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FX Strategy 16 Sep 2020 |
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In the G10 FX Market, NOK and NZD are the top gainers today, up 0.31% and 0.25% versus the dollar while USD and GBP are the top losers. In the rates market, global yields were trading weaker today. The US 10-year was trading at 0.677, down -0.3bp. The German 10-year was trading at -0.484, down -0.3bp. The UK 10-year was trading at 0.209, down -0.4bp. The Japan 10-year was trading at 0.013, down -0.4bp. |
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In the Asian equities, markets were trading mixed today. The Nikkei 225 was trading at 23475.53, up 0.09%. The Kospi was trading at 2435.92, down -0.31%. The Hang Seng was trading at 24695.0, down -0.15%. In the European equities, indices were trading mixed today. The DAX 30 was trading at 13224.15, up 0.05%. The Euro Stoxx 50 was trading at 3335.52, up 0.1%. The FTSE 100 was trading at 6082.55, down -0.38%. |
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Looking at Equity Futures so far, the SP500 Futures was trading at 3402.12, down -0.09%. The Euro Stoxx 50 Futures was trading at 3324.0, down -0.33%. The FTSE100 Futures was trading at 6057.0, down -1.04%. |
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In the Energy space, Oil futures were trading stronger today. The WTI Crude Futures was trading at 39.12, up 2.19%. The Brent Crude Futures was trading at 41.29, up 1.88%. |
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Today, in terms of economic data releases, we have already seen August UK data with the Inflation Rate YoY (Actual 0.2% v Forecast 0.1%) and MoM (Actual -0.4% v Forecast -0.4%), Core Inflation Rate YoY (Actual 0.9% v Forecast 0.8%) and MoM (Actual -0.6% v Forecast -0.7%) with Retail Price Index YoY (Actual 0.5% v Forecast 0.7%) and MoM (Actual -0.3% v Forecast -0.2%). |
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This morning we look forward to EA Balance of Trade for July (Previous €21.2B v Forecast €25.1B) at 09:00 GMT with South African Retail Sales YoY for July (Previous -7.5% v Forecast -3.8%) following at 11:00 GMT. |
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This afternoon at 12:30 GMT , we have Canadian Inflation Rate YoY (Previous 0.1% v Forecast 0.3%) and MoM (Previous -0.1% v Forecast 0.1%) alongside US Retail Sales YoY (Previous 2.7% v Forecast 2.5%) and MoM (Previous 1.2% v Forecast 1%) for August. ECB's Hakkarainen is speaking at 13:00 GMT. US Business Inventories MoM for July follows at 14:00 GMT. |
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Later this evening at 18:00 GMT, all eyes are on the Fed Interest Rate Decision, with no change from current 0.25% expected. At 21:00 GMT we also have Brazilian Interest Rate Decision, again expectation to remain at current 2% rate. |
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10-Year Yields Daily Chart (1-month) |
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Daily FX Pivots |
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Brent Crude Daily Chart (1-month) |
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Forex Chart and Technical Analysis |
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EURUSD Chart (Two-week) |
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Strategy: Resistance at 1.1885 for 1.1824
Short-term view: EURUSD resistance comes in at 1.1885 MACD and RSI have a bearish bias. Hence, we see a dip to 1.1824 enter at 1.1865. Above 1.1885 to open 1.1923 |
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GBPUSD Chart (Two-week) |
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Strategy: Support at 1.2827 for 1.2939
Short-term view: GBPUSD support comes in at 1.2827 MACD and RSI have a bullish bias. Hence, we see a bounce to 1.2939 enter at 1.2864. Below 1.2827 to open 1.2765 |
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USDJPY Chart (Two-week) |
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Strategy: Resistance at 105.74 for 105.22
Short-term view: USDJPY resistance comes in at 105.74 MACD and RSI have a bearish bias. Hence, we see a dip to 105.22 enter at 105.57. Above 105.74 to open 106.04 |
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AUDUSD Chart (Two-week) |
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Strategy: Resistance at 0.7341 for 0.7264
Short-term view: AUDUSD MACD and RSI are flat but resistance comes in at 0.7341 and we see a dip to 0.7264 enter at 0.7316. Above 0.7341 to open 0.738 |
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