Sterling Poised and USD Firm Here's Why

Updated 09:21AM 22/10/2019


NZD and SEK are the top G10 FX gainers today, up 0.16% and 0.1% vs the dollar while CHF and GBP are the top losers, down -0.27% and -0.17% vs the dollar. The Canadian dollar was largely unchanged after it became apparent that the Liberal government will be re-elected. Canadian PM Trudeau's Liberals will form a minority government.

 

U.S. Dollar started to firm as the market was positive on a Sino-U.S trade deal. Euro was steady after hitting a two-month high versus the dollar as the market waited for a vote on the withdrawal agreement in the British Parliament. PM Boris Johnson now faces two key votes in the parliament on Tuesday; parliamentarians will vote at about 1800 GMT on Boris's Withdrawal Agreement Bill and then on the timetable for approving the legislation.


 In the Asian equities space, Hang Seng closed 0.23% at 26786.2 and Kospi ended 1.16% at 2088.86. The European equities were trading mixed with the FTSE 0.16% at 7175.42, DAX 0.03% at 12752.2, and CAC -0.44% at 5623.59. In the rates market, global yields were trading weaker; the US 10-year yield was trading at 1.773% and the Bund 10-year yield trading at -0.375%. In the energy space, the Brent (front month) is trading up (0.39%) for the day at $59.19.

 

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Economic Calendar

 
 

10-year Yields Chart (6-month)

 
 

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Major Currency Pairs

 

EURUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.1167 for 1.1080
Short-term view: EUR/USD resistance at 1.1167, MACD and RSI are bearish. Hence, we see a move to 1.1097, likely 1.1050. Above 1.1167 to open 1.1200, likely 1.1234.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3000 for 1.2850
Short-term view: GBP/USD resistance at 1.3000, MACD and RSI are weak. We see risk of a dip to 1.2850. Above 1.3000 to open 1.3060.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 108.81 for 108.01
Short-term view: USD/JPY has resistance around 108.81, MACD and RSI are weak. Hence, we see a move lower to 108.01. Above 108.81 opens 109.15.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Support at 0.6841 for 0.6920
Short-term view: AUD/USD MACD and RSI are mixed and support at 0.6841. A move towards 0.6920 likely. Below 0.6841 to open 0.6780.

 
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