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Euro Poised Ahead of ECB, Boris faces Another Vote

Updated 09:10AM 09/09/2019

AUD and NOK are the top G10 FX gainers today, up 0.22% and 0.2% vs the dollar while CHF and JPY are the top losers, down -0.3% and -0.05% vs the dollar.

 

The Euro remained subdued ahead of the European Central Bank policy meeting on Thursday. The market expects a new wave of monetary policy stimulus with a 20bp rate cut 72% priced in. ECB is also expected to buy government bonds and other European assets. However, whether we will see Euro dip below recent lows will depend on the extent of the unconventional method used by the ECB.

 

The British parliament will vote once again on whether to hold an early election on October 15 (likely to be defeated once again). PM Johnson will be forced to seek a delay on Brexit but there are murmurs that Johnson will seek a legal alternative to stop the delay in Britain exit from the EU.

 

In the Asian equities space, the Nikkei 225 closed up 0.56% at 21,318.42, Hang Seng closed -0.04% at 26681.4 and Kospi ended 0.52% at 2019.55. The European equities were trading mixed with the FTSE -0.01% at 7281.59, DAX 0.07% at 12200.25, and CAC -0.11% at 5597.75. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.5976% and the Bund 10-year yield trading at -0.596%. In the energy space, the Brent (front month) is trading up (0.41%) for the day at $61.79.

 

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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 MACD and RSI are bottoming out, support at 1.1019. Hence, we see a move to 1.1097. Below 1.1019 to open 1.0975

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2339 for 1.2219
Short-term view: GBP/USD resistance at 1.2339, MACD and RSI are topping out. We see risk of a dip to 1.2219. Above 1.2339 to open 1.2381, likely 1.2433

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 107.48 for 106.40
Short-term view: USD/JPY has resistance around 107.48 MACD and RSI are topping out, hence, we see a move lower to 106.40, likely 106.00. Above 107.48 opens 108.01

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6869 for 0.6780
Short-term view: AUD/USD MACD and RSI are topping out, resistance at 0.6869 for a move lower towards 0.6780, likely 0.6725. Above 0.6869 we look for 0.6920 in the immediate short-term.