FX MARKET REPORT 29.09.2020

FX MARKET REPORT 29.09.2020

FX MARKET REPORT 29.09.2020

Daily Commentary
FX MARKET REPORT 29.09.2020
/
FX MARKET REPORT 29.09.2020

GBP/USD keeps bounces off 1.2836 to print a two-day winning streak. Cable is now forecasted to navigate within the 1.2750-1.3000 range in the next weeks. EU steps back from threats to drop trade and security talks, shows readiness to prepare a joint legal agreement. UK’s Gove refrains from entertaining the bloc’s demand over IMB, BOE’s Ramsden rules out negative rates. Brexit talks in Brussels will be up till Friday, BOE’s Carney, US Presidential Election debate and Fed speak also becomes important. EUR rebounded strongly from a low of 1.1613. The rebound has room to extend higher but any advance is expected to face stiff resistance at 1.1720. Dollar Index was down 0.1% at 94.233, after retreating from a two-month high of 94.745 reached last week. USD/JPY was up 0.1% at 105.64. In other markets, DAX futures contract in Germany traded 0.1% lower, CAC 40 futures in France climbed 0.1% and the FTSE 100 futures contract in the U.K. was flat. These benchmark cash indices all posted strong gains Monday, with the DAX starring, closing 3.2% higher. The German car sector may be in focus after Bloomberg reported that Uber (NYSE:UBER) is weighing up a purchase of Free Now, a ride-hailing joint venture between Daimler (OTC:DDAIF) and BMW (DE:BMWG).  Oil prices edged lower Tuesday as concerns about the impact on demand from rising coronavirus cases took precedence over hopes that a new stimulus package may be in the offing. U.S. crude futures traded 0.6% lower at $40.34 a barrel, while the international benchmark Brent contract fell 0.6% to $42.63. Gold futures rose 0.1% to $1,884.55/oz.  

This episode is sponsored by
· Anchor: The easiest way to make a podcast. https://anchor.fm/app

GBP/USD keeps bounces off 1.2836 to print a two-day winning streak. Cable is now forecasted to navigate within the 1.2750-1.3000 range in the next weeks. EU steps back from threats to drop trade and security talks, shows readiness to prepare a joint legal agreement. UK’s Gove refrains from entertaining the bloc’s demand over IMB, BOE’s…

Leave a Reply

Your email address will not be published.