FX MARKET REPORT 29.10.2020

FX MARKET REPORT 29.10.2020

FX MARKET REPORT 29.10.2020

Daily Commentary
FX MARKET REPORT 29.10.2020
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FX MARKET REPORT 29.10.2020

GBP/USD is holding up better than other currency pairs as the cable looks to regain ground above the 1.3000 level.  GBP/USD has eased back to, tested and held the near-term uptrend at 1.2928. While this holds, the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity is the 1.3468 multi-year downtrend and if seen we would expect this to again hold and provoke failure. EUR/USD risks an extra losses below 1.1685 in the next weeks. The second wave of coronavirus is locking the euro to the downside – but traders have little time to consider the implications of the virus as the all-important US elections are set to rock markets. The dollar was down on Thursday morning in Asia, with fears over fresh lockdowns implemented in Europe to curb the incessantly rising number of COVID-19 cases and the prospects for the region’s further economic recovery. The U.S. Dollar Index inched down 0.07% to 93.418. The USD/JPY pair edged up 0.18% to 104.47, after the dollar dropped to its lowest level in more than a month against the safe-haven yen on Wednesday. The Bank of Japan will announce its monetary policy later in the day and is widely expected to avoid changes to the current monetary settings.

GBP/USD is holding up better than other currency pairs as the cable looks to regain ground above the 1.3000 level.  GBP/USD has eased back to, tested and held the near-term uptrend at 1.2928. While this holds, the market is capable of retesting the 1.3201 March high and the recent high at 1.3483. In this vicinity…

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