Don’t waste your time – keep track of how NFP affects the US dollar!
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Let’s have a detailed technical look at EUR/GBP from a strategic point of view.
Since the beginning of the year, EUR has been gaining value against the GBP. When the virus came, in March, it was pushed out of balance but in the next month it was already back to the same upward trajectory. That, by the way, confirms once again that individual events only have a temporary impact on the market: it is the long-term processes and systematic events that drive currencies. In September, things changed. The currency pair reached the tactical highs above 0.92 and started falling. Since then, it has never stopped.
Currently, it trades below 0.90. The fact that the pair crossed this support downwards confirms the understanding of the market as predominantly bearish now. Although it already managed to make an upward retrace after dropping to 0.89, there is little doubt that it will continue falling. For this scenario, o.8870 is the regional bottom – it saw the price bounce upwards twice before. Will it happen again? Possibly, but a lot of things depend on the outcomes of Brexit – they are due in weeks, if not days. If the trend stays, 0.87 will be the next target for bears. So let’s watch how Brexit evolves and mark the checkpoints.
U.S. stocks are set to open higher Friday, although gains are likely to be limited with the market set to close early in the aftermath of the Thanksgiving Holiday.
Asian shares stalled near record highs on Friday
US markets are closed for Thanksgiving on Thursday, that's why the volatility falls. However, there are still some interesting movements!
U.S. stocks are set to open higher Friday, although gains are likely to be limited with the market set to close early in the aftermath of the Thanksgiving Holiday.
Asian shares stalled near record highs on Friday
CIBC anticipates USD/ZAR will end 2020 at around 15.15, and 2021 at 14.95.
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