FX MARKET REPORT 02.11.2020

FX MARKET REPORT 02.11.2020

FX MARKET REPORT 02.11.2020

Daily Commentary
FX MARKET REPORT 02.11.2020
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FX MARKET REPORT 02.11.2020

The GBP/USD pair added to its intraday losses and dived to near one-month lows, around the 1.2855 region during the early European session. The pair opened with a modest bearish gap on the first day of a new trading week in reaction to the imposition of second nationwide lockdown in the UK. Given the alarming pace of growth in new COVID-19 cases in the UK, Britain’s Prime Minister Boris Johnson on Saturday announced a lockdown across England until December 2. A senior cabinet member said on Sunday that the lockdown could be extended, which, in turn, took its toll on the British pound. EUR/USD has been under pressure amid the increase in European coronavirus cases. EUR/USD has been under pressure amid the increase in European coronavirus cases. EUR/USD faces strong support around 1.1580. The dollar pushed higher in early European trade Monday, with more lockdowns in Europe on the back of the incessant rise in coronavirus cases and the uncertainty surrounding the U.S. election weighing on investor sentiment. Dollar Index was up 0.1% at 94.142, after climbing 1.2% over the last week, its largest weekly percentage rise since late September. USD/JPY rose 0.1% to 104.75, while the risk sensitive AUD/USD fell 0.2% to 0.7011.

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The GBP/USD pair added to its intraday losses and dived to near one-month lows, around the 1.2855 region during the early European session. The pair opened with a modest bearish gap on the first day of a new trading week in reaction to the imposition of second nationwide lockdown in the UK. Given the alarming…

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