FX MARKET REPORT 23.10.2020

FX MARKET REPORT 23.10.2020

FX MARKET REPORT 23.10.2020

Daily Commentary
FX MARKET REPORT 23.10.2020
/
FX MARKET REPORT 23.10.2020

GBP/USD weighed down by broad US dollar strength. The pair is on a steady decline so far this Friday but holds above the 1.3050 level, as the US dollar remains broadly underpinned following the conclusion of the final Presidential election debate. Brexit talks resumed, differences on key issues still persist. Brexit, stimulus updates and key UK/US data in focus. UK Retail Sales and Preliminary Markit PMI reports due later in the session ahead for fresh incentives on the prices. EUR/USD is currently trading at 1.18, down from the high of 1.1881 reached Wednesday. Despite the pullback, the pair is still up 0.72% this week. Investors are betting that the price of euro/dollar futures, which gauge short-term rate expectations, could fall as the Fed would have to raise rates as soon as 2023 if lawmakers in Washington approve more stimulus in the near term. EUR/USD could extend losses while heading into the weekend – more so, as the European Central Bank is under pressure to deliver more easing due to Eurozone’s negative inflation. The dollar index was up 0.1% at 93.082, bouncing back from the seven-week low seen earlier in the week. However, it remains 0.6% lower for the week. USD/JPY was down 0.1% at 104.72.

GBP/USD weighed down by broad US dollar strength. The pair is on a steady decline so far this Friday but holds above the 1.3050 level, as the US dollar remains broadly underpinned following the conclusion of the final Presidential election debate. Brexit talks resumed, differences on key issues still persist. Brexit, stimulus updates and key…

Leave a Reply

Your email address will not be published.