FX MARKET REPORT 07.10.2020

FX MARKET REPORT 07.10.2020

FX MARKET REPORT 07.10.2020

Daily Commentary
FX MARKET REPORT 07.10.2020
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FX MARKET REPORT 07.10.2020

The GBP/USD pair has failed on its initial test of the mid-September high at 1.3008. The market charted an outside day to the downside and although we are unable to rule out a slightly deeper move to 1.3070, this seems less likely, according to Commerzbank. “Should the market fail in the 1.3000/70 zone as expected, we should see further losses to 1.2445 and then 1.2250/00”. EUR/USD is now seen navigating between 1.1640 and 1.1820 for the time being. The pair is currently trading near 1.1730, having hit a low of 1.1725.  The U.S. Dollar Index edged up 0.19% to 93.922. The cancellation destroyed the sense of calm regained in the market after he was discharged from Walter Reed on Monday after being treated for COVID-19, and decreased risk appetite as hopes for the stimulus measures to be passed before the Nov. 3 presidential election evaporated.  The USD/JPY pair inched up 0.06% to 105.68.  8:30am Halifax HPI m/m 1.50% vs 1.60%  1:10pm ECB President Lagarde Speaks  7:00pm FOMC Meeting Minutes

The GBP/USD pair has failed on its initial test of the mid-September high at 1.3008. The market charted an outside day to the downside and although we are unable to rule out a slightly deeper move to 1.3070, this seems less likely, according to Commerzbank. “Should the market fail in the 1.3000/70 zone as expected,…

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