The GBP is going to be volatile today, while USD/TRY may be looking for a retest of its highs. Read more!
Market updates on October 2
Key events ahead:
Brexit press conference by British PM Johnson – 14:00 MT (11:00 GMT) time
US ADP non-farm employment change – 17:30 MT (13:30 GMT) time
Speech by the FOMC member Williams – 17:50 MT (13:50 GMT) time
- EUR/USD has touched the resistance at 1.0940 and started to fall down on the risk-off sentiment. Bears have been targeting the support at 1.0908. If this level is broken, the next key level will lie at 1.0884. Bulls will be awaiting the release of ADP non-farm employment change at 17:30 MT time. According to the forecasts, the indicator will advance by 140 thousand jobs. If the actual level is lower than the forecasts, the USD will weaken. As a result, the pair will rise to the resistance at 1.0940. Next resistance levels will lie at 1.0958-1.0964 (close to the 50-period SMA).
- GBP/USD is awaiting the press conference by the British Prime Minister Boris Johnson on a new Brexit plan at 14:00 MT time. If it disappoints the market, the cable will slide towards the trend line of September 3. The 1.2210 level will be important for sellers. In case of a breakout, the support level at 1.2193 will be important. Strong bearish pressure may pull the pair even lower to the 1.2170 level. On the other hand, if the market likes the new plan by Mr. Johnson, the pair will stick above the 1.2233 level. The next key levels lie at 1.2252 and 1.2272.
- USD/JPY bounced from the 100-period SMA and moved down towards the 107.62 level. The next support lies at 107.51. From the upside, the resistance levels lie at 107.79 and 107.89 levels.
Australia will publish the level of employment change and the unemployment rate at 3:30 MT on October 17.
The escalation of the US-China trade dispute and the Brexit uncertainties keep affecting the market. Read more!
The reports that the UK and the EU are close to complete a draft Brexit deal have pushed the British pound higher.