The broader financial markets mood has improved overnight; Crude oil rebounds; Gold, Silver, Platinum, and Copper rallied; Market wrap
Equity indices and G10 currencies rebound on Wednesday, and the dollar index (KTM: USDX) fell, and US 10TY remained at 1.47. Most of the G10 currencies are in green except JPY. The antipodeans rallied strongly with AUD 0.70% and NZD 0.50%.
We saw a strong response to HK extradition bill. Hong Kong leader Carrie Lam to announce the formal withdrawal of the extradition bill. The USD down on the news and the Hong Kong index rallied more than 3.0%
The GBP was the most significant mover overnight with more than a percent gains across the board. Mainly the cable settled above 1.2250, and the GBPJPY ran through the target we set yesterday. Now focus shifts to the next resistance level located at 130.30, a decisive break out above could confirm upward sentiment. Flipside, wait for a retracement towards support levels.
#GBPJPY managed to hold the parallel support located at 126.50, developing a double bottom pattern.
The RSI has been moving higher whereas the oscillator is not supportive. #fxsuit #FX自動売買 #FXTF #currencies
Intraday : as long as 127.65 is support, watch out for 129.30 pic.twitter.com/VJSASgzTVq
— KeytoMarkets (@KeytoMarkets) September 4, 2019
The common currency finally pauses the six-day falling streak on Tuesday, and a follow up buying on Wednesday raises hope of a short-term bottom.
Chart of the day: USDJPY
What’s on today?
Australia July Trade Balance, US ADP employment and US non-Manufacturing ISM are the highlights.
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