Key Quotes
24-hour view: “Last Friday, we held the view that EUR ‘is likely to consolidate and trade between 0.9925 and 1.0050’. While EUR consolidated as expected, it traded within a narrower range than expected (0.9925/0.9997) before closing largely unchanged at 0.9963 (+0.01%). The price actions still appear to be part of a consolidation and we expect EUR to trade sideways between 0.9920 and 1.0020 today.”
Next 1-3 weeks: “Our update from last Friday (28 Oct, spot at 0.9970) still stands. As highlighted, the sharp pullback last Thursday has resulted in a quick loss in momentum and the chance of further EUR strength has diminished. However, only a break of 0.9880 (no change in ‘strong support’ level) would indicate that the EUR strength that started early last week has come to an end.”
EUR/USD extends gains above 0.9900 as US dollar loses further ground
EUR/USD is extending the rebound from weekly lows above 0.9900, helped by ECB Chief Lagarde’s comments. The US dollar loses further ground amid a better risk profile and falling Treasury yields. Focus shifts to US ISM Manufacturing PMI and Fed decision.
EUR/USD News
GBP/USD jumps to test 1.1550 as risk flows dominate
GBP/USD is recovery ground further above 1.1500, as risk flows dominate in Tuesday’s early European trading. The US dollar extends the retreat amid a better market mood, tracing the yields lower. US data awaited ahead of the Fed.
GBP/USD News
Gold bounces amid pre-Federal Reserve positioning, $1,615 still eyed
Gold bears take a breather before resuming the downtrend towards $1,615.The US Dollar drops with Treasury yields ahead of a two-day Fed meeting. Risk-on market sentiment returns amid Chinese PMI beat and tech stocks rally.
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