Sterling poised as U.K. Avoids a Technical Recession,

Updated 10:09AM 11/11/2019


NZD and JPY are the top G10 FX gainers today, up 0.54% and 0.26% vs the dollar while NOK and SEK are the top losers, down -0.32% and -0.19% vs the dollar. The euro hit a four-week low versus the USD on optimism of a trade deal between China and the U.S. There are hopes both countries will roll back their tariffs to boost an ailing global economy.

 

The pound remained unfazed on Monday despite slightly softer than expected GDP numbers. The market was relieved that the U.K. did not hit a technical recession. The focus will turn to General Election but we suspect a slow grind lower ahead of the election.

 

In the Asian equities space, the Nikkei 225 closed -0.26% at 23,331.84, Hang Seng closed -2.62% at 26926.55 and Kospi ended -0.61% at 2124.09. The European equities were trading weaker with the FTSE down -0.59% at 7315.91, DAX down -0.27% at 13192.24, and CAC down -0.01% at 5888.86. In the rates market, global yields were trading mixed; the US 10-year yield was trading at nan% and the Bund 10-year yield trading at -0.265%. In the energy space, the Brent (front month) is trading down (-1.25%) for the day at $61.73.

 

Latest Forex-alerts at

 

https://research.tradermade.com/forex-alerts

 

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 1.1061 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 1.2850, for 1.2750
Short-term view: GBP/USD resistance at 1.2850, MACD and RSI are weak. We see dip to 1.2750, likely 1.2700. Above 1.2850 to open 1.2900.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.47 for 108.43
Short-term view: USD/JPY has resistance around 109.47, MACD and RSI are topping out. Hence, we see a move lower to 108.43, likely 108.01. Above 109.47 opens 110.00.

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6883 for 0.6820
Short-term view: AUD/USD MACD and RSI are weak and resistance at 0.6883. A move towards 0.6820 likely 0.6780. Above 0.6883 to open 0.6920.

 
Most Recent Posts
Risk On Risk Off Continues in the FX Market

Updated: May 18, 2020 10:00 UTC

Risk Off on Second Wave Worries Ahead of The Weekend

Updated: May 15, 2020 09:20 UTC

Forex Driven by Coronavirus Second Wave Worries

Updated: May 12, 2020 09:11 UTC

Risk On As Major Economies Lift Lock-down

Updated: May 11, 2020 10:56 UTC

BoE Helps Pound But Market Still Risk Averse

Updated: May 07, 2020 09:39 UTC

Pound Weakens, Yen at Multi Week High

Updated: May 06, 2020 09:32 UTC

Oil Rallies but Trade War Fears Remain

Updated: May 05, 2020 08:15 UTC

Trump Reignites Trade War Fears

Updated: May 01, 2020 09:06 UTC

Oil Recovery Helps Sentiments

Updated: Apr 30, 2020 10:28 UTC

Risk Sentiments Up With a Vaccine in Sight

Updated: Apr 29, 2020 09:18 UTC

FX Outlook Ahead of ECB and Fed

Updated: Apr 28, 2020 08:47 UTC

Boris Returns but Lock-down Extension May Weigh Heavy Sterling

Updated: Apr 27, 2020 08:58 UTC

Sterling Likely to Struggle, Here's Why?

Updated: Apr 24, 2020 08:36 UTC

Oil Surge Dollar Fell, What Next?

Updated: Apr 23, 2020 10:08 UTC

Crude Oil Making Financial Markets Nervous

Updated: Apr 22, 2020 10:37 UTC

Crude Oil Fall Unnerves Markets, What to Do

Updated: Apr 21, 2020 08:58 UTC

Sterling in Trouble, Risk Sentiments Fragile

Updated: Apr 20, 2020 09:05 UTC

Coronavirus - We Have Not Seen the Bottom Yet

Updated: Apr 17, 2020 08:55 UTC

Economic Downturn Likely to Worsen Further, Here's Why

Updated: Apr 16, 2020 09:21 UTC

Riskier Assets Vulnerable Here's Why

Updated: Apr 15, 2020 09:03 UTC