Today’s Rates & Market News

Today’s Rates

GBP>EUR – 1.0983

GBP>USD – 1.2864

EUR>USD – 1.1712

GBP>CAD – 1.7212

GBP>AUD – 1.8033

GBP>SEK – 11.291

GBP>AED – 4.7221

GBP>HKD – 9.9690

GBP>ZAR – 21.220

This Week’s Calendar     

·         USD Durable Goods Orders(Jun)

·         USD Nondefense Capital Goods Orders ex Aircraft(Jun)

·         AUD RBA Trimmed Mean CPI (QoQ)(Q2)

·         AUD Consumer Price Index (QoQ)(Q2)

·         US Fed Interest Rate Decision

·         USD Fed’s Monetary Policy Statement

·         USD FOMC Press Conference

·         GER Gross Domestic Product (QoQ)(Q2) PREL 

·         GER Harmonized Index of Consumer Prices (YoY)(Jul) PREL

·         USD Gross Domestic Product Annualized(Q2) PREL

·         CNY Non-Manufacturing PMI(Jul)

·         CNY NBS Manufacturing PMI(Jul)

·         GER Retail Sales (YoY)(Jun)

·         EUR Consumer Price Index – Core (YoY)(Jul) PREL 

·         EUR Gross Domestic Product s.a. (QoQ)(Q2) PREL 

·         EUR Consumer Price Index (YoY)(Jul) PREL 

·         EUR Gross Domestic Product s.a. (YoY)(Q2) PREL 

 

Today’s Highlights

  • USD Fears continue to smash the dollar
  • EUROZONE Demand for stimulation of purchasing power to gain momentum
  • GOLD Bulls need to contain pullback above $1946
  • GBP>USD Potential to move above 1.30 – UOB

 

(https://frank-exchange.com/)

Markets

GBP

Cable posted a near five-month peak at 1.2902 on the back of dollar weakness. The pound’s laggard performance comes amid increasing signs that the EU and UK are only likely to strike a narrow trade deal, with the risk remaining that the UK might even leave the single market at year-end without a deal. The final round of EU-UK trade talks before the summer break will take place this week in London. Last week’s round in Brussels ended without a breakthrough, with both sides reporting that major differences remain on key issues, particularly level playing field rules and fisheries. The UK calendar this week is relatively quiet, highlighted by latest CBI distributive sales report (Tuesday), June lending and money support figures from the BoE (Wednesday), and the July GFK consumer sentiment survey (Friday).

World

The DXY fell to two-year lows of 93.48 in N.Y. on Monday, down from 94.40 highs seen in Asian hours. Incoming data has the June durables report, where orders rose a better than consensus 7.3%. As has been the case of late, there was little if any market reaction. Wall Street made headway, led by the NASDAQ as the agreement between the White House and GOP lawmakers temper the uncertainty over the ability to deliver another spending bill. The rising number of new virus infections and U.S.-China trade frictions remain a damper on risk appetite, but the now solid chance for another shot of fiscal stimulus before month-end lifted sentiment, at least for now. EUR-USD headed from near 1.1680 into the open, to 1.1782 highs. USD-JPY peaked at 105.49 early, later hitting lows of 105.12. USD-CAD hit a 1.3404 high, later bottoming under 1.3355. Cable made trend highs of 1.2902, climbing from early lows of 1.2842

XE Market Analysis Asia – 28th Jul 2020

This document has been prepared solely for information and is not intended as an Inducement concerning the purchase or sale of any financial instrument. By its nature market analysis represents the personal view of the author and no warranty can be, or is, offered as to the accuracy of any such analysis, or that predictions provided in any such analysis will prove to be correct. Should you rely on any analysis, information or report provided as part of the Service it does so entirely at its own risk, and Frank eXchange Limited/Manor House Foreign eXchange Limited accepts no responsibility or liability for any loss or damage you may suffer as a result.  Information and opinions have been obtained from sources believed to be reliable, but no representation is made as to their accuracy. No copy of this document can be taken without prior written permission.

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