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Trump Delays Trade Tariffs, Chinese Data Disappoints.

Created 08/14/2019 at 10:15AM

 
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FX Strategy 14 Aug 19

 

JPY and CHF are the top G10 FX gainers today, up 0.28% and 0.26% vs the dollar while AUD and SEK are the top losers, down -0.46% and -0.29% vs the dollar. The risk sentiments improved a little after U.S. decision to delay trade tariffs on China; U.S. President Donald Trump backed off his 1st September deadline for imposing 10% tariffs on $300bn imports. However, Chinese Yuan gave up its earlier gains after weaker-than-expected economic data. We see continued weakness for risky currencies with safe-havens likely to remain well bid. In the Asian equities space, the Nikkei 225 closed up 0.98% at 20,655.13, Hang Seng closed 0.08% at 25302.28 and Kospi ended 0.65% at 1938.37. The European equities were trading weaker with the FTSE down -0.2% at 7236.24, DAX down -0.65% at 11674.02, and CAC down -0.71% at 5325.05. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.6522% and the Bund 10-year yield trading at -0.625%. In the energy space, the Brent (front month) is trading down (-0.91%) for the day at $60.74.

 

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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 1.1167 for 1.1234
Short-term view: EUR/USD support at 1.1167, MACD and RSI are flat. Hence, we see a move to 1.1234. Below 1.1167 to open 1.1110.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2112 for 1.1952
Short-term view: GBP/USD resistance at 1.2112, momentum is still bearish and we see a dip to 1.2000, likely 1.1952. Above 1.2112 to open 1.2190.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 107.05 for 105.81
Short-term view: USD/JPY has resistance around 107.05, momentum is flat hence, we see a move lower to 105.81 and 105.03. Above 107.05 opens 107.48-108.01

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6800 for 0.6725
Short-term view: AUD/USD short-term downtrend continues, we look for resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6830-0.6869 in the immediate short-term.