FX MARKET REPORT 12.11.2020

FX MARKET REPORT 12.11.2020

FX MARKET REPORT 12.11.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 12.11.2020
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FX MARKET REPORT 12.11.2020

GBP/USD witnessed some follow-through selling for the second consecutive session on Thursday. Mostly disappointing UK macro data failed to provide any respite or ease the intraday selling bias. Data published by the Office for National Statistics showed that the UK economy expanded by 1.1% in September and 15.5% during the third quarter of 2020, both missing consensus estimates. Separately, the UK Industrial and Manufacturing Production figures for September also fell short of market expectations. The data comes on the back of persistent Brexit-related uncertainties and continued undermining the sentiment surrounding the British pound. EUR/USD is currently side-lined near the 50-day simple moving average (SMA) at 1.1768, down 0.88% this week. The pair risks a deeper drop on dovish ECB talk and softer German yields. Continued gains in Treasury yields would add to bearish pressures. The dollar edged higher in early European trade Thursday, with traders shying away from riskier currencies as they readjusted their expectations surrounding a potential Covid-19 vaccine. EUR/USD is likely to keep trading within the 1.1720-1.1880 range in the next weeks. The Dollar Index was up 0.1% at 93.073, USD/JPY fell 0.1% to 105.28, while the risk sensitive AUD/USD fell 0.2% to 0.7262.

GBP/USD witnessed some follow-through selling for the second consecutive session on Thursday. Mostly disappointing UK macro data failed to provide any respite or ease the intraday selling bias. Data published by the Office for National Statistics showed that the UK economy expanded by 1.1% in September and 15.5% during the third quarter of 2020, both…

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