FX MARKET REPORT 11.12.2020

FX MARKET REPORT 11.12.2020

FX MARKET REPORT 11.12.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 11.12.2020
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FX MARKET REPORT 11.12.2020

GBP/USD is again backing away from tough resistance at the 1.3500/1.3540 recent high and December 2019 high. We are alert to a set back from here near-term. Nearby support is offered by the 55-day moving average at 1.3129 and also by 1.3050, the five-month uptrend and for now, while above here the market remains bid. EUR/USD came under fresh selling pressure on the renewed virus concerns and ECB policymaker Villeroy’s Galhau’s and comments on the euro exchange rate. The spot was last seen trading at 1.2116, losing 0.14% on the day. The dollar weakened in early European trade Friday, with optimism of a recovery from the Covid-19 pandemic weighing on this safe haven, while the pound weakened on growing Brexit uncertainty. The dollar index down 0.1% at 90.797, trading near a two-and-a-half year low. USD/JPY fell 0.2% to 104.03, while the risk-sensitive AUD/USD was up 0.4% at 0.7558.

GBP/USD is again backing away from tough resistance at the 1.3500/1.3540 recent high and December 2019 high. We are alert to a set back from here near-term. Nearby support is offered by the 55-day moving average at 1.3129 and also by 1.3050, the five-month uptrend and for now, while above here the market remains bid.…

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