In the absence of any real market changer between the recent RBA interest rate cut within expectations, the ISM manufacturing data and the much anticipated Non-Farm Payroll data, the market sentiments on the GBPJPY, EURGBP & EURJPY Cross Rates reinforced trend remains resilient with the steadier prices still moving north of the charts.
From our closing analysis and insight for the US Dollar Index dated the 30th of November; we have made mention that ..." The key indicator for the opening price gap would dictate the first trading week for December." While the USDx opened lower with a price gap at the first trading day of the new month of December @79.99/00 from a month's closing price last Friday @80.25 basis point have indicated a lower signal for the USD. Which prompted the Euro & Cable prices to swing higher at the ealier Asian trading session towards the European sessions. Although, inbetween sessions, prices have had some minor session pullbacks breathing some false indication of a possible decline. However, these decline in prices are mere corrections and price adjustments that are intended to soften the relative strengths / weaknesses of the current prices related to their corresponding indices. These price adjustments is where changes are likewise made while technical divergences /convergence are created in the same manner that would provide some trade signals along the way.
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