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The FxPro Analyst Team

EURUSD and EURGBP Test Levels

This morning we saw the release of the Eurozone Q3 GDP (QoQ and YoY), the Eurozone CPI and Core CPI figures for October (YoY), all in line with expectations. Also the US PCE, Core PCE, Personal Spending and Personal Income (Sep) figures, in line with expectations in general. EURUSD has been oscillating in a downtrend channel since the beginning of October, due to the strengthening of the dollar and the ECB statement of potential extended stimulus measures. Yet the price has held after testing ...

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Carney Stay?

Carney stay or can he go? This is the question that has been rolling through the weekend in relation to the Bank of England governor. The Saturday Times suggested he’ll be off in 2018, the FT suggests that he’s going to hang around. With the BoE interest rate decision and Inflation Report this week, there is a growing expectation that he will quell the speculation by announcing his intentions. He has received a fair amount of criticism in recent months, in part around the Brexit issue and the ...

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Calm before the storm?

The main interest on the majors overnight has been the move above the 105.00 level on USDJPY, which has continued the weaker yen theme prevalent through most of the month. Data overnight showed the core inflation rate (ex-fresh food) remaining in negative territory at -0.5% YoY. On the crosses, EURJPY is nearly back to the 115.0 level, with the euro having found its feet into month end, both against the dollar and also sterling, which is crawling slowly back towards the 0.90 level. All this is ...

The FxPro Analyst Team

USDCAD and GBPUSD Test Major Resistances

USDCAD has been moving along the downside uptrend line support since 19th October, due to the recent strengthening of the dollar. The current price is still holding above the support line. Yet it is trading below the mid-term major resistance level at 1.3400, the selling pressure above this level is heavy, the price will likely pull back here. In addition, the 4 hourly and daily Stochastic Oscillators are both above 80, suggesting a retracement. The resistance level is at 1.3400, followed by 1. ...

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Brexit Barometer

The Brexit vote back in June taught markets never to take anything for granted and the same holds true for the upcoming US Presidential election. A poll lead for Trump in Florida yesterday, combined with some further revelations in the daily mud-slinging, have enhanced the perception that the race remains uncomfortably close for markets to become too complacent over. The Mexican peso has become the market’s favoured barometer of Trump sentiment, weakening yesterday by the most in 1 month on the ...

The FxPro Analyst Team

WTI Broke Significant Support, Gold Nears Major Resistance

WTI spot had held above the significant support line at 50.00 in the past two weeks, after retracing from the mid-term major resistance level at 52.00. Yet the support line has been broken yesterday, as the API Crude Oil Stock figure surged to 4.8 million barrels, hit the highest level since this April. The breakthrough indicates that the trend will likely turn into bearish. The downturn is currently testing the next significant support zone between 49.40 – 49.00, if it is confirmed broken, ...

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FxPro Now On Telegram!

Dear Traders, We are pleased to announce the launch of FxPro’s new Telegram channel! Telegram is a messaging app, focused on speed and security, available across many platforms including desktop, mobile, and web versions. By subscribing to @fxpro on Telegram, you can stay up-to-date on the latest market changes, and benefit from our experienced analyst’s daily outlooks and insightful commentaries, delivered straight to your device of choice. Never miss another market update, follow FxPro on ...

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Sterling reversal

What we saw in sterling yesterday was instructive of the dilemma that may face other central bankers before long. Carney played down expectations of a further easing in policy before the end of the year, as was strongly suggested in August when they eased policy in the wake of the Brexit referendum. The suggestion was that it was becoming a finer balance for the MPC in terms of their ability to look through the anticipated overshoot of inflation on the 2-3 year forecast horizon. The ...

The FxPro Analyst Team

USDJPY and DAX Test Major Resistance Levels

USDJPY has been bullish and trading above the near term uptrend line support since 27th September, helped by strengthening of the dollar. Yesterday we saw the release of the US Markit Manufacturing PMI for October, rose to 53.2, surpassed expectations of 51.5, hit a 12-month high. The outperforming figure pushed USDJPY up and tested the resistance level at 104.50. Yet the level was not broken, as 104.50 – 105.00 is the short term major resistance zone. In addition, the 4 hourly Stochastic ...