before the data are released in the afternoon, and the fluctuation of the Euro will increase after the data are released in the afternoon.
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