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Original title:[El mercado de divisas ha sabido]Brexit controls audiences, gold shines again, euro stabilizes above 1.2
FX168 Financial News (North America) News Hello everyone, welcome to the forex market today. Mr. Mike O’Neill (Michael O’Neill) contributed articles exclusively to FX168, providing professional forex reviews.
Tuesday (Dec 8): Brexit triggers a rise in the pound (Sterling jumps on Brexit headline)
Tips for professional traders: scale to higher risk trades
(At 6 o’clock in the morning EST, the North American forex market opens, source: Saxo Bank)
Night market observation:
With the exception of the British pound, the major currencies of the Group of 10 are traded cautiously in a calm and quiet market. The exchange rate of the pound first fell, then spiked, and then returned to the opening level in the rising New York stock market.
Because the US government failed to make any progress on the new rescue plan, which contributed to profit-taking, the European stock markets and Wall Street were lost.
The dollar opened slightly lower.
(Source: IFXA)
GBP / USD:
The GBP / USD pair provided fireworks for the New York transaction. Due to pessimistic articles on the Brexit negotiations, GBP / USD registered 1.3355 and then fell steadily to 1.3292. Prime Minister Boris Johnson said: “I am hopeful, but I must tell you the truth.” The president of the European Commission, Von der Lein, said he did not have the conditions to reach an agreement.
But when the EU spokesman said Britain agreed to drop the provisions of the Internal Market Act related to Northern Ireland, the negative sentiment changed. GBP / USD rose from 1.3292 to 1.3391. The optimism quickly faded and the price fell to 1.3344. Many experts believe that these terms are just a “communicative” negotiation strategy.
(15-minute chart Pound / USD, source: Saxo Bank)
EUR / USD:
The EUR / USD traded sideways in the 1.2097-1.2133 range. Traders are cautious due to trade negotiations between the EU and the UK, and current coronavirus restrictions in many parts of Europe. Today’s euro zone data is mixed and does not offer any direction. Eurozone GDP in the third quarter increased by 12.5% compared to the previous quarter, slightly below the 2.6% forecast. The German ZEW data is mixed. The economic sentiment index is 55 (estimated 46), offsetting the current -66.
The technical side of the euro / dollar is bullish above 1.2050, and is expected to break above 1.2180 and extend the gain to 1.2280.
(EUR / USD 4-hour chart, source: Saxo Bank)
gold:
The gold shines again. Shiny gold broke the resistance level of US $ 1,847.00 / ounce and showed a slight uptrend above US $ 1,826.00 / ounce, expected to break US $ 1,875 / ounce and expand to US $ 1900.00 / oz. The prospect of the United States keeping interest rates low for a long period of time outweighs concerns about the continued rise in risk appetite globally.
（Gold price15 minute chart, source: Saxo Bank)
USD / CAD:
USD / CAD continues to consolidate recent losses in the 1.2770-1.2840 range, despite the negative bias. Tomorrow’s Bank of Canada monetary policy meeting is not expected to take any major action. Monetary policy and interest rates are unchanged and there will be no press conference. USD / CAD intraday technical stance is bearish below 1.2810 and is expected to dip below 1.2770, further extending the slide to 1.2730.
(USD / CAD 4-hour chart, source: Saxo Bank)
Dollar index:The dollar index recovered from 90.68 in the Asian market to 91.24 in the European market and then quickly reversed. The short and medium-term downtrend is not affected and is expected to fall further to 89.30 points.
(4-hour chart of the US Dollar Index, source: Saxo Bank)
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Proofreading: Er Dongchen
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