Vaccine Optimism on the Rise, FX Markets Start To Simmer
Brexit Negotiations Are Making Onward motion, Too
by Bog& Giulvezan
Brexit negotiations are still afoot but a recent development English hawthorn show to beryllium beneficial. Saint Dominic Cummings, Chief Advisor to Prime Minister Boris Johnson and an influential figure in the vote to allow for fight, has definite to submit. The market interprets this as a positive thing and possibly something that will aid in the negotiations since the British Post-mortem examinatio will not be influenced by "anti-EU" counselors. EU leaders will convoke on Thursday, quest to reach a long-overdue solution to the trade deal.
Key Events for the Week Ahead
Tuesday, November 17 at 1:30 necropsy GMT, the US Retail Sales paper comes out, showing changes in the unit of time value of sales made at retail levels. Because retail gross sales account for the vast majority of overall economic activity, a higher number shows a thriving economy and has a positive impact on the greenback. The expected transfer is 0.5% (previous 1.9%). Keep out an eye on the Core reading A well (excludes automobile sales from the calculation) that will be released at the same time: forecast 0.6%, previous 1.5%.
Thursday the European Council will hold a Video Conference and any new developments regarding the Europe – UK deal negotiations, will likely get volatility on EUR and GBP pairs but on the other mitt, the impact Crataegus oxycantha be hushed if aught major transpires.
Friday at 8:15 am Greenwich Time, ECB President Lagarde will speak at an online event accommodated past the European Banking Copulation. The impact is non expected to be malodourous but caution should be used whenever heads of centered banks speak publicly.
Chart Analysis – GBP/USD
The pair is trading roughly 1.3180, above the 100 periods Exponential Moving Modal (4H graph) and above the horizontal affirm level at 1.3100. General the USA Dollar is showing weakness, American Samoa investors are looking to move from safe-haven assets to riskier markets such A stocks but the Lb is besides weighed down by the failure to reach out a consensus in the EU – UK swop deal negotiations.
The levels to watch this week are 1.3100 as support (price already bounced off it in conclusion week and the 100 EMA is in close neighbourhood, which gives more strength to the level) and 1.3280 – 1.3300 as resistance.
The bias is bullish but unless we see some new developments in the EU – Britain business deal deal negotiations, we volition probably give a slow hebdomad, with the dyad confined between the two boundaries just mentioned. The MACD lines are close jointly and the RSI is trading in the middle of its range, supporting a ranging market scenario.
Source: https://www.binaryoptions.net/vaccine-optimism-on-the-rise-fx-markets-start-to-simmer/
Posted by: pettitwhory1993.blogspot.com
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