FX MARKET REPORT 07.09.2020

FX MARKET REPORT 07.09.2020

FX MARKET REPORT 07.09.2020

Daily Commentary
FX MARKET REPORT 07.09.2020
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FX MARKET REPORT 07.09.2020

GBP/USD faces a mixed outlook, a break of the low at 1.3176 appears unlikely. Resistance is at 1.3290 but the stronger level is at 1.3330. EUR/USD extends its overnight range play below mid-1.1800 into the European session. Analysts are focused on the four-month uptrend at 1.1732 as a loss of this level will introduce scope for a slide towards the 55-day ma at 1.1620. Dollar Index was up 0.3% at 92.957. Trade is likely to be thinned due to the U.S. Labour Day holiday. In other markets, DAX futures contract in Germany traded 0.3% lower, CAC 40 futures in France climbed 0.6%, while the FTSE 100 futures contract in the U.K. rose 0.4%. Oil prices dropped Monday, hitting their lowest levels since July, after Saudi Arabia, the world’s top oil exporter, cut its October official selling price for the Arab Light crude it sells to Asia by the biggest margin since May. The market remains oversupplied despite the efforts of the top producers to rein in production as demand still remains curtailed by the impact of the coronavirus pandemic. U.S. crude futures traded 1.8% lower at $39.04 a barrel, while the international benchmark Brent contract fell 1.6% to $42.00. Gold futures rose 0.1% to $1,935.80/oz. 

GBP/USD faces a mixed outlook, a break of the low at 1.3176 appears unlikely. Resistance is at 1.3290 but the stronger level is at 1.3330. EUR/USD extends its overnight range play below mid-1.1800 into the European session. Analysts are focused on the four-month uptrend at 1.1732 as a loss of this level will introduce scope…

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