{"id":155091,"date":"2019-09-09T10:02:46","date_gmt":"2019-09-09T14:02:46","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=155091"},"modified":"2019-09-09T09:50:16","modified_gmt":"2019-09-09T13:50:16","slug":"brexit-headlines-offer-cable-longs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/09\/brexit-headlines-offer-cable-longs\/","title":{"rendered":"Brexit Headlines Offer Cable Longs"},"content":{"rendered":"
September 9, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Last week\u2019s flows spilled over to this week\u2019s session during the European and London session,\u00a0supporting all majors against a weaker dollar<\/strong>.<\/p>\n

Pound & Aussie Best Performers<\/strong><\/h2>\n

Despite the\u00a0political turmoil in the UK<\/a>, the latest developments to make a no-deal Brexit on October 31st legally impossible seem to be supporting the British pound.<\/p>\n

Not only is cable trading near fresh July highs at $1.2370, but it\u2019s doing so with negligence of\u00a0disappointing manufacturing production figures<\/strong>\u00a0(0.3% act vs 0.8% exp). The dollar is indeed weaker, but none of the other majors surged as much as the pound. Apart from a relatively strong Aussie, that is.<\/p>\n

The\u00a0Australian dollar continues soaring<\/strong>\u00a0as risk capital sizes remain at elevated levels. AUDUSD trades closer to the 63 cents mark this morning with the next\u00a0strong resistance laying near the 69 cents<\/strong>. Should the day close on a positive note, the currency pair would mark its\u00a0sixth consecutive winning streak.<\/strong><\/p>\n

Euro & Kiwi Also Up<\/strong><\/h2>\n

Positive German exports<\/strong>\u00a0have allowed the euro to start the week on good footing. German exports rose to 0.7% against expectations of a 0.3% raise and a -0.1% in the previous release. EURUSD remains marginally bid against the dollar. However, its appreciation seems limited to $1.105.<\/p>

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Meanwhile, euro traders are getting ready for this week\u2019s ECB policy meeting, which means that\u00a0eurodollar could remain mixed<\/strong>\u00a0until the event materializes.<\/p>\n

Kiwi, on the other hand, is performing a tad better than the euro.\u00a0NZDUSD has marked six winning trading sessions<\/strong>\u00a0already and could potentially record the seventh one today. It\u2019s trading bid back above the 64 cents near a three-week high, but the pair\u2019s upside looks also limited to 64.55 cents. That being said, it\u00a0continues to be supported by risk flows<\/strong>.<\/p>\n

Commodities Mixed, Safe-Havens Down<\/strong><\/h2>\n

Both\u00a0oil and gold have made limited moves<\/strong>\u00a0during the first half of the trading session. US oil looks bid near the $57\/barrel, especially after having registered\u00a0four consecutive winning sessions<\/strong>. However, a psychological rejection could bring in\u00a0some short-term pullback<\/strong>. Gold, on the other hand. also mixed,\u00a0flirts with the massive $1500\/oz level.<\/strong><\/p>\n

Equities Supported as Dollar Weakens<\/strong><\/h2>\n

With the\u00a0latest NFP data<\/a>\u00a0dragging dollar lower,\u00a0equities are on a smooth ride<\/strong>\u00a0as the next interest rates decision nears. Politics are not pushing the indices up this morning. In fact, no developments on the lingering trade war seem to be spearheading flows. It is a rather interesting shift, once again, as market participants switch their dollars for cash indices (equities).<\/p>\n

The SPX is getting closer and closer to the 3000 psychological barrier and DXY to 98.<\/strong>\u00a0Should the US index receive a rejection at the day\u2019s low at 98.20, the markets will be proving a rather\u00a0uncertain environment<\/strong>\u00a0until further political or economic headlines come through.<\/p>\n

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

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

By Orbex Last week\u2019s flows spilled over to this week\u2019s session during the European and London session,\u00a0supporting all majors against a weaker dollar. Pound & Aussie Best Performers Despite the\u00a0political turmoil in the UK, the latest developments to make a no-deal Brexit on October 31st legally impossible seem to be supporting the British pound. Not […]<\/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-155091","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155091","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=155091"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155091\/revisions"}],"predecessor-version":[{"id":155093,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/155091\/revisions\/155093"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=155091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=155091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=155091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}