The Euro-Pound rally from Monday’s lows at 0.8770 has been capped nearly 100 pips higher, at 0.8865 on Friday, with the Euro struggling amid the risk-off sentiment, although downside attempts remain contained above Thursday’s low, at 0.8815, as dismal UK data and renewed fiscal concerns keep GBP bul
Pound Sterling (GBP) is expected to trade between 1.3120 and 1.3200. In the longer run, there has been a tentative buildup in momentum, and GBP could test 1.3240, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The AUD/USD pair gives up its early gains and declines 0.3% to near 0.6500 during the European trading session on Friday. The Aussie pair slumps as the US Dollar (USD) bounces back strongly.
USD/RUB and EUR/RUB are not market-driven exchange rates. Sanctions have decoupled the Rouble from fundamentals for the most part. Even so, the currency remains susceptible to long-term underlying pressures, which will gradually build up.
The EURUSD pair continues to drift higher amid dollar weakness as traders are now waiting for the key US data ahead of the December FOMC meeting. What's next?
The US Dollar remains vulnerable against a firmer Swiss Franc, which is drawing support from a cautious market mood to appreciate against its main peers on Friday.
EUR/JPY trades around 179.80 on Friday, virtually unchanged on the day after reaching a new multi-year high just below the 180.00 level. The Japanese Yen (JPY) remains on the back foot, pressured by uncertainty over the Bank of Japan’s (BoJ) tightening trajectory.
USD/CNH remains capped by the 50-day moving average at 7.12 and is now testing the lower edge of its range near 7.08, with failure to break higher opening the door to declines toward 7.05 and 7.02/7.01, Société Générale's FX analysts note.
EUR/CHF has slipped below its 2024 and October lows after failing at the 0.93 trend-line resistance, with bearish momentum suggesting the downtrend may extend toward 0.9170/0.9160 and potentially 0.9100, Société Générale's FX analysts note.
Oil prices moved higher yesterday, settling just shy of 0.5% higher, despite a bearish weekly Energy Information Administration (EIA) inventory report.
FAI continued to ease across sectors, while consumption remained solid in October. IP growth moderated, along with weak investment and exports. Overcapacity management and insufficient funding may have constrained investment, Standard Chartered's economists report.
Analysts note that while both Scandinavian currencies are sensitive to risk sentiment, the Norwegian krone consistently shows a stronger negative reaction to rising risk aversion than the Swedish krona, reflecting its lower liquidity and heavier reliance on oil., Commerzbank's FX analyst Michael Pfi
It’s not unusual for the highly efficient FX market to be more forward-looking than other asset classes. In this case, it appears that the US Dollar (USDD) is embedding the narrative that the US reopening will lead to softer data and a dovish Fed repricing, ING's FX analyst Francesco Pesole notes.
The People's Bank of China set its USD/CNY fix at 7.0825 this morning, signalling for the seventh straight week that it prefers a stronger CNY. Since the end of September, USD/CNY has fallen by a total of 0.5% (stronger CNY). At first glance, this may not seem like much.
EUR/USD bullishness has continued to rise both in spot and via the options markets, with 1-month 25 delta risk reversals (cost of a call minus cost of a put) having moved from -0.2 to +0.3 in the past 10 days.
EUR/USD remains practically flat on the daily chart, trading at 1.1630, at a short distance from the three-week highs of 1.1655 hit on Thursday, and on track to close the week nearly 0.6% higher.
EUR/USD extends gains for the eighth consecutive day on Friday, trading at 1.1640 at the time of writing on Friday, on track for a 0.6% rally this week.
European Central Bank (ECB) policymaker and Governor of the Central Bank of Latvia Mārtiņš Kazāks said during the European trading session on Friday that there is no need to adjust interest rates in the current situation.
The Pound Sterling (GBP) trades 0.4% lower to near 1.3130 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair faces selling pressure as the Pound Sterling remains on the back foot, and the US Dollar has recovered strongly.
West Texas Intermediate (WTI) Oil price advances on Friday, early in the European session. WTI trades at $59.42 per barrel, up from Thursday’s close at $58.56.Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $62.69 price posted on Thursday, and trading at $63.52.
The EUR/GBP cross attracts some buyers to around 0.8860 during the early European session on Friday. The Pound Sterling (GBP) weakens against the Euro (EUR) amid rising concerns over fiscal discipline and political stability in the United Kingdom (UK).
EUR/CAD continues its winning streak for the fourth successive session, trading around 1.6230 during the Asian hours on Friday. The currency cross gains as the Euro (EUR) is supported by cautious sentiment surrounding the European Central Bank’s (ECB) monetary policy outlook.
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