FX MARKET REPORT 28.09.2020

FX MARKET REPORT 28.09.2020

FX MARKET REPORT 28.09.2020

Daily Commentary
Daily Commentary
FX MARKET REPORT 28.09.2020
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FX MARKET REPORT 28.09.2020

GBP/USD probes the upper end of 1.2830/50 trading range. The Cable benefits from the weekend headlines suggesting brighter odds of success for the key Brexit talks.  EUR/USD plummeted to 1.1615, its lowest level since late July. The pair has posted an interim top at 1.2011 and heads lower, with 1.1500 at sight, as the greenback’s positive momentum will likely extend heading into the next Nonfarm Payroll report release. Dollar Index was down 0.1% at 94.552 while USD/JPY was down 0.2% at 105.36. In other markets, DAX in Germany traded 2.4% higher, the CAC 40 in France rose 1.9% and the U.K.’s FTSE index climbed 1.6%. ArcelorMittal (NYSE:MT) stock rose 5.7% after Cleveland-Cliffs (NYSE:CLF), the largest U.S. producer of iron ore pellets, agreed to buy its U.S. assets for about $1.4 billion. William Hill (LON:WMH) stock fell 12% to 272 pence, after soaring over 40% on Friday when it confirmed it had received proposals from U.S.-based private equity firm Apollo and casino giant Caesars (NASDAQ:CZR) Entertainment. Caesars said Monday that it may offer 272 pence per share, valuing the company at £2.9 billion. HSBC (LON:HSBA) climbed 10% after China’s Ping An Insurance increased its stake to 8% from 7.95%, seeing a bargain after the bank’s stock last week fell to the lowest since 1995. Diageo (LON:DGE) rose 5.5% after the world’s largest liquor maker said performance has improved across the board, driven in large part by its U.S. business. Siemens Energy, meanwhile, got off to a sluggish start as the German engineering giant spun off its turbine business, which combines both renewables and its struggling thermal power division.  Oil prices weakened Monday, with the major oil benchmarks on course to end the month lower, for the first time in many months, as rising coronavirus cases threaten hopes of a recovery in demand. U.S. crude futures traded 0.7% lower at $39.97 a barrel, while the international benchmark Brent contract fell 0.6% to $42.14. Brent is on track for its first monthly loss in six while WTI is headed for its first monthly drop since April. Gold futures fell 0.2% to $1,863.30/oz.  

GBP/USD probes the upper end of 1.2830/50 trading range. The Cable benefits from the weekend headlines suggesting brighter odds of success for the key Brexit talks.  EUR/USD plummeted to 1.1615, its lowest level since late July. The pair has posted an interim top at 1.2011 and heads lower, with 1.1500 at sight, as the greenback’s…

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