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Trade Deal in sight but Sterling troubled by BoE

Updated 10:51AM 13/01/2020


AUD and NZD are the top G10 FX gainers today, up 0.03% and 0.02% vs the dollar while GBP and JPY are the top losers, down -0.7% and -0.33% vs the dollar. Yuan and other risk-sensitive currencies recovered recent losses as there was positive news on the trade front. A preliminary U.S.-China trade deal helped sentiment; phase one of the deal is due to sign on Wednesday.Sterling fell further after another Bank of England's member, Gertjan Vlieghe, commented that he would vote in favor of an interest rate cut later in the month unless data improve dramatically.In the Asian equities space, Hang Seng closed 1.11% at 28954.94 and Kospi ended 1.04% at 2229.26. The European equities were trading firm with the FTSE up +0.59% at 7632.59, DAX up +0.15% at 13502.92, and CAC up +0.32% at 6056.35. In the rates market, global yields were trading firmer; the US 10-year yield was trading at 1.8423% and the Bund 10-year yield trading at -0.213%. In the energy space, the Brent (front month) is trading up (0.4%) for the day at $65.24

 

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Forex Chart and Technical Analysis

 

EURUSD Chart (Two-week)

 
 

Strategy: Support at 1.1068 for 1.1167
Short-term view: EUR/USD support at 1.1068, MACD and RSI are improving. Hence, we see a move to 1.1167. Below 1.1068 to open 1.1000.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Resistance at 1.3050, for 1.2900
Short-term view: GBP/USD resistance at 1.3050, MACD and RSI are weak. Hence, we expect a dip to 1.2900. Above 1.3050 to open 1.3100.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 110.00 for 108.81
Short-term view: USD/JPY resistance at 110.00, RSI and MACD are topping out. A move lower to 108.81 is likely. Above 110.00 to open 110.67

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6950 for 0.6950
Short-term view: AUD/USD MACD and RSI are topping out and resistance at 0.6950. A move towards 0.6836 is likely. Above 0.6950 to open 0.7000.