FX MARKET REPORT 15.09.2020

FX MARKET REPORT 15.09.2020

FX MARKET REPORT 15.09.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 15.09.2020
/
FX MARKET REPORT 15.09.2020

The GBP/USD pair is trading near daily highs just below the 1.29 level, up 0.36% on the day. The  downtrend continues – with the latest upswing looking like a necessary correction before the next dive. Despite the supporting factor, the upside is likely to remain limited amid growing fears of a no-deal Brexit. EUR/USD has been extending its gains, buoyed by optimism about a vaccine. Brexit remains a risk factor for the euro. Contrary to last week’s moves, price action is limited to the pound this time, yet a rapid slide in sterling may drag the common currency down with it.  Dollar Index was down 0.2% at 92.920. USD/CNY traded 0.3% lower at 6.7856, after posting a 16-month low of 6.7793 earlier Monday. Helping the tone were the latest Chinese economic data, suggesting the second-largest economy in the world was recovering from the Covid-19 hit. In other markets, DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France dropped 0.1%, while the FTSE 100 futures contract in the U.K. fell 0.4%. OPEC downgraded its oil demand forecast for both this year and the next due to the ongoing coronavirus pandemic, while U.K.-based oil giant BP (NYSE:BP) said the era of oil-demand growth is over. U.S. crude futures traded 0.1% lower at $37.24 a barrel, while the international benchmark Brent contract fell 0.2% to $39.55. Gold futures rose 0.6% to $1,975.60/oz.  

The GBP/USD pair is trading near daily highs just below the 1.29 level, up 0.36% on the day. The  downtrend continues – with the latest upswing looking like a necessary correction before the next dive. Despite the supporting factor, the upside is likely to remain limited amid growing fears of a no-deal Brexit. EUR/USD has…

Leave a Reply

Your email address will not be published.