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FX Strategy 22 Sep 2020 |
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In the G10 FX Market, JPY and USD are the top gainers today while NOK and AUD are the top losers, down -0.46% and -0.33% versus the dollar, respectively. In the rates market, global yields were trading mixed today. The UK 10-year was trading at 0.166, up 1.1bp. The German 10-year was trading at -0.524, down -0.2bp. The US 10-year was trading at 0.663, down -0.6bp. |
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In the Asian equities, markets were trading weaker today. The Kospi was trading at 2332.59, down -2.38%. The Hang Seng was trading at 23727.0, down -0.93%. In the European equities, indices were trading stronger today. The DAX 30 was trading at 12634.25, up 0.73%. The FTSE 100 was trading at 5840.06, up 0.62%. The Euro Stoxx 50 was trading at 3182.95, up 0.7%. |
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Looking at Equity Futures so far, FTSE100 Futures was trading at 5811.3, up 0.79%. The Euro Stoxx 50 Futures was trading at 3168.0, up 0.86%. The SP500 Futures was trading at 3267.12, down -0.24%. |
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In the Energy space, Oil futures were trading firm today. The WTI Crude Futures was trading at 39.72, up 1.04%. The Brent Crude Futures was trading at 41.58, up 0.34%. |
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In terms of economic data releases, today we have already seen September Consumer Confidence data from Turkey (Actual 82.0 v Forecast 60) which was released at 07:00 GMT. For this morning's session we have UK CBI Industrial Trends Orders for September (Previous -44 v Forecast -40) and ECB's Panetta speaking at 12:00 GMT. |
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This afternoon at 14:00 GMT we expect Euro Area Consumer Confidence Flash for September (Previous -14.7 v Forecast -15.4), also ECB's Lane will speak on the wires plus we have US Existing Home Sales MoM for July (Previous 24.7 v Forecast 0.9%) and US Existing Home Sales for August (Previous 5.86M v Forecast 5.91M). All focus this afternoon will be on Fed Chair Powell as he is testifying before a House panel on the Central Bank's response to the coronavirus pandemic at 14:30 GMT. |
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Later this evening at 19:00 GMT we have Argentinean GDP Growth Rate QoQ Q2 (Previous -4.8% v Forecast -16%) and YoY Q2 (Previous -5.4% v Forecast -19%). At 23:00 GMT we also have Australian September data with CommBank Manufacturing PMI Flash (Previous 53.6 v Forecast 53.4), CommBank Services PMI Flash (Previous 49 v Forecast 48.5) and CommBank Composite PMI Flash (Previous 49.4 v Forecast 48.9). |
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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 1.1792 for 1.1711
Short-term view: EURUSD resistance comes in at 1.1792 MACD and RSI have a bearish bias. Hence, we see a dip to 1.1711 enter at 1.1765. Above 1.1792 to open 1.1852 |
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GBPUSD Chart (Two-week) |
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Strategy: Resistance at 1.2853 for 1.2738
Short-term view: GBPUSD resistance comes in at 1.2853 MACD and RSI have a bearish bias. Hence, we see a dip to 1.2738 enter at 1.2815. Above 1.2853 to open 1.293 |
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USDJPY Chart (Two-week) |
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Strategy: Support at 104.13 for 105.03
Short-term view: USDJPY support comes in at 104.13 MACD and RSI have a bullish bias. Hence, we see a bounce to 105.03 enter at 104.43. Below 104.13 to open 103.61 |
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AUDUSD Chart (Two-week) |
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Strategy: Resistance at 0.7249 for 0.7173
Short-term view: AUDUSD resistance comes in at 0.7249 MACD and RSI have a bearish bias. Hence, we see a dip to 0.7173 enter at 0.7224. Above 0.7249 to open 0.7298 |
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