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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 186374, member: 32345"] [B]Date : 8th October 2020. FX Update – October 8 – Post Schnabel, Bailey, Jordan & Pre-Claims & Macklem.[/B] [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG] [B]EURUSD, H1 EURUSD[/B] has settled to near net unchanged levels near [B]1.1750[/B] after ebbing back from a 1.1781 high, which was set in early London trading. Dollar weakness had been a driver earlier, and the currency has seen recouped lost ground. Uncertainties prevail about next month’s US election and the risk that it will be contested, about the Brexit endgame, and, increasingly, about new Covid restrictions and lockdowns in North America and, more especially, Europe. More dovish remarks have come from ECB policymakers, who have recently made known their concern about the recent rise in the euro’s effective exchange rate, given its tightening impact on real interest rates at a time when new Covid restrictions are crimping economic activity. ECB’s Schnabel also warned about credit cycle risks further down the track, especially when support measures are withdrawn, which could equally be applied to the UK, the US and many other economies given the large debt levels that have been built up over the last decade. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/10/2020-10-08_14-50-24.png[/IMG] Overall, there is no strong directional bias at play in [B]EURUSD[/B] at the current juncture. New positive Covid test outcomes continue to shoot up in Europe, but the rate of serious illness (as measured by ICU admissions) and mortality rates remain at low levels, although bumping up in many countries, as indeed are the same metrics for other respiratory disease in the usual seasonal pattern. Tentatively, there is little sign as yet that another big wave impact on public health, as witnessed in March and April in Europe, is happening. But most governments are nervous and firmly set on pursuing virus-suppression-until-vaccine strategies. Northern states in the US, as in Canada, are also seeing spikes in positive Covid tests, which is also leading to the implementation of new restrictions. Weekly jobless claims data and Fed speakers will feature later in the US along with a keynote speech from the BOC’s Macklem. [IMG alt="[IMG]"]https://analysis.hotforex.com/wp-content/uploads/2020/10/2020-10-08_14-52-39.png[/IMG] [B]USDCAD[/B] posted a 17-day low at [B]1.3228[/B], weighed on by a combo of US Dollar weakness and a 1% rise in oil prices. On Canada’s domestic front, rising positive Covid tests are becoming a problem as they are leading to economically disruptive restrictions. Canada’s September employment report is up on Friday, where expectations are for a 100,000 headline gain after the 245,800 rise in August, with unemployment seen ebbing to 10.0% from 10.2%. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Stuart Cowell Head Market Analyst HotForex Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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