FX MARKET REPORT 19.10.2020

FX MARKET REPORT 19.10.2020

FX MARKET REPORT 19.10.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 19.10.2020
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FX MARKET REPORT 19.10.2020

GBP/USD is building on Friday’s sharp recovery from below 1.2900 so far this Monday, as the bulls remain hopeful of some positive developments from a fresh round of Brexit negotiations likely to be held between EU’s Chief Negotiator Michel Barnier and his British counterpart David Frost. EUR/USD is trading around 1.17, at the bottom of the recent range. The steep increase in coronavirus cases in Europe is likely to keep undermining the euro while speculative interest fears an even slower economic comeback as restrictive measures returned. EUR/USD could slip back to the 1.1650 region in the next weeks, according to FX Strategists at UOB Group. European markets have been lifted by comments from U.S. House Speaker Nancy Pelosi, who said on Sunday she was optimistic legislation on a wide-ranging coronavirus relief package could be pushed through before the election. A deal will have to be done very quickly though, with Pelosi setting a Tuesday deadline for Congress to pass the measures.Dollar Index was up 0.1% at 93.8727, following a 0.7% rise last week when a global surge in coronavirus cases and an impasse over the stimulus package prompted caution. USD/JPY was largely flat at 105.41, while USD/CNY rose 0.1% to 6.7024.

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GBP/USD is building on Friday’s sharp recovery from below 1.2900 so far this Monday, as the bulls remain hopeful of some positive developments from a fresh round of Brexit negotiations likely to be held between EU’s Chief Negotiator Michel Barnier and his British counterpart David Frost. EUR/USD is trading around 1.17, at the bottom of…

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