TODAY FOREX REPORT EUR/USD, GBP/USD

INTERNATIONAL CURRENCY BUZZ

Forex - U.S. Dollar Inches Down as Trade Tensions Weigh
Forex - GBP/USD leaps above 1.30 on Barnier comments
Forex - EUR/USD looks to 1.1600 post-Eurozone Sentix

EUR/USD

The bulls are in charge in the European session, propelling the EUR/USD pair to takeout the 20-DMA barrier located at 1.1573, as they await fresh impetus for further upside targets. The spot is trying hard to take on the recovery from fresh three-week lows of 1.1526 reached in early Europe, as the US dollar appears to have found some support across its main competitors, after having witnessed a sharp corrective drop from three-day tops at 95.56. Meanwhile, downbeat Eurozone Sentix investor confidence data could also add weight on the common currency. The Eurozone Sentix investor confidence arrived at 12.0 in September versus 14.3 expected. From a broader perspective, the major remains exposed to further downside risks, as the monetary policy divergence between both the continents is back in play after Friday’s solid US NFP data suggests a faster pace of Fed tightening in the coming months.

GBP/USD

The GBP/USD pair gained more than 100 pips in a matter of minutes after the EU's Chief Brexit Negotiator, Michel Barnier, delivered optimistic comments surrounding the divorce talks with the UK. At the moment, the pair is trading at its highest level in ten days at 1.3035, adding nearly 1% on the day. Speaking at a conference in Bled, Slovenia, Barnier stated that they were close to reaching an agreement on the UK-EU security ties and added that it would be realistic to expect an orderly Brexit deal in 6-8 weeks. Regarding the Chequers plan, Barnier refuted the claims that it was rejected by the EU and said that it was useful. Earlier in the day, the data from the UK showed that manufacturing production contracted by 0.2% on a monthly basis in July while the industrial production only expanded by 0.1% in the same period and both readings fell short of the analysts' estimates. On a positive note, the monthly real-GDP growth came in at 0.2% in July to beat the market consensus of 0.2%.

 

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