FX MARKET REPORT 30.10.2020

FX MARKET REPORT 30.10.2020

FX MARKET REPORT 30.10.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 30.10.2020
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FX MARKET REPORT 30.10.2020

GBP/USD has eroded the uptrend at 1.2928 and was last seen trading at 1.2915, down -0.1% on the day. Commerzbank, now signals the next supports at the June high of 1.2814 and the 200-day moving average (DMA) at 1.2706. The pair struggled to capitalize on the previous day’s late rebound of around 45 pips from near two-week lows and was seen oscillating in a range through the first half of the trading action on Friday. However, concerns about the economic fallout from the continuous surge in new coronavirus cases continued weighing on investors’ sentiment. This was evident from a steep decline in the US equity markets, which extended some support to the greenback’s relative safe-haven status. The greenback was further supported by Thursday’s stronger US Q3 GDP growth figures. This, in turn, capped the upside for the GBP/USD pair. EUR/USD loses momentum and retests the mid-1.1600s against the backdrop of a persistent inflows into the safe haven universe. The outlook on EUR/USD still remains positive, however, and bearish moves are deemed as corrective only. The positive bias in the euro remains underpinned by auspicious results from domestic fundamentals. At the moment, the pair is losing 0.03% at 1.1669 and faces the next support at 1.1650 (monthly low Oct.29) followed by 1.1612 (monthly low Sep.25) and finally 1.1495 (monthly high Mar.9). The Dollar Index was up less than 0.1% at 93.998, after climbing to a near four-week high during the previous session, largely on the back of the euro’s drop. USD/JPY fell 0.2% to 104.41.

GBP/USD has eroded the uptrend at 1.2928 and was last seen trading at 1.2915, down -0.1% on the day. Commerzbank, now signals the next supports at the June high of 1.2814 and the 200-day moving average (DMA) at 1.2706. The pair struggled to capitalize on the previous day’s late rebound of around 45 pips from…

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