Published on 21/11/2020 6:05:09 PM | Source: Swastika Investmart Ltd

Weekly Currency Outlook Of 21-11-2020 By Swastika Investmart

Posted in Currency Report| #Currency Tips #Swastika Investmart Ltd

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* The dollar edged higher in early European trade Friday, in tight ranges as traders digest a potential rift between U.S. Treasury Secretary Steven Mnuchin and the Federal Reserve. At 3 AM ET (0800 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 92.325, just above the month’s low of 92.129. The dollar has lost ground against riskier currencies for over a week as drug manufacturers continue to report progress towards a Covid-19 vaccine.

* GBP/USD rose 0.1% to 1.3270 after U.K. retail sales rose 1.2% in October, and were 5.8% higher than a year earlier, bucking forecasts for growth to slow to 4.2% as consumers started their Christmas shopping early. However, news about a potential trade deal between the U.K. and the European Union continues to be the main driver for sterling, meaning moves on economic data tend to be limited. “These days will be crucial for Brexit, and we might expect a large move in GBP at any time now.”

* USD/JPY continues its prolonged, orderly and slow technical descent. Yen strength as favored by real interest rates and modest safety-trade primarily due to the very low inflation in Japan and general US dollar weakness erode USD/JPY. US Treasury yields fade as markets worry about virus spread and closures.

Technical indicators (Daily):

* RSI- 49.2583

* MACD- 0.1315

* MOVING AVERAGES (20,50,100)- (74.3446/73.883/74.2831)


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