FX Daily Strategy: Asia, November 7th

November 6, 2024 10:00 PM UTC

FOMC to cut rates but risks that expectations of a December cut are reduced
USD to extend gains, particularly versus the EUR
GBP vulnerable to increase in BoE easing expectations

North American Summary and Highlights 6 November

November 6, 2024 8:02 PM UTC

Overview - After gaining sharply on the election results in Asia the USD stabilized in Europe and North America. 

Chart USD/MXN Update: Sharp gains pushed back from the 20.7630 Fibonacci retracement

November 6, 2024 5:39 PM UTC

Sharp gains have been pushed back from resistance at the 20.7630 long-term Fibonacci retracement

Chart USD/CAD Update: Smart reversal consolidating test of the 1.3958 current year high

November 6, 2024 4:56 PM UTC

The anticipated break below 1.3850 has bounced sharply from above congestion support at 1.3800

FX Daily Strategy: APAC, November 7th

November 6, 2024 4:20 PM UTC

FOMC to cut rates but risks that expectations of a December cut are reduced
USD to extend gains, particularly versus the EUR
GBP vulnerable to increase in BoE easing expectations

Chart AUD/USD Update: Choppy trade giving way to consolidation - background studies under pressure

November 6, 2024 2:46 PM UTC

The anticipated test of 0.6650 has given way to sharp losses to 0.6512~

Chart EUR/JPY Update: Further consolidation - daily studies under pressure

November 6, 2024 2:25 PM UTC

Little change, as prices extend consolidation above congestion support at 165.00

Chart USD/JPY Update: Approaching 155.00 in volatile USD- and JPY-driven trade

November 6, 2024 2:20 PM UTC

The sharp bounce from the 151.44 low of 25 October is extending in both USD- and JPY-driven trade

Preview: Due November 22 - U.S. November S&P PMIs - Manufacturing slightly weaker, Services still strong

November 6, 2024 1:23 PM UTC

We expect November’s S and P PMIs to show a marginal slippage in manufacturing to a still weak 48.0 from 48.5 but with services unchanged at a healthy 55.0. 

EUR, USD flows: History suggests modest USD gains

November 6, 2024 1:11 PM UTC

Rising US yields supported the USD in 2016, and are likely to do so again now, but erhpas less substantially. 

Chart EUR/USD Update: Focus on 1.0666

November 6, 2024 12:35 PM UTC

Choppy trade has given way to further losses

Chart USD/ZAR Update: Sharp reversal - strong resistance at the 17.8600 Fibonacci retracement

November 6, 2024 12:13 PM UTC

The anticipated fall towards support at the 17.3500 break level has given way to a sharp reactive bounce

Chart EUR/CAD Update: Sharply lower to the 1.4900 Fibonacci retracement - studies under pressure

November 6, 2024 11:42 AM UTC

Anticipated losses have broken sharply lower to the 1.4900 Fibonacci retracement

Psychology for major markets November 6th

November 6, 2024 11:27 AM UTC

USD gains on Trump/Republican victory

Europe Summary and Highlights 6 November

November 6, 2024 11:21 AM UTC

After gaining sharply in Asia on the news of a Trump victory and a likely Republican clean sweep, the USD was generally little changed in Europe, but the AUD and scandis rallied somewhat after overnight losses and the CAD also slightly outperformed. 

EUR flows: EUR downside risks as 2 year yield drops

November 6, 2024 10:49 AM UTC

EUR 2 year yields drop after US election, possibly on tariff concers, suggesting EUR downside risks.

FX Daily Strategy: N America, November 6th

November 6, 2024 10:32 AM UTC

USD up on likely Republican clean sweep
JPY to struggle on the crosses short term
Initial USD gains might fade as policy actions may be delayed

Chart EUR/CHF Update: Choppy in range

November 6, 2024 10:02 AM UTC

The anticipated test of congestion support at 0.9350 has given way to a sharp bounce in heightened volatility

Chart USD/CHF Update: Sharp reversal higher - strong resistance at 0.8800

November 6, 2024 9:28 AM UTC

Cautious trade has given way to a sharp break higher to the 0.8748 weekly high of 15 August

Chart EUR/GBP Update: Under pressure - strong support at 0.8295/00

November 6, 2024 8:54 AM UTC

Cautious trade has given way to the anticipated fall

Chart USD Index DXY Update: Sharp reversal - resistance at 105.50

November 6, 2024 8:41 AM UTC

The test of support at the 103.40 break level has given way to a sharp bounce to 105.30~

Chart EUR/USD Update: Sharp fall - studies under pressure

November 6, 2024 8:30 AM UTC

Anticipated selling interest around 1.0930 has led to a sharp fall

Chart GBP/USD Update: Sharp losses pressuring the 1.2865 Fibonacci retracement

November 6, 2024 8:20 AM UTC

Anticipated selling interest within the 1.3043/50 area has given way to a sharp fall

USD flows: USD up on likely Republican clean sweep

November 6, 2024 7:32 AM UTC

USD up as Trump victory seems assured with the Republicans also likely to win both houses of Congress. JPY to suffer most initially on risk positive move 

Chart GBP/USD Update: Sharp pullback return focus to 1.2844 low

November 6, 2024 6:53 AM UTC

Rejection from strong resistance at 1.3045 July high see sharp drop to threaten the 1.2844, October low

Chart EUR/USD Update: Under pressure, 1.0700 level at risk

November 6, 2024 6:30 AM UTC

Reversal from the 1.0935 Fibonacci level saw sharp plunge through the 1.0761 October low

Chart AUD/USD Update: Reversal turn focus to .6500/.6488 support

November 6, 2024 6:10 AM UTC

Sharply lower following rejection from the .6645 high with the outside range retracing all of the gains from the .6537 low of last week

Chart USD/INR Update: Extending gains

November 6, 2024 5:33 AM UTC

Sharply higher to extend the break of the 84.1000 figure at the start of the week to reach fresh all-time high at 84.2025

Asia Summary and Highlights 6 November

November 6, 2024 5:02 AM UTC

Trump in favor from early polls
USD triumphs major FX

FX Daily Strategy: Europe, November 6th

November 6, 2024 4:54 AM UTC

Focus on US election
Trump win likely to be a small USD positive, Harris win a bigger USD negative
Clean sweep for Republicans would likely be more of a USD boost

AUD/USD flows: King Dollar Is Back

November 6, 2024 3:59 AM UTC

USD triumphs major FX

Chart USD/IDR Updates: Extending gains

November 6, 2024 3:35 AM UTC

Follow-through above the 15800 level has seen gains to fill the gap at the 15829 low of 13 August

Chart USD/THB Update: Poised for break of 34.00 Fibonacci level

November 6, 2024 3:12 AM UTC

Rebound from the 33.54 low see prices retracing pullback from the 34.00 figure

USD/JPY flows: Trump Trade Cheers

November 6, 2024 3:08 AM UTC

Market cheers on Trump seemingly passed North Carolina

Chart USD/KRW Update: Rebound return focus to 1395.00/1400.00 highs

November 6, 2024 2:57 AM UTC

Consolidation above the 1370.00 support has given way to sharp break above the 1690.00/1393.00 resistance to extend gains from the September low

Chart USD/SGD Update: Rebound return focus to 1.3240/1.3264 highs

November 6, 2024 2:24 AM UTC

Sharp bounce from the 1.3132 threatens reversal of losses from the 1.3264 high of last week

USD/JPY flows: Back to Trump Trade

November 6, 2024 1:56 AM UTC

Trump Trade resumes as early polls favor Trump

Chart GBP/USD Update: Gains stalled at the 1.3045 resistance

November 6, 2024 1:56 AM UTC

Gains stalled on retest of strong resistance at 1.3045, July high

Chart EUR/USD Update: Sharp rejection from the 1.0935 Fibonacci level

November 6, 2024 1:41 AM UTC

Sharply lower following rejection from the 1.0935, 38.2% Fibonacci retracement level

Chart EUR/JPY Update: Drifting within a narrow range above 165.00

November 6, 2024 1:24 AM UTC

Little change, as prices remains within a narrow range above the 165.00 level

Chart USD/JPY Update: Sharp bounce from 151.28, intraday low

November 6, 2024 1:06 AM UTC

Turned up sharply from 151.28 intrtaday low as prices unwind oversold intraday studies

Chart NZD/USD Update: Still limited above the .6000/15 resistance

November 6, 2024 12:30 AM UTC

Edged higher in choppy trade from the .5940 low gains struggling to clear the .6000/15 resistance