The Dollar has consolidated gains seen following Friday’s post-jobs report moderation in Fed easing expectations. EURUSD has posted a narrow range around 1.1215-30 so far, while Cable, AUDUSD and other pairings saw a similar price action. The Yen unwound gains seen during the Tokyo session as stock markets across Asia came under pressure. USDJPY lifted back to the mid 108.0s after setting a low at 108.28, remaining comfortably within its Friday range. The pair has declined in eight of the last 12 weeks, though the last two have been up weeks. Cable settled after diving to a six-month low on Friday at 1.2481 following the US jobs report. EURGBP remained buoyant, but markets have still lacked the muster for a test of the recent six-month high at 0.6992. USDCAD settled around 1.3080, looking poised to challenge the eight-month low seen last week at 1.3037.
Turkey’s Lira sank lower on news of the central bank chief’s sacking by President Erdogan, which is the latest step of the latter to undermine the independence of the bank and credibility of Turkey’s economic policy. This comes just as Turkey is taking delivery of a Russian missile defence system, which is likely to invite US sanctions. The Lira dove 2.1% to its low versus the Dollar, unwinding gains seen over the last week, but still below the key 20-day moving average and trend-line resistance.
Click here to access the Economic Calendar
Head Market Analyst
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.