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USD
EUR/USD
The Shared currency lost ground to $1.1627 as upbeat U.S data gave the U.S. currency an earlier boost, ahead of a pool of Eurozone economic data.
GBP/USD
The Cable ticked down to $1.3798 despite UK PM Boris Johnson readiness to compromise terms relating to the Northern Ireland protocol and Brexit to overcome the deadlock in the key talks, UK Retail Sales eyed.
USD/JPY
The Japanese yen hardly budged at 114.01 against the U.S dollar despite a better than expected National core consumer price index and The national CPI earlier today.
AUD/USD
The Aussie dollar retreated to $0.7475 after the Reserve Bank of Australia stepped in with an offer to buy A$1 billion of its targeted April 2024 government bond, easing the sell-off on the Australian Bond market.
USD/CAD
The Loonie crumbled to 1.2350 against the greenback as oil prices dwindled amid inflation-led risk aversion.
USD/ZAR
South Africa's rand nursed losses to 14.62 per U.S dollar as risk aversion rippled across global markets.
USD/MUR
The dollar-rupee pinned at 43.05(selling) on the local market.
10:00 - GBP - Retail Sales (MoM) (Sep)
11:30 - EUR - German Manufacturing PMI (Oct)
12:30 - GBP - Composite PMI (Oct)
12:30 - GBP - Services PMI (Oct)
16:30 - CAD - Core Retail Sales (MoM) (aug)
19:00 - USD - Fed Chair Speaks
The dollar Index extends its intense rebound near the 94.00 threshold, clinching a new high for this year 2021 amid an earlier rate hike expectation and announcement of a nearing tapering asset purchase which clearly impacted the yield curves.
A tightening of monetary policy by the European Central Bank remains far in the future but ECB remains vigilant on its inflation figures yet to be released this Friday. This could give additional upward momentum on the USD in the near term and exerts additional selling pressure on the euro and the pound.
On the technical side, after a breach and close above the 100% retracement A-B-C (93.72 level) ,the greenback could easily approach the 113% level at 94.38 followed by 127% level – 94.98 level in the near term. Resistance at 96.47 (161.8%) remains key level to watch
1.3750 marked the completion of ‘wave e’ of the triangular retracement (wave B) of corrective move A-B-C for GBPUSD and abruptly, we saw fresh sellers entering the market below the 1.3600 levels yesterday.
As per Elliott wave principle, GBPUSD is battling around 1.3515 levels and higher inflation, Brexit and Petroleum concerns could exert further pressure on the pound towards 1.32 levels towards completion of wave C.
A breach and close above 1.3750 nullify this downward pattern.
