Modest rebound Yesterday, the GBPUSD fell below a trend line on the daily chart. Today the underside of that trend line was tested at the highs. The level held and the price continued the move lower (see daily chart below).
Forex news for North American trade on August 10, 2018 Markets – Gold down $1 to $1211 – WTI crude up 92-cents to $67.73 – S&P 500 down 20 points to 2833 We often use dramatic adjectives like ‘drop’, ‘tumble’ and ‘sink’ to describe forex moves but the fall by as much as 16.9% in the…
Love doesn’t pay the bills Meanwhile the Istanbul Chamber of Commerce is calling for urgent measures on the currency, saying it’s at a point where it’s forcing the quality of balance of payments. The meaning there is that it’s tough to get anything done when the currency is moving 1% minute to minute.
Fitch boosts Greece’s credit rating They say the completion of the final review of ESM programme paves the way for a successful exit form the ESM later this month.
Lets see what he comes up with next So far the strategy of begging people to buy the lira isn’t working. USD/TRY is at 6.37. ForexLive
Turkey and US talking about imprisoned US pastor Trump lawker Jay Sekulow says the diplomatic spat is ‘close to a resolution’. The thinking is that will be a thaw in whatever else is plaguing US-Turkey relations. USD/TRY dropped to 6.31 from 6.48 on the headline but has risen to 6.43.
USD is attacting flows too The JPY and the USD are both attracting flows as there are a lot of global concerns, stocks are weak and yields are lower. The AUD and the EUR are the weakest. The AUDUSD broke to the lowest levels since January 2017 and the EUR is under pressure from concerns…
Commitment of traders report for the week ending Aug 7, 2018 In general, US dollar bets increased but it’s a mixed picture with dollar longs paring back positions against the loonie and yen. I don’t there’s much left of those 11K of euro longs after the price action yesterday and today.
Comments from Motegi to Kyodo news ForexLive
The JPY is the strongest. The NZD is the weakest. The end of the week is nigh, and there are of course the strongest and weakest from the major currencies.