Don’t waste your time – keep track of how NFP affects the US dollar!
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The British pound surged higher amid the optimistic news of the upcoming Brexit agreement. Recently, David Frost, the chief EU-UK negotiator, claimed that the deal may be done in September. Just to remind you, the deadline is scheduled for December 31. Meanwhile, it’s always the EU, which makes final decisions. The UK had already broken the promise to end Brexit talks in July. Therefore, the EU’s initial deadline for October seems more realistic. Elsewhere, two countries still have some disputes over the fishing waters, the UK’s sovereignty, the country’s laws and courts. Nevertheless, the fact that the Brexit agreement may be reached earlier than the deadline has calmed the market.
Moreover, the coronavirus has been taken under control in the United Kingdom, unlike other European countries, that recorded increasing infections. The UK was one of the last ones to impose a lockdown, but it kept strict restrictions for longer time. Thus, now when businesses have reopened, the British economic activity should improve significantly in the second part of the year and may even outperform other countries. Let’s look at the charts.
GBP/USD is trading above 1.3000. There is an initial resistance near the 1.3120 level, the pair bounced off this level several times. If GBP/USD breaks it through, it may surge to the next resistance at the high of August 6 at 1.3160, which the pair has failed to cross two times already. On the flip side, if the US dollar gets stronger, the pair may fall to the yesterday low at 1.3050. The move below this level will push the price lower to the support line at 1.3020. Follow further news!
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
The U.S. Commerce Department said it will issue an order Friday that will bar people in the United States from downloading Chinese-owned messaging app WeChat and video-sharing app TikTok starting on September 20.
Oil keeps rallying for the fourth day in a row after Goldman Sachs claimed that the oil market is in deficit and also because of the recent storm in the Gulf of Mexico, which led to the sharp decline of oil production. It is the best week for oil since June!
