FX MARKET REPORT 09.11.2020

FX MARKET REPORT 09.11.2020

FX MARKET REPORT 09.11.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 09.11.2020
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FX MARKET REPORT 09.11.2020

GBP/USD faced rejection near the 1.3200 mark and witnessed a modest pullback on Monday. Comments by Ireland’s Coveney revived no-deal Brexit fears and weighed on the British pound. A subdued USD price action helped limit the downside ahead of BoE Governor Bailey’s speech. EUR/USD advanced to 1.1890 retaining substantial gains at the end of the week as the US presidential election blurred pandemic chaos. The EUR/USD pair has the risk skewed to the upside. Further up sit the mid-August high at 1.1966 and the August peak at 1.2014. The dollar weakened in early European trade Monday, as traders looked to riskier currencies to play Joe Biden’s victory in the U.S. presidential election amid hope for more fiscal largesse and continued easy monetary policy. The Dollar Index was down 0.1% at 92.172, falling to its lowest level since early September. USD/JPY rose 0.2% to 103.50, while the risk sensitive AUD/USD rose 0.5% to 0.7290, a seven-week high.

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GBP/USD faced rejection near the 1.3200 mark and witnessed a modest pullback on Monday. Comments by Ireland’s Coveney revived no-deal Brexit fears and weighed on the British pound. A subdued USD price action helped limit the downside ahead of BoE Governor Bailey’s speech. EUR/USD advanced to 1.1890 retaining substantial gains at the end of the…

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