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The past week was marked by the return of dollar strength on the back of a decline in riskier assets. The dollar index returned to July levels, while EurUsd fell below 1.17, in part thanks to disappointing European manufacturing indices. Indices in decline mainly due to the increase in infections in the euro area.

Unanimously, several members of the Fed and the ECB affirmed the continuation of accommodative policies and with enlargement in case of need.

I am going to rise again the pound thanks to the words of the BoE Governor Bailey. It has pushed away from the prospect of negative rates.

Emerging currencies, especially the South African Rand and Mexican Peso, are penalized. In Mexico, the central bank cut rates by 25 basis points while in Turkey the Turkish central bank was forced to raise the reference rate by 200 basis points to 10.25%. The cause of this sharp increase was the desire to give a signal to the markets above all to try to stop the depreciation of the domestic currency, even if the depreciation did not stop. Tensions between Armenia and Azerbaijan have caused it to depreciate both against the euro and the dollar.


Eur / Usd

Worst performance for the single currency since early April. The exchange closed just below 1.17.

The uptrend appears to have lost strength, although a rebound remains possible in the coming days.

The support to be monitored remains at 1.16, the next at 1.1429. On the upside, however, the resistance to monitor is that placed at 1.1780.


Eur / GBP

Second week in a row down for the exchange rate with the pound.

0.9047 share to be monitored, then 0.9150 shares. The 2020 high of 0.95 remains far away.


Eur / jpy

Third consecutive week down for the exchange rate with the Japanese currency.

On the downside, the support to be monitored is placed at 122.32, subsequently at 120.70. On the upside, however, the resistance to be monitored is placed at 124.

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