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EUR and GBP grids up in reflection of weak USD tone

USD index grids down overnight in despite of a higher US stock. Some USDJPY rebounded after the speech of Xi with positive tone on globalization and in effect of the opening up of China market. As well as higher Nikkei which is boosting some YEN cross buying that indirectly support the USDJPY back over 107 again. But little momentum following through and market remain very cautious on current geopolitical situation as the trade war risk remains. Steady US treasury yield and US stock market remains to struggle at higher level and will be adding more cautious market move in short term.

EUR and GBP grids up with reflecting to the slightly weak USD tone and the overall technical driven move. As further rallies will be seen to test the topside resistance in near term.

Commodity currencies (AUD / NZD / CAD) grids slightly higher on risk trades improvement and the effect of slightly lower USD but short term still responding to broad USD move.

Today US Fed’s Kaplan speech, Producer Price Index, Wholesale inventories and stock/bond market move will direct the intraday action.

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    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.