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18th of November 2018

Forex



XE Market Analysis: Asia - Nov 06, 2018

The Dollar index was on the decline into the N.Y. open on Tuesday, though turned higher through the session, peaking at 96.36 from lows of 96.15. U.S. election nerves appeared to subside to a degree, which allowed Wall Street to rally, and the Dollar to edge higher. EUR-USD pulled back from 1.1438 highs to trade under 1.1410. USD-JPY rallied to 113.50 from 113.11, while USD-CAD traded to 1.3145 highs as WTI crude prices fell 2%. Cable steadied near 1.3180.

[EUR, USD]EUR-USD has again largely been stuck in the mud, trading near the middle of its recent range at 1.1410. There was some early Euro buying in the face of U.S. election uncertainty, though as Wall Street has rallied despite the unknown outcome, the Dollar has perked up a bit. FX traders are largely keeping their powder dry today, as expectations for some USD volatility after election results are known remain.

[USD, JPY]USD-JPY has recovered from the 113.11 lows seen at the open, making its way back over 113.45 after printing near one-month high of 113.44 seen in the London morning session. The positive Wall Street open provided a modicum of support, though we look for a narrow range to prevail through the U.S. election results tonight.

[GBP, USD]Cable settled around the 1.3075 mark after earlier clawing out an 18-day high at 1.3096. The Pound is up by an average 2.7% versus the Dollar since levels this time last week. Recent gains have reflected a lessening in sterling's Brexit premium, though there is a risk that hopes of the EU and UK are near to (finally) making an agreement on divorcing terms are being overegged as the seemingly intractable Irish border backstop issue still remains unresolved.

[USD, CHF]EUR-CHF has recouped back above 1.1450, recovering from the four-week printed at 1.1355 last Wednesday, which extended a descent from levels above 1.1500. Signs of flagging Eurozone growth and concerns about the Eurosceptic populist movement have seen the common currency fall out of favor. EUR-CHF has support at 1.1355-62, which encompasses the recent low and the prevailing situation of the 50-day moving average.

[USD, CAD]USD-CAD rallied to 1.3131 highs ahead of the North American open, though has maintained a relatively narrow trading ranges since Monday's close. Heavy oil prices continue to support the pairing, while less than stellar incoming Canada economic data have done the Loonie no favors. Later in the session, WTI crude fell 2%, nearing the $61.00 mark, which took USD-CAD to session highs of 1.3145.Last week's near two-month high of 1.3173 marks the next resistance level.

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