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GBP/USD Rallies as Bears Take Cowl, USD/JPY Assessments Key Resistance- US Market Open

MARKET DEVELOPMENT – GBP/USD Bears Take Cowl, USD/JPY at Key Resistance

DailyFX 2019 FX Buying and selling Forecasts

GBP: Sterling bears are drastically taking cowl because the continued brief squeeze propels GBP/USD by means of the 1.2300 deal with. Nevertheless, whereas the danger of a no-deal Brexit has diminished barely, uncertainty persists, notably with a common election seemingly inevitable. As such, whereas the Pound has had its strongest 2-day advance over the dollar this 12 months, warning is available.

SEK: The Swedish Krona is among the many prime performers all through the European session following the Riksbank charge resolution. Whereas the central financial institution had lowered its charge path, they’d shocked many by persevering with to forecast that the repo charge can be raised by the year-end or Q1 2020, considerably extra hawkish than anticipated and thus boosting SEK.

JPY / CHF: Protected-haven currencies are on the backfoot amid the enhance in threat urge for food. Late yesterday, the US and China confirmed that head to head talks will happen in October, whereas one other defeat for UK PM Johnson over the Brexit delay invoice has barely eased issues in regard to a no-deal Brexit. As such, USD/JPY is testing resistance at 107.00 during which a break above opens the door to a transfer in the direction of 107.50.

GBP/USD Rallies as Bears Take Cover, USD/JPY Tests Key Resistance- US Market Open

Supply: DailyFX

WHAT’S DRIVING MARKETS TODAY

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— Written by Justin McQueen, Market Analyst

To contact Justin, e-mail him at Justin.mcqueen@ig.com

Comply with Justin on Twitter @JMcQueenFX

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