FX MARKET REPORT 24.11.2020

FX MARKET REPORT 24.11.2020

FX MARKET REPORT 24.11.2020

Daily Commentary
FX MARKET REPORT 24.11.2020
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FX MARKET REPORT 24.11.2020

GBP/USD prints mild gains above 1.3300, currently up 0.10% around 1.3300, while heading into Tuesday’s London open. GBP/USD is approaching a 13-year downtrend at 1.3422 where the cable is expected to fail and reverse back with support seen at 1.3004, per Commerzbank. Although key issues like fisheries, governance and competition remain unsolved, the Telegraph came out with the news, also conveyed by the Financial Times (FT), suggesting nearness to Brexit deal with interim plans that can be edited after several years. EUR/USD trades near 1.1850 versus 1.1833 in early Asia. Monday’s price action shows indecision in the market place. A big beat on German IFO Expectations data is needed to force a bullish close. The dollar was down on Tuesday morning in Asia, with riskier currencies boosted by the news that U.S. President-elect Joe Biden is set to nominate Janet Yellen as the U.S. Secretary of the Treasury. The dollar index inched down 0.03% to 92.487 by 10:02 PM ET (2:02 AM GMT). The dollar saw its lowest level since Sep. 1 overnight, as clarity from November’s U.S. presidential election begins to emerge. The USD/JPY pair inched up 0.02% to 104.56 as Japanese markets reopened after national holiday on Monday. The safe-haven yen is slowing reversing a slip of around 0.6% seen during the previous session. Both Antipodean risk currencies benefitted from the increased risk appetite. The AUD/USD pair was up 0.25% to 0.7304 and the NZD/USD pair gained 0.65% to 0.6966. The USD/CNY pair edged down 0.11% to 6.5777.

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GBP/USD prints mild gains above 1.3300, currently up 0.10% around 1.3300, while heading into Tuesday’s London open. GBP/USD is approaching a 13-year downtrend at 1.3422 where the cable is expected to fail and reverse back with support seen at 1.3004, per Commerzbank. Although key issues like fisheries, governance and competition remain unsolved, the Telegraph came…

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