EUR/USD rises and GBP/USD holds steady, but USD/JPY falls back
While the euro is recovering against the dollar and the pound is holding steady, the greenback has dropped back against the yen after recent strong gains.
Tentative buying lifts EUR/USD
EUR/USD is rebounding in early trading, after an almost one-way move since the election.
After such steep losses in such a short space of time, a rebound is to be expected. A short-term bounce may target the late October lows just below $1.08. Any bounce that fails to clear the early November peak at $1.0935 may well become a fresh selling opportunity.
GBP/USD steadies after losses
The early August low around $1.267 is back in play, after steep losses for GBP/USD.
Just below this lies the June low at $1.26. If this is broken then the next levels to watch become the May and April lows. A short-term recovery back above $1.27 might suggest a low is in place for now, though any turn lower below $1.304 might still signal that a lower high has been created.
USD/JPY eases off after huge rally
The surge has continued here, though some losses have been seen in early trading.
The remarkable recovery in USD/JPY has raised fears of fresh intervention by Japan. Having recouped the ¥155.00 level, the pair looks well-placed for further gains. A close back below ¥152.00 might negate this bullish view.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
