[GVI Forex 2]

Reversal of fortune: GBPUSD lagging EURUSD as EURGBP retreats after stalling earlier below .8350.

[GVI Forex 2]

CPI in line with expectations… bit of a dovish reaction (yields down, stocks up, dollar down but so far not following through… in this regard watch EURUSD 1.0630 to see if it holds as aupport.

[GVI Forex 2]

NEWSQUAWK US OPEN

Dollar & USTs flat ahead of US CPI and a slew of Fed speakers

Good morning USA traders, hope your day is off to a great start! Here are the top 4 things you need to know for today’s market.

4 Things You Need to Know

European bourses are mostly on a modestly firmer footing; US futures are incrementally lower ahead of US CPI.

Dollar is flat, JPY marginally underperforms with USD/JPY briefly topping 155.00.

USTs are incrementally firmer and ultimately in stasis ahead of US CPI; Gilts continued to underperform.

Crude and precious metals gain but base metals remain subdued.

Try Newsquawk for 7 Days Free

Not signed up to our squawk service yet?

Listen to our team of analysts broadcast the news that will impact the markets as it happens, and never be caught off guard again.

Cancel anytime – free for 7 days

[GVI Forex 2]

EURUSD 1 HOUR CHART – WAITING FOR US CPI

This chart is very clear…

1.0630 is a key resistance… BUT would need become support and then renew 1.0665 (former support) to shift risk away from 1.06

Extended low by 2 pips to 1.0593, suggests there were not a lot of stops below yesterday’s 1.0594 low….still at risk as long as it trades below 1.0630

[GVI Forex 2]

You saw me point out EURGBP moving higher and how it created a tug-of-wat between EURUSD and GBPUSD,

If you want me to elaborate how to use crosses to trade spot fx, contact me using the Contact button in the upper menu bar.
‘

[GVI Forex 2]

Why is the USD firmer today? (USDJPY IS close to BUT still below 155, EURUSD unable to distance from 1.06)

[GVI Forex 2]

As I noted last night, nothing goes straight up forever so stocks seeing some profit-taking should not be a surprise.

No top yet in EURGBP, EURUSD soft but lagging aa GBPUSD slides in what is still a tug of war.

Otherwise, dollar is firmer, including USDJPY despite the risk off tone.

[GVI Forex 2]

Once EURGBP finds a top, EURUSD risks losing its cross bid keeping it above 1.06

[GVI Forex 2]

As I noited, watched EURGBP (firmer), creating a tug-of-war between EURUSDD and GBPUSD

[GVI Forex 2]

GBPUSD 1.2798 is the key level, a firm break would open a void until 1.2611-64… makes 1.28 the pivotal level…GBPUSD selling pressure is also coming from a firmer EURGBP (8 15 min green candles in a row) will post a chart later

[GVI Forex 2]

EURUSD 1 HOUR CHART – 1.06 DEFENSE3

Range si far 1.0606-1.0663

Failure to regain 1.0665 kept risk on the downside.

The bounce from above 1.06 suggests a possible options defense at this key chart support. Back above 1.0630, at a minimum, would be neede3d to slow the risk.

[GVI Forex 2]

Pivotal levels to watch

EURUSD threatening 1.0600
GBPUSD tested 1.28 (low 1.2792)
XAUUSD trading below 2600
BTCUSD paused just below 90K
US500 trading back below 6000

[GVI Forex 2]

EURUSD WEEKLY CHART – TARGETS

As I have been noting, target were at 1.0665 and 1.0600.

As youc an see by this chart, should 1.0600 be firmly broken, then 1.0500-15 and the 2023 high at 1.0446 would come on the radar.

On the upside, back above 1.0630 (yesterday’s high_ and 1.0665 would be needed to ease the risk.

[GVI Forex 2]

EURUSD extending its low after failing to hold above 1.0650… new low at 1.0629..stocks slipping on some profit-taking, see if any correlation kick in

[GVI Forex 2]

In the absence of any news and a semi holiday in the US, keep an eye on stocks… note EURUSD came off its low after stocks slipped back a touch from record high

[Belgrade Bobby]

EURUSD Daily

Resistances : 1.06850 , 1.07300 & 1.07650

Supports : 1.06350 , 1.06000 & 1.05350

1.06350 might slow down this downtrend if it holds today.

We are looking at possible 1.04450 over period of time ( 2 weeks) .

If below 1.04450 road is fully open for test of 1.01500

[GVI Forex 2]

EURUD testing 1.0650, 1.0600 is the target if it stays below 1.0665 but sub-1.0650 would make a stronger case.

[GVI Forex 2]

A look at the day ahead in U.S. and global markets from Mike Dolan

The dollar continues to feed on a mix of post-election tariff and tax cut speculation, China’s struggle with deflation and Germany’s simmering political crisis – with the euro plumbing its lowest levels in almost five months.

Even with bond markets effectively shut on Monday for the Veteran’s Day holiday, the dollar built on last week’s election-related surge – spurred by Friday’s reports, later denied by other sources, that protectionist Robert Lighthizer had already been asked to be President-elect Donald Trump’s new trade chief.

Morning Bid: Post-Election Dollar Revs Up, China Battles Deflation

[GVI Forex 2]

NEWSQUAWK US OPEN’

Equites gain & DXY bid with the Trump Trade still at play; Crude slumps amid constructive geopolitical updates

Good morning USA traders, hope your day is off to a great start!

Here are the top 4 things you need to know for today’s market.

Equities are entirely in the green, with a strong European morning thus far; the RTY outperforms.\

DXY is on a firmer footing with the Trump Trade still in action, JPY underperforms following the BoJ SOO which highlighted the lack of urgency to hike.

Bonds are mixed, with Bunds firmer amid suggestions that Chancellor Scholz could bring forward a vote of no-confidence; Treasury cash trade is closed on account of US Veterans Day.

Crude slips on comments by Hezbollah that there are negotiations to stop the war; XAU/base metals are hampered by the stronger Dollar and softer-than-expected Chinese inflation metrics overnight.

try Newsquawk for 7 Days Free

Not signed up to our squawk service yet?

Listen to our team of analysts broadcast the news that will impact the markets as it happens, and never be caught off guard again.
Cancel anytime – free for 7 days

[GVI Forex 2]

EURUSD 1.0675

Intra-day: Would need to regain 1.0682 and then 1.0694 to ease the current risk to 1.0665 with potential for 1.0600 should 1.0650-65 be broken.