EUR/USD and GBP/USD muted as USD/JPY moves higher
Today’s ECB meeting could provoke some volatility in euro pairs, while USD/JPY has benefited from revived risk appetite.
EUR/USD cautious ahead of ECB
Today’s the European Central Bank (ECB) meeting could well provoke some volatility, with a more hawkish view bolstering EUR/USD and helping it to make further headway after stabilising above $1.175.
A move higher targets $1.188 and then on to $1.194. A renewed bearish view requires a move back below $1.175.
GBP/USD struggles to bounce
GBP/USD witnessed a small recovery yesterday, bouncing back above $1.36, and recovering the 200-day simple moving average (SMA) $1.37.
Further, gains head towards $1.38 and then $1.39, the latter being the peak from mid-month. For now, the bearish view is weakened, and would need a move back below $1.365 to suggest a new move lower is beginning.
USD/JPY makes further gains
The recovery of USD/JPY continues, with the price rallying over the past two sessions and bolstering the bullish view.
Yesterday saw the price move back above trendline resistance from the July peak, suggesting further bullish momentum is at hand, targeting ¥111.00 and then ¥111.65.
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.
