{"id":153851,"date":"2019-08-20T09:15:59","date_gmt":"2019-08-20T13:15:59","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=153851"},"modified":"2019-08-20T08:05:14","modified_gmt":"2019-08-20T12:05:14","slug":"usd-remains-bid-over-quiet-week","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/08\/usd-remains-bid-over-quiet-week\/","title":{"rendered":"USD Remains Bid Over Quiet Week"},"content":{"rendered":"
August 20, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

USD Still Bid<\/strong><\/h2>\n

Over a quiet week, the US dollar traded further to the upside on Tuesday morning.<\/strong>\u00a0USD index continued to grind higher during the early European session with price moving back above the 98.22 level to trade 98.25 last. There is little in the way of data this week to impact flows, though traders will be paying close attention to the FOMC meeting minutes due tomorrow.<\/p>\n

ECB Easing Expectations Cap EUR<\/strong><\/h2>\n

EURUSD remains under pressure today with price having failed to make it back above the 1.1112 level yesterday.\u00a0Fears of a prolonged slowdown in the eurozone are keeping expectations of fresh ECB easing elevated.<\/strong>\u00a0The market is widely expecting the bank to announce measures in September, keeping the near-term bias for EUR weighted to the downside.<\/p>\n

Brexit Fears Weighing on GBP<\/strong><\/h2>\n

GBPUSD is trading heavily once more today as the ongoing fallout from the leaked Yellowhammer document weighs on price.<\/strong>\u00a0The market is growing increasingly fearful that the\u00a0UK is headed for a no-deal Brexit.<\/a>\u00a0According to some of the projection made in the report, the consequences could be disastrous. GBPUSD trades 1.2095 last with price fighting to stay above the bearish channel lows for now.<\/p>\n

Risk Assets<\/strong><\/h2>\n

Risk assets remain bid today though flows are very light. The market continues to trade off cautious-optimism around ongoing US\/China trade negotiations.\u00a0The situation remains fragile, however, and China has warned that the US that involvement in the situation with Hong Kong will jeopardize a deal<\/strong>. SPX500 trades 2926.18 last with price fighting to get back above the 2932.54 level.<\/p>\n

Safe Haven Inflows Return<\/strong><\/h2>\n

Safe havens have been firmer again today.\u00a0The risk of a recession in the US<\/a>, as well as the ongoing risks from the trade war and Brexit, have seen JPY and gold both higher against USD over the session so far.<\/strong>XAUUSD trades 2923.93 last while USDJPY trades 106.33. Price remains capped by the 106.77 level, for now, keeping focus on further downside.<\/p>

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Crude Capped By Trendline<\/strong><\/h2>\n

Oil prices have come back under sharp selling pressure so far today following a further rejection at the bearish trend line from July highs.<\/strong>\u00a0Crude has recovered well over recent sessions following the emergence last week of US recession fears. It now remains capped by lingering concerns around the US\/China trade story. Crude trades 55.93 last.<\/p>\n

AUD Up, CAD Down<\/strong><\/h2>\n

USDCAD continues to march higher today.<\/strong>\u00a0A firmer USD and a return to weakness in oil prices have seen CAD coming under pressure once again. USDCAD trades 1.3329 last with price trading firmly back above the 1.33 level.<\/p>\n

AUDUSD remains bid today, despite the moves lower in oil and risk sentiment.<\/strong>\u00a0A recovery in gold prices is helping underpin AUD which is still fighting to hold above the .6758 level.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex USD Still Bid Over a quiet week, the US dollar traded further to the upside on Tuesday morning.\u00a0USD index continued to grind higher during the early European session with price moving back above the 98.22 level to trade 98.25 last. There is little in the way of data this week to impact flows, […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-153851","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=153851"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153851\/revisions"}],"predecessor-version":[{"id":153867,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153851\/revisions\/153867"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=153851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=153851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=153851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}