Oil Rallies but Trade War Fears Remain
Updated 08:15AM 05/05/2020
In the G10 FX Market, JPY and CHF are the top gainers today, up 0.27% and 0.22% versus the dollar while AUD and NZD are the top losers, down -1.0% and -0.65% versus the dollar, respectively. |
In the G10 FX Market, JPY and USD are the top gainers today while NOK and SEK are the top losers, down -1.03% and -0.64% versus the dollar, respectively. |
The RBA left rates on hold but forecasted a bleak economy with a sharp contraction in the first six months of this year and double-digit unemployment rate. The sentiments were positive on oil rally but sino-U.S. trade war fears tempered risk sentiments. |
In the rates market, global yields were trading mixed today. The German 10-year was trading at -0.564, up 2.2bp. The UK 10-year was trading at 0.238, down -0.8bp. The US 10-year was trading at 0.608, down -1.0bp. |
The U.S. dollar rallied versus major currencies amid fears of a trade war resumption between U.S. and China. In our view, this could damage the already fragile system but more than that the uncertainty alone will kill any risk appetite. |
In the Asian equities, markets were trading weaker today. The Kospi was trading at 1895.37, down -2.68%. The Hang Seng was trading at 23542.0, down -4.47%. In the European equities, indices were trading weak today. The FTSE 100 was trading at 5749.4, down -0.24%. The Euro Stoxx 50 was trading at 2830.12, down -3.34%. The DAX 30 was trading at 10531.75, down -3.04%. |
10-year Yields Daily Chart (1-month) |
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Daily FX Pivots |
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Brent Crude Daily Chart (1-month) |
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Forex Chart and Technical Analysis |
EURUSD Chart (Two-week) |
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Strategy: Resistance at 1.0926 for 1.0876 |
GBPUSD Chart (Two-week) |
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Strategy: Support at 1.2445 for 1.2486 |
USDJPY Chart (Two-week) |
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Strategy: Resistance at 106.81 for 106.54 |
AUDUSD Chart (Two-week) |
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Strategy: Support at 0.6411 for 0.6474 |
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