Forex Outlook Ahead of FOMCUpdated 09:05AM 18/09/2019
USD and JPY are the top G10 FX gainers today while SEK and NOK are the top losers, down -0.48% and -0.42% vs the dollar.
The dollar remains firm ahead of the Federal Reserve meeting where expectations are of a 25bp interest rate cut. The focus will be on dot plots with any downward revision likely to cause a dip in the dollar.
Cable was rejected once again from near six-week highs (1.2528) as no-deal uncertainty remains. The investors will now focus on the Bank of England policy meeting where BoE is expected to keep rates at 0.75bp. That said, BoE is itself dependent on Brexit.
In the Asian equities space, the Nikkei 225 closed -0.18% lower at 21,960.71, Hang Seng closed -0.13% at 26754.12 and Kospi ended 0.41% at 2070.73. The European equities were trading firm with the FTSE up +0.31% at 7342.89, DAX up +0.14% at 12390.03, and CAC up +0.16% at 5624.48. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.7769% and the Bund 10-year yield trading at -0.495%. In the energy space, the Brent (front month) is trading down (-0.19%) for the day at $64.43.
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Daily Pivots for Key Currency Pairs
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)
Major Currency Pairs
EURUSD Chart (Two-week)
Strategy: Resistance at 1.1085 for 1.0975
GBPUSD Chart (Two-week)
Strategy: Resistance at 1.2520 for 1.2381
USDJPY Chart (Two-week)
Strategy: Resistance at 108.43 for 107.48
AUDUSD Chart (Two-week)
Strategy: Resistance at 0.6920 for 0.6830
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