FX MARKET REPORT 16.10.2020

FX MARKET REPORT 16.10.2020

FX MARKET REPORT 16.10.2020

Daily Commentary
FX MARKET REPORT 16.10.2020
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FX MARKET REPORT 16.10.2020

50-DMA is the level to beat for the GBP/USD bulls. The cable teasing a symmetrical triangle breakdown on the daily chart. UK PM Johnson to decide Brexit fate on Friday. EUR/USD pair is trading largely unchanged on the day around 1.17.  Europe seems to be losing the fight to keep their economies open as the Covid-19 virus spreads. Starting this weekend, Londoners will be banned from mixing with other households, and residents of Paris and other major French cities face a curfew for four weeks. Additionally, although German Chancellor Angela Merkel reported “some movement” on Thursday in talks between European Union leaders about a potential Brexit agreement, the two sides have barely made any progress this week and time is running very short. The dollar edged higher in early European trade Friday, heading for its best week of the month as rising coronavirus cases prompt nervous traders to seek out this safe haven. The Dollar Index was up just 0.01% at 93.873, posting gains of around 0.8% this week, its best weekly performance since late September. USD/JPY was down 0.1% at 105.33.

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50-DMA is the level to beat for the GBP/USD bulls. The cable teasing a symmetrical triangle breakdown on the daily chart. UK PM Johnson to decide Brexit fate on Friday. EUR/USD pair is trading largely unchanged on the day around 1.17.  Europe seems to be losing the fight to keep their economies open as the…

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