Today the British PM Theresa May plans to discuss the current conditions of the Brexit deal with the European leaders. Is it happening again? What else will move the world of Forex today? Read the news!
Daily News: markets are varied
- The US dollar index has been trying to recover. It has been trading between $94.50-95. However, to reach the psychological level at $95, it needs additional support. No important economic data will be out today. As a result, there are risks of the fall below $94.50. Otherwise, the index will continue trading within the channel. The resistance lies at $95.
- Tuesday is the day of the euro. A lot of economic data have been released today. The data were mixed and the USD recovers, as a result, EUR/USD has been suffering. The pair is trying to stay above the pivot point at 1.1680. However, the pressure is big. If the USD is stronger, the pair will break below the pivot point. The next support is at 1.1610. Otherwise, it will be able to stick above 1.1680. However, the rise to the resistance at 1.1785 is unlikely.
- The pound can’t break above the pivot point at 1.3125. The trend line puts additional pressure on it. To break this level, the UK currency needs additional support. However, no important economic data will be out today. Strengthening dollar won’t let GBP/USD move up. The support lies at 1.2955. However, if the USD’s growth slows down, the pair will stick above 1.3125.
- USD/JPY has been strongly plunging. On Monday, the pair tested the support at 110.80 but couldn’t stick there. Up to now, the pair has been trading around 111.20. The support still lies at 110.80. Even the strengthening USD doesn’t help the pair to recover as the market expects changes in the policy of the Bank of Japan.
- Some words about exotic currencies.
It’s worth saying that USD/TRY tested the highest level in the history at 4.9678 on July 12. The Central Bank increases the interest rate to support the TRY despite the willingness of Turkish President to lower the interest rate.
The Central Bank of the Republic of Turkey will release the interest rate today. The market anticipates the rate hike. However, the Turkish lira has been suffering today. USD/TRY is trading near 4.75. The resistance lies at 4.80. However, the rate hike may pull the pair down. The support is at 4.70.
- The Chinese yuan continues depreciating not only against the USD but also against the basket. Trade wars tensions put pressure on the currency. Talking about USD/CNH, the pair has been trading at highs of June 2017 near 6.84. The next resistance is at 6.90. In case of the reversal, the support will lie at 6.7750.
That’s all for today! Follow market news with FBS!
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