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Risk to Sterling Post Elections

Created 11/15/2019 at 10:13AM


NOK and SEK are the top G10 FX gainers today, up 0.07% and 0.0% vs the dollar while CHF and JPY are the top losers, down -0.26% and -0.18% vs the dollar. There was optimism on trade negotiations after Trump's economic advisor Larry Kudlow said that they were "getting close" to getting a deal. That said, the market remains cautious as we have seen back and forth on Sino-U.S. trade wars for a while now. Sterling was flat on Friday, despite hopes for a Conservative party majority in the general election on 12 December. There are worries over an economic slowdown in the UK and this may weigh on sterling. In the Asian equities space, the Nikkei 225 closed up 0.70% at 23,303.32, Hang Seng closed 0.01% at 26326.66 and Kospi ended 1.07% at 2162.18. The European equities were trading firm with the FTSE up +0.27% at 7312.77, DAX up +0.37% at 13228.42, and CAC up +0.7% at 5942.11. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8377% and the Bund 10-year yield trading at -0.34%. In the energy space, the Brent (front month) is trading down (-0.29%) for the day at $62.1.

 

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Daily Pivots for Key Currency Pairs

 
 

Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

Brent Front Month Daily Chart (6-month)

 
 

USD-Index Daily Chart (6-month)

 
 

(Content and Data by Tradermade)

 

Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1037 for 1.0950
Short-term view: EUR/USD resistance at 1.1061, MACD and RSI are weak. Hence, we see a move to 1.1000, likely 1.0950. Above 1.1061 to open 1.1194.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2900, for 1.2750
Short-term view: GBP/USD resistance at 1.2900, MACD and RSI are weak. We see dip to 1.2750, likely 1.2700. Above 1.2900 to open 1.2950.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.01 for 108.01
Short-term view: USD/JPY has resistance around 109.01, MACD and RSI are weak. Hence, we see a move lower to 108.01, likely 107.64. Above 109.01 opens 109.47.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6820 for 0.6780
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6820. A move towards 0.6780 likely 0.6740. Above 0.6820 to open 0.6862.