Friday, December 8, 2017

#USD Rises, #CABLE Intraday Stalls, #EURO Declines

The #EURO's failure to stay above 1.1880, after trading extensions market near the 1.1980 /00 levels have gradually gone back towards the 1.1755 levels where it started from. This was driven by the USD gaining ground especially from the NFP figures favorable to the USD - DXY back above 94.00 BASIS POINT in the US session.


The Euro's decline spilled over to the #EURGBP cross rate where a similar trading scenario can literally be drawn from the simultaneous a short-live price recovery and a reversal for CABLE after a break though on BREXIT became a fact that the market had earlier reacted on. #GBPUSD retreated back to where it is currently being traded within an intra-day price 1.3363 from the previous week. The rising channel on CABLE remains to be intact as the corrective price action is attributed to the market sentiments in UK and NFP report.

A continuing USD price recovery may still place some serious pressure for the European majors to drift lower as market searches further for fresh incentives to do otherwise. For now FX market and precious metals shift towards a decline in volumes as they have been overshadowed by Equities and the Bitcoin craze that had somehow siphoned a considerable share of investors interest and funds traded with prices hovering above the 15K levels.


1 comment:

  1. Waiting on the FOMC, CABLE declines towards the 1.3310 low, the EURO at 1.1723, with selling pressure continues nearing the expected FED rate hike.

    Precious metals decline with Gold below the 1250.00 levels and US Oil continues to drift lower trading at USD57.18 /bbl is actually supporting a USD resiliency which is retesting near the 95.05 as its preliminary objective.

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