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Sterling Rise as UK MPs Fight Back, USD Falls on Disappointing Data.

Updated 09:29AM 04/09/2019

GBP and SEK are the top G10 FX gainers today, up 0.43% and 0.39% vs the dollar while JPY and CHF are the top losers, down -0.23% and -0.05% vs the dollar.

 

Sterling recovered after hitting a three-year low versus the dollar on Tuesday; UK MPs won a vote to take control of parliamentary time. The showdown between PM Boris Johnson and MPs will continue today with two crucial events; a vote to block a no-deal and a vote on another election. The base case is another general election before Brexit but not necessarily before the 31st of October.

 

The dollar continued its fall following disappointing factory data, aiding the Euro to recover from 28-month lows.

 

In the Asian equities space, the Nikkei 225 closed up 0.12% at 20,649.14, Hang Seng closed 3.9% at 26523.23 and Kospi ended 1.16% at 1988.53. The European equities were trading firm with the FTSE up +0.74% at 7322.08, DAX up +1.2% at 12053.2, and CAC up +1.13% at 5527.74. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.4775% and the Bund 10-year yield trading at -0.683%. In the energy space, the Brent (front month) is trading up (0.46%) for the day at $58.53.

 

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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: Resistance at 1.1019 for 1.0903
Short-term view: EUR/USD downtrend is intact and resistance at 1.1019. Hence, we see a move to 1.0903, possibly 1.0840. Above 1.1019 to open 1.1062.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.2219 for 1.2046
Short-term view: GBP/USD resistance at 1.2219 and we see risk of a dip to 1.2046, likely 1.2000. Above 1.2219 to open 1.2306.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 106.65 for 105.03
Short-term view: USD/JPY has resistance around 106.65 MACD and RSI are weak, hence, we see a move lower to 105.50 and 105.03. Above 106.65 opens 107.05

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6800 for 0.6725
Short-term view: AUD/USD MACD and RSI are topping out, resistance at 0.6800 for a move lower towards 0.6725, likely 0.6650. Above 0.6800 we look for 0.6869 in the immediate short-term.