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Trade Fears Lift Dollar, Benn act to Drive Sterling

Updated 09:13AM 07/10/2019

CHF and JPY are the top G10 FX gainers today, up 0.13% and 0.06% vs the dollar while SEK and AUD are the top losers, down -0.49% and -0.47% vs the dollar. The U.S. dollar edged recovered today after few days of losses last week, while Yuan and the euro fell after renewed fears of a trade war and news that Germany may see an economic recession.


Sterling fell once again in early morning trading as investors remained concerned over UK withdrawal from the EU. UK lawmakers passed a law requiring PM Johnson to seek a deal if no deal is reached before 19th October. There were however reports that Boris Johnson intends to challenge the Benn act.


In the Asian equities space, the Nikkei 225 closed up 0.16% at 21,375.25 and Kospi ended 0.05% at 2021.73. The European equities were trading weaker with the FTSE down -0.06% at 7150.96, DAX down -0.18% at 11990.81, and CAC down -0.2% at 5477.52. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.5238% and the Bund 10-year yield trading at -0.595%. In the energy space, the Brent (front month) is trading up (0.6%) for the day at $58.72.


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Major Currency Pairs


EURUSD Chart (Two-week)


Strategy: Resistance at 1.1025 for 1.0900
Short-term view: EUR/USD resistance at 1.1025, MACD and RSI are weak. Hence, we see a move to 1.0900. Above 1.1025 to open 1.1085.


GBPUSD Chart (Two-week)


Strategy: Resistance at 1.2381 for 1.2265
Short-term view: GBP/USD resistance at 1.2381, MACD and RSI are weak. We see risk of a dip to 1.2265. Above 1.2339 to open 1.2433.


USDJPY Chart (Two-week)


Strategy: Resistance at 107.05 for 106.40
Short-term view: USD/JPY has resistance around 107.05, MACD and RSI are weak. Hence, we see a move lower to 106.40. Above 107.05 opens 107.48.


AUDUSD Chart (Two-week)


Strategy: Resistance at 0.6781 for 0.6700
Short-term view: AUD/USD MACD and RSI are weakening, resistance at 0.6780 for a move lower towards 0.6700, likely 0.6650. Above 0.6781 we look for 0.6830.