FX MARKET REPORT 24.09.2020

FX MARKET REPORT 24.09.2020

FX MARKET REPORT 24.09.2020

Daily Commentary
FX MARKET REPORT 24.09.2020
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FX MARKET REPORT 24.09.2020

GBP dropped to a low of 1.2676 yesterday before rebounding to close little changed at 1.2726 (-0.06%).  UK Finance Minister Rishi Sunak is set to unveil a new wage support scheme later this Thursday. GBP/USD caught a fresh bid wave on the above announcement, having spiked to 1.2737 session highs before reversing to near 1.2715. EUR/USD is currently trading near 1.1660, representing a 2.3% decline on a month-to-date basis. The pair has shed more than 200 pips in the last three days on a broad-based US dollar rally. Dollar Index was up 0.1% at 94.505, around levels last seen two months ago. USD/JPY was down 0.1% at 105.34. In other markets, DAX futures contract in Germany traded 0.3% lower, CAC 40 futures in France dropped 1% and the FTSE 100 futures contract in the U.K. fell 0.9%.  At the close in New York overnight, the Dow Jones Industrial Average lost 1.9% to hit a new one-month low, while the S&P 500 fell 2.4%, and the NASDAQ Composite index fell 3%. Airbus may be in the spotlight following a Bloomberg report that Delta Air Lines is in talks with the European plane maker to delay the delivery of at least 40 aircraft that were set to be handed over this year. Oil prices weakened Thursday despite official data showing crude inventories falling by 1.6 million barrels last week, on concerns the economic recovery in the United States, the world’s biggest oil consumer, is slowing. U.S. crude futures traded 0.6% lower at $39.65 a barrel, while the international benchmark Brent contract fell 0.4% to $41.60. Gold futures fell 0.6% to $1,858.05/oz.  

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GBP dropped to a low of 1.2676 yesterday before rebounding to close little changed at 1.2726 (-0.06%).  UK Finance Minister Rishi Sunak is set to unveil a new wage support scheme later this Thursday. GBP/USD caught a fresh bid wave on the above announcement, having spiked to 1.2737 session highs before reversing to near 1.2715.…

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