Forex Morning Briefing

Forex Morning Briefing


Commentary: USD continues to struggle. PE

The US Dollar (.DXY) Index at 89.973 has dropped below Key support at 90, as the EUR and JPY have posted gains on back of strong economic data in Europe and Japan.

Note: Weakness in USD has come about in spite of the fact that the US government shutdown has ended. There may come a bounce near term to 91-91.5.

EUR (Euro) at 1.2309 rose on back of stronger consumer confidence data and can be expected to stay below 1.2320-1.2330 for few more sessions, and may see dip to support at 1.21 before it attempts a move higher.

USD/JPY at 110.05 reacted to strong Japanese economy data in-spite of a Dovish stance by the Bank of Japan Tuesday, and is trading above 110 now. We could s USD/JPY testing support 109.5 after which there comes a bounce.

EUR/JPY at 135.41 dropped further as JPY strengthened more than EUR, so may have to wait for a couple of day of clarity on whether moves to test support at 134 or, resume its to resistance at 137.

Sterling (GBP) 1.4025 rose Vs USD, and will attempt to test at 1.41 this week.

Stay tuned…

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