FX MARKET REPORT 14.10.2020

FX MARKET REPORT 14.10.2020

FX MARKET REPORT 14.10.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 14.10.2020
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FX MARKET REPORT 14.10.2020

GBP/USD has failed at its corrective target at 1.3070 and is extending Tuesday’s sell-off. The cable trades just above the 1.29 mark and Commerzbank expects to see further losses to 1.2445 and eventually targets 1.2250/00. The pair couldn’t crack 21-day EMA, an ascending trend line from September 25, which in turn joins bullish MACD to tease the buyers targeting at 1.3013. A downside break of 1.2935 can target the 50% Fibonacci retracement level of 1.2868. EUR/USD trades lifeless near 1.1740 and strategists expect the 1.1700 level to attract. EUR lurched lower during NY hours and dropped to a low of 1.1729 before closing on a weak note at 1.1744. Eli Lilly (NYSE:LLY) placed its antibody test on hold due to potential safety concerns, just a day after Johnson & Johnson (NYSE:JNJ) paused its Covid-19 vaccine trial because of a participant’s unexplained illness. The dollar edged higher in early European trade Wednesday, holding on to recent gains following doubts about how quickly a Covid-19 vaccine will come to the market, prompting a more risk averse trading environment. The Dollar Index was up marginally at 93.567. USD/JPY was up 0.1% at 105.50. 

GBP/USD has failed at its corrective target at 1.3070 and is extending Tuesday’s sell-off. The cable trades just above the 1.29 mark and Commerzbank expects to see further losses to 1.2445 and eventually targets 1.2250/00. The pair couldn’t crack 21-day EMA, an ascending trend line from September 25, which in turn joins bullish MACD to…

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