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USD Weak, Sterling Strong, Here's Why

Updated 09:59AM 05/12/2019


NOK and GBP are the top G10 FX gainers today, up 0.22% and 0.21% vs the dollar while AUD and JPY are the top losers, down -0.22% and -0.04% vs the dollar. The dollar fell further as the market doubted U.S. President Donald Trump's positive comments on Sino-U.S. tensions due to lack of details and confirmation from the Chinese side. Sterling rallied to a new seven-month high versus the dollar and 30-month high against the euro on Thursday on hopes of a majority for Boris Johnson's Conservative party in the next general election on the 12th of December. There is also positive news that the EU will move swiftly on Brexit post the UK election. In the Asian equities space, the Nikkei 225 closed up 0.71% at 23,300.09, Hang Seng closed 0.59% at 26217.04 and Kospi ended -0.39% at 2060.74. The European equities were trading mixed with the FTSE -0.34% at 7163.95, DAX -0.31% at 13100.2, and CAC 0.23% at 5813.02. In the rates market, global yields were trading mixed; the US 10-year yield was trading at 1.7775% and the Bund 10-year yield trading at -0.302%. In the energy space, the Brent (front month) is trading down (-0.24%) for the day at $62.85.

 

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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: Support at 1.1068 for 1.1136
Short-term view: EUR/USD support at 1.1068, MACD and RSI are improving. Hence, we see a move to 1.1136. Below 1.1068 to open 1.1037.

 

GBPUSD Chart (Two-week)

 
 

Strategy: Support at 1.3096, for 1.3222
Short-term view: GBP/USD support at 1.3096, MACD and RSI are improving. Hence, we expect a rise to 1.3222. Below 1.3096 to open 1.3000.

 

USDJPY Chart (Two-week)

 
 

Strategy: Resistance at 109.00 for 108.43
Short-term view: USD/JPY resistance at 109.00, RSI and MACD are weak. A move lower to 108.43 is likely. Above 109.00 to open 109.47

 

AUDUSD Chart (Two-week)

 
 

Strategy: Resistance at 0.6862 for 0.6780
Short-term view: AUD/USD MACD and RSI are weakening and resistance at 0.6862. A move towards 0.6780 is likely. Above 0.6862 to open 0.6920.