US DOLLAR OUTLOOK: GBP/USD, AUD/USD, USD/MXN IN FOCUS WITH BOE MEETING, AUSTRALIAN EMPLOYMENT & BANXICO DECISION ON DECKUSD w
US DOLLAR OUTLOOK: GBP/USD, AUD/USD, USD/MXN IN FOCUS WITH BOE MEETING, AUSTRALIAN EMPLOYMENT & BANXICO DECISION ON DECK
USD worth motion edged larger all through Wednesday commerce on stability judging by efficiency within the US Greenback Index (DXY). The DXY Index has climbed larger to date this week, which follows the Buck’s gradual and regular decline from its October swing excessive to a 5-month low.
The benchmark of main US Greenback forex pairs now approaches a stage of technical confluence (most notably its 200-DMA) which may stymie a sustained rebound try. That mentioned, foreign exchange merchants will seemingly have their focus turned towards counterpart worth motion headed into Thursday’s buying and selling session contemplating the swath of high-impact occasion threat and information releases outlined on the economic calendar.
Correspondingly, GBP/USD, AUD/USD and USD/MXN stand out because of their potential for above-average swings in spot costs over the following 24-hours judging by elevated in a single day implied volatility readings on these US Greenback crosses.
GBP/USD PRICE CHART: DAILY TIME FRAME (OCTOBER 2019 TO DECEMBER 2019)
Spot GBP/USD costs have drifted decrease because the spike larger final week pushed by the UK election outcomes. Whereas the British Level initially rejoiced the Tory path to Brexit, newer developments like PM Boris Johnson placing no-deal Brexit…