I always define my risk, and I don’t have to worry about it.
USD
EUR/USD
The Shared currency initially slipped $1.1511 after data showed stronger U.S. job growth than expected in October, but later retreated to $1.1560 as risk appetite improved.
GBP/USD
The Cable extended its slide to $1.3482 on BoE's interest rates decision last week combined with Governor Andrew Bailey's cautious stance continue to weigh on the pair.
USD/JPY
The Japanese yen modestly gained to 113.58 against the U.S dollar after Bank of Japan's policymakers acknowledged earlier today that inflationary pressure was rising due to higher energy prices but believed it was moderate and monetary easing should be maintained.
AUD/USD
The Aussie dollar sidelined at $0.74 as the market awaits the next domestic catalyst in Aussie jobs this Thursday.
USD/CAD
The loonie hardly budged at 1.2457 versus the greenback following solid US & Canadian labour reports failed to stir the pair.
USD/ZAR
South African rand firmed at 14.98 per U.S dollar after a volatile week with price swings driven by domestic politics and US monetary policy.
USD/MUR
The dollar-rupee stayed put at 43.15(selling) on the domestic market.
19:30 - USD - Fed Chair Powell Speaks
21:00 - GBP - BoE Gov Bailey Speaks
The dollar Index extends its intense rebound near the 94.00 threshold, clinching a new high for this year 2021 amid an earlier rate hike expectation and announcement of a nearing tapering asset purchase which clearly impacted the yield curves.
A tightening of monetary policy by the European Central Bank remains far in the future but ECB remains vigilant on its inflation figures yet to be released this Friday. This could give additional upward momentum on the USD in the near term and exerts additional selling pressure on the euro and the pound.
On the technical side, after a breach and close above the 100% retracement A-B-C (93.72 level) ,the greenback could easily approach the 113% level at 94.38 followed by 127% level – 94.98 level in the near term. Resistance at 96.47 (161.8%) remains key level to watch
1.3750 marked the completion of ‘wave e’ of the triangular retracement (wave B) of corrective move A-B-C for GBPUSD and abruptly, we saw fresh sellers entering the market below the 1.3600 levels yesterday.
As per Elliott wave principle, GBPUSD is battling around 1.3515 levels and higher inflation, Brexit and Petroleum concerns could exert further pressure on the pound towards 1.32 levels towards completion of wave C.
A breach and close above 1.3750 nullify this downward pattern.
