FX MARKET REPORT 25.11.2020

FX MARKET REPORT 25.11.2020

FX MARKET REPORT 25.11.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 25.11.2020
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FX MARKET REPORT 25.11.2020

GBP/USD remains choppy inside a narrow trading range, currently around 1.3377, while heading into Wednesday’s London open. The pair traders mark indecisiveness amid a lack of major data/events as well as mixed clues for Brexit. Also challenging the pair’s move could be the cautious mood ahead of the UK’s Autumn Forecast Statement and US GDP, not to forget FOMC minutes. According to the UOB group, cable looks firm and could advance to the area past 1.3400 as long as it trades above 1.3200. EUR/USD is trading around 1.19 as the pair creeps ever closer to its range high at 1.1920/26. Above this level, the world’s most popular currency pair sees next resistance at the August high of 1.2014, analysts at Commerzbank apprise.  The dollar continued to weaken in early European trade Wednesday, with riskier currencies more in vogue as investors look to the new administration in the U.S. for additional stimulus amid solid progress towards Covid-19 vaccines. The Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.052.  USD/JPY was largely flat at 104.44. The greenback is also close to a two-month low against the Australian dollar and a two-year low against the New Zealand dollar, both considered barometers of risk sentiment due to their close ties with the global commodities trade. Risk appetite has improved after the outgoing President Donald Trump’s administration began cooperating with the transition to a Joe Biden presidency, and after reports that former Federal Reserve head Janet Yellen, an advocate of bigger fiscal stimulus, is set to become Treasury Secretary.

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GBP/USD remains choppy inside a narrow trading range, currently around 1.3377, while heading into Wednesday’s London open. The pair traders mark indecisiveness amid a lack of major data/events as well as mixed clues for Brexit. Also challenging the pair’s move could be the cautious mood ahead of the UK’s Autumn Forecast Statement and US GDP,…

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