China reportedly banned Australian coal imports on Tuesday (Oct. 13), causing several Aussie coal vessels to be stuck in Chinese ports, the South China Morning Post reported this morning. Observers said Beijing's decision was likely politically motivated and in line with efforts to reduce pollution.

"There are some ships carrying Australian coal waiting in Chinese ports for more than a month because customs clearance is very slow," said Deepak Kannan, thermal coal analyst at S&P Global Platts.

Kannan added that indications from local authorities showed that the number of Australian coal ships stranded in Chinese ports was increasing. China's restrictions on Australian coal have actually been in place since the first quarter.

When relations between the two countries heated up, triggered by Australia's move to support an international investigation into the origins of the Corona virus. This made China furious and increased geopolitical escalation at that time.

The following economic data will be released today:

  1. Masih tentative, Badan Administrasi Kepabeanan Tiongkok (CGAC) akan melaporkan selisih nilai perdaganan ekspor dan impor untuk bulan September, bila data ini menunjukkan defisit, maka mata uang Australia sebagai partner dagang Tiongkok berpeluang melemah.
  2. At 13:00 WIB, Germany's Statistics Office will report the final Consumer Price Index data for September. A decline in the index indicates reduced purchasing power among Europeans amid the coronavirus pandemic, which could put pressure on the EUR/USD.
  3. At the same time, the UK Office for National Statistics will report 3 important UK labor data such as: data on changes in average worker earnings (August), data on unemployment claims for the period of September and data on the unemployment rate for August. The high number of covid19 cases in the UK is likely to have a negative impact on the labor data, and this could push GBPUSD down.
  4. At 16:00 WIB the ZEW survey institute will report data on the level of investor and analyst optimism towards the German and euro area economies for the period of October. Declining optimism could weaken EURUSD.
  5. In the evening at 19:30 WIB, the United States Bureau of Labor Statistics will provide a report on the consumer price index data for September. A falling index indicates a decline in consumption activity in the US which will have an impact on the weakening of the US dollar and support the increase in gold prices.

Daily Pick

Today's prediction is on the GOLD pair and it is estimated that it will decrease and the recommended OP is SELL at level 1910. With a profit target of 5-10 points and a stop loss of 3-5 points.

  • Sell 1910
  • TP 1 = 1905 (5 Point)
  • TP 2 = 1900 (10 Point)
  • SL 1 = 1913 (3 Point)
  • SL 2 = 1915 (5 Point)

Always prioritize Money Management and Risk Management.

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