Forex Insights-20-Sept-2018


Headlines: Euro dwells in the tight range in lack of fundamental impulses

  • Euro is trading on the upside while remaining trapped within the tight range at around key level as lack of fundamental data see German Bundesbank President Weidmann speaking as a major headline of Thursday.

  • EUR/USD appears consolidated in the near term, while further upside is poised to face formidable resistance above 1.1700 the figure for the time being.


Headlines:Sterling moves higher after UK retail sales rise above expectations

  • Sterling is trading on the upside ahead of the UK retail sales report and the unofficial European summit on Brexit in Salzburg.

  • The Uk retail sales rose above expectations on both total and core retail sales basis in August pushing Sterling above key level.

  • Sterling rose to a fresh multi-week high after UK inflation rose above expectations in August, but the news of the UK Prime Minister set to reject EU Irish border proposal saw Sterling retreating lower on Wednesday.

  • The correction out from the 2018 low has accelerated, with the market pushing through critical shorter term resistance at 1.3000, while trying to set up a higher platform around 1.2800 along the way.


Headlines: USD/JPY on the defensive, but holds above 112.00 handle

  • The USD/JPY pair traded with a mild negative bias for the second consecutive session, albeit has still managed to hold above the 112.00 handle.

  • Rallies continue to be very well capped, with the medium-term outlook still favouring lower tops and lower lows. Look for a daily close back below 109.75 to strengthen the bearish outlook, opening the door for the start to a move back down towards 108.00 which guards against the 104.60 area 2018 low.


Headlines: WTI consolidates around $ 71, focus shifts to OPEC + meeting

  • WTI (oil futures on NYMEX) has entered into a phase of consolidation near two-week tops of $ 71.34, as the bulls await fresh impetus for the next push higher.

  • Iran's Oil Minister Zanganeh was on the wires last minutes, speaking about the output policy ahead of the OPEC+ meeting in Algiers this weekend.

  • Oil at $80 per barrel is a suitable price.


Headlines: Gold edges lower, but holds above $1200 mark on softer USD

  • After an initial uptick to fresh weekly tops, gold prices turned lower and eroded a part of previous session's goodish up-move.

  • Spot prices inched higher on Wednesday and jumped back above the key $1200 psychological mark, shrugging off a strong rally in the US Treasury bond yields.

  • Fails to capitalize on overnight up-move, despite retracing US bond yields. • Risk-on mood/Fed hike prospects seemed to collaborated towards capping. • The prevalent USD selling bias helped limit any immediate sharp downside.

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