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Euro at risk, Sterling awaits Court Ruling

Updated 09:13AM 24/09/2019

AUD and CAD are the top G10 FX gainers today, up 0.1% and 0.08% vs the dollar while SEK and JPY are the top losers, down -0.19% and -0.09% vs the dollar.


Euro improved slightly but remained near the $1.10 handle after weak euro area data. The market is concerned over the euro area growth despite the stimulus by the European Central Bank earlier in the month.


The pound is poised before the Supreme Court rules on whether UK PM Boris Johnson misled the Queen when he asked her to suspend parliament. The top court's decision will be announced at 0930 GMT but we don't expect a sharp move in sterling either way.


In the Asian equities space, the Nikkei 225 closed up 0.09% at 22,098.84, Hang Seng closed 0.22% at 26281.0 and Kospi ended 0.45% at 2101.04. The European equities were trading mixed with the FTSE 0.09% at 7332.43, DAX -0.01% at 12341.57, and CAC 0.15% at 5639.08. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.7111% and the Bund 10-year yield trading at -0.577%. In the energy space, the Brent (front month) is trading down (-0.86%) for the day at $64.21.


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Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1025 for 1.0903
Short-term view: EUR/USD resistance at 1.1025, MACD and RSI are weakening. Hence, we see a move to 1.0903, likely 1.0840. Above 1.1025 to open 1.1085


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2505 for 1.2381
Short-term view: GBP/USD resistance at 1.2505, MACD and RSI are weakening. We see risk of a dip to 1.2381, likely 1.2325. Above 1.2505 to open 1.2584.


USDJPY Chart (Two-week)


Strategy: Resistance at 108.01 for 107.05
Short-term view: USD/JPY has resistance around 108.01, MACD and RSI are weakening Hence, we see a move lower to 107.05, likely 106.40. Above 108.01 opens 108.43


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6800 for 0.6725
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6830.