|Day's Range||1.306 - 1.328|
|52 Week Range||1.2663 - 1.4377|
Investing.com - The dollar rose against its rivals on Friday, as investors reined in appetite for emerging-market currencies, while the pound racked up losses as the UK and EU reached an "impasse," on a post-Brexit deal.
The Australian dollar was lower, with AUD/USD down 0.16% to 0.7280. Meanwhile NZD/USD jumped 1.04% to 0.6679 after Moody's reaffirmed the country’s AAA rating.
The U.S. dollar strengthens in Friday trading but still looks at its worst weekly performance in a month, while the British pound is pushed sharply lower after Prime Minister Theresa May spoke of the possibility of a “no-deal” Brexit.
Investing.com - The pound fell to an intraday low against the dollar on Friday after UK Prime Minister Theresa May said that the UK and European Union were at an impasse in Brexit negotiations.
Limited data for Friday will see continued focus given to Brexit talks, which see cold water beginning to splash on hopes for a peaceable workaround.
The British pound continues to go much higher, as Thursday was more of the same. Now that we are above the 1.3125 level, I am essentially a “buy only” trader when it comes to this pair.
Inflation numbers out of Japan this morning were a reminder of how far off the BoJ is from making a move, focus shifting to the EU and the Oval Office.
Investing.com - The dollar fell to a nearly four-month low against its rivals on Thursday, as investors bet on an ongoing rebound in emerging-market currencies amid improved sentiment in developing economies.
The U.S. dollar weakens on Thursday, partly due to a buoyant British pound and New Zealand dollar, which were both trading higher on the back of better-than-expected economic data.
The Euro initially rallied during the day on Wednesday but is facing stiff resistance at the neckline of an inverse head and shoulders pattern that is formed on the daily chart. The market is expected to continue noisy and given the trade wars, USD will experience pressure and “buy on dips” will be the right strategy to continue in this market.
In the Asian markets, it seems that the recovery rally has exhausted. After two days of growth, Asian markets mixed, returning to the levels of the end of last week. Global stocks mostly higher.
The 100-day MA proved a tough nut to crack on the negative Brexit news and investors now await UK retail sales update for fresh impetus to move forward.
The British pound continues to be very noisy as a rumor was released the Teresa May was not happy with the latest compromise involving the Irish border with the EU ministers. Of course, this was released on Twitter, so it could be simple currency manipulation for all we know.
Impressive 2nd GDP numbers drive the Kiwi, with Brexit and retail sales numbers putting the Pound in the spotlight.
Investing.com - The dollar fell against its rivals on Wednesday, shrugging off mostly upbeat U.S. economic data as emerging market currencies made a stand against the greenback on improved sentiment.
The U.S. dollar trades slightly weaker versus many of its rivals on Wednesday, as investors focus on turmoil surrounding the British pound, as well as China’s reiteration that it wouldn’t use its yuan as a trade war tool.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.17% to 94.06 as of 11:45 AM ET (15:45 GMT). The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year. Meanwhile, trade developments with the U.S. and Canada continued, as Canadian Prime Minister Justin Trudeau said he was going to need see “movement” before a deal could be reached.
The pound struggled for direction Wednesday after reports that UK Prime Minister Theresa May was set to reject the European Union’s Irish border solution. The EU had suggested having more checks only in Northern Ireland, but May is expected to reject their offer, insisting that any solution must be UK-wide, The Times reported. The EU’s chief Brexit negotiator Michel Barnier previously suggested that checks would need to be carried out at British and Northern Irish ports on only one category of goods moving from Great Britain to Northern Ireland.
The British pound retraced previous gains and turned negative on Wednesday, following a report by The Times of London that U.K. Prime Minister Theresa May was going to reject a new offer by the European Union to solve the Irish border issue. EU chief negotiator Michel Barnier's previous comments of Brussels willingness to make an improved offer had been received positively by the market. The treatment of the border between the U.K.'s Northern Ireland and the Republic of Ireland, an EU member state, has been at the heart of the issues surrounding a Brexit agreement. May's expected rejection of the EU proposal reignited investor worries about a "no-deal" Brexit, in which the U.K. would leave the EU in March 2019 without an agreement governing its future relationship with the continent. The British pound dropped to a session low of $1.3098 following the report, compared with a session high of $1.3214. It last bought $1.3140. The euro-sterling pair had been little changed prior to the headline, but had last strengthened to £0.8889, up 0.2%, according to FactSet.
The Euro rallied initially during the Tuesday’s session but as soon as China announced retaliatory tariffs, the market turned extremely volatile. In order to continue with the bullish sentiment, it needs to break above the 1.1725 level, which will send this pair to the 1.1750 level and then to the 1.18 level. The pair is successfully holding above the 1.3125 level and given enough time, it likely that buyers send this market much higher.
Pound buyers are enjoying some Brexit relief as PM May and the EU’s Michel Barnier appear set to begin working together towards a solution.
The British pound went back and forth during the day on Tuesday but has done something rather important in the sense that the 1.3125 level looks to show signs of support after being broken to the upside. Currently, consolidation seems to be the way forward.