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Boris Johnson's Motion defeated, Sentiments on U.S-China Trade Drive Financial Markets

Updated 08:10AM 05/09/2019
 

SEK and NOK are the top G10 FX gainers today, up 0.58% and 0.36% vs the dollar while CHF and JPY are the top losers, down -0.18% and -0.14% vs the dollar.

 

Japanese yen fell and risky assets rose on Thursday as investors were optimistic that the U.S. and China will find some resolution on trade after an agreement to hold talks next month.

 

The British Pound rallied on hopes that a "no-deal" scenario will be averted. The UK Parliamentarians passed legislation to extend the deadline on Brexit and rejected PM Boris Johnson's proposal to hold an election on 15th October.

 

In the Asian equities space, the Nikkei 225 closed up +2.30% at 21,124.54, Hang Seng closed -0.03% at 26515.53 and Kospi ended 0.82% at 2004.75. The European equities were trading mixed with the FTSE -0.47% at 7276.67, DAX 0.86% at 12128.23, and CAC 0.85% at 5578.85. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.5095% and the Bund 10-year yield trading at -0.646%. In the energy space, the Brent (front month) is trading down (-0.15%) for the day at $60.61.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

Trade Weighted Basket Hourly (two-week)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Support at 1.1019 for 1.1097
Short-term view: EUR/USD downtrend is broken and support at 1.1019. Hence, we see a move to 1.1097. Below 1.1019 to open 1.0975

 

GBPUSD Chart (Two-week)

 
 

Strategy: Support at 1.2219 for 1.2381
Short-term view: GBP/USD support at 1.2219, MACD and RSI are bullish. We see risk of a rise to 1.2381. Below 1.2219 to open 1.2169, likely 1.2112

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 106.65 for 105.03
Short-term view: USD/JPY has resistance around 106.65 MACD and RSI are weak, hence, we see a move lower to 105.50 and 105.03. Above 106.65 opens 107.05

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6830 for 0.6780
Short-term view: AUD/USD MACD and RSI are topping out, resistance at 0.6830 for a move lower towards 0.6780, likely 0.6725. Above 0.6830 we look for 0.6869 in the immediate short-term.