{"id":158667,"date":"2019-10-29T11:33:48","date_gmt":"2019-10-29T15:33:48","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=158667"},"modified":"2019-10-29T10:38:24","modified_gmt":"2019-10-29T14:38:24","slug":"ecb-welcomes-new-president-christina-lagarde","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/ecb-welcomes-new-president-christina-lagarde\/","title":{"rendered":"ECB Welcomes New President: Christina Lagarde"},"content":{"rendered":"
October 29, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Dollar Higher But For How Long?<\/strong><\/h2>\n

The US Dollar has traded higher over the morning so far on Tuesday as equities prices have pulled back a little from yesterday\u2019s highs.<\/strong>\u00a0Optimism over US\/China trade talks<\/a>\u00a0has boosted risk sentiment though for now, the rally in equities is pausing, allowing USD to recover. The outlook for USD remains bearish however, given that the Fed is expected to ease further when it meets tomorrow. USD index trades 97.70 last, testing last week\u2019s highs.<\/p>\n

EUR Lower Following Lagarde Induction<\/strong><\/h2>\n

EURUSD has been firmly lower today in light of the resurgence in USD.\u00a0Draghi yesterday handed the reigns over to new ECB President Christina Lagarde and called for unity among policymakers going forward<\/strong>. Lagarde said that her first goal will be the unity of the ECB and is planning to carry out a review of ECB policy and its impact. EURUSD trades 1.1080 last, further down off the 1.1217 level.<\/p>\n

GBP Down Despite Brexit Delay<\/strong><\/h2>\n

GBPUSD has been lower today<\/a>\u00a0also as the stronger US Dollar weighs on price.\u00a0The EU has now agreed to the UK\u2019s extension request, with a new deadline of January 31st,<\/sup>\u00a02020.<\/strong>\u00a0However, the EU has said that if the UK can agree to a deal before that time it can leave sooner. Focus now turns to the potential for UK elections with the PM pushing for a 12th<\/sup>\u00a0December date. GBPUSD trades 1.2828 last.<\/p>\n

SPX500 Pulls Back From Fresh Record Highs<\/strong><\/h2>\n

Risk assets have been a little softer today, seeing some pairing of the gains made yesterday in response to positive comments around US\/China trade talks as well as news of Brexit being delayed again.<\/strong>\u00a0SPX500 printed fresh record highs yesterday though is sitting just off them for now at 3035.03 last. While above 3028.38, focus remains on further upside.<\/p>\n

Safe Haven Flows Dry Up<\/strong><\/h2>\n

Safe havens have been lower today, reflecting the environment of both a stronger USD and a general improvement in risk appetite.<\/strong>\u00a0With equities having made solid moves higher yesterday, both JPY and gold have been pushed down against USD. USDJPY trades 108.93 last while XAUUSD trades 1486.32, back below the round figure once again.<\/p>

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Crude Slide Deepens<\/strong><\/h2>\n

Oil prices have been knocked firmly lower today, extending the week\u2019s losses. The moves come despite the better expectations around a US\/China trade deal, which should be supporting crude prices.\u00a0\u00a0A stronger USD is clearly exerting some downside pressure here as traders await the first looks at industry data with the API report due later today ahead of tomorrow\u2019s headline EIA report.<\/strong>\u00a0Despite last week\u2019s drawdown, traders are wary of a return to surpluses given the concerns over global demand for oil. Crude trades 55.14 last.<\/p>\n

CAD Down On Oil Dump<\/strong><\/h2>\n

USDCAD has been a little higher today in light of a stronger USD and weaker oil prices which have weighed on CAD.<\/strong>\u00a0For now, however, price is retesting the underside of the broken 1.3068 level following the heavy sell-off over recent weeks. While below here, further losses are likely.<\/p>\n

AUD Soft But Holding<\/strong><\/h2>\n

AUDUSD has been weaker today also given the pairing back of upside seen across risk assets so far today.<\/strong>\u00a0Expectations that the US and China will sign a deal should ultimately keep AUD supported in the near term with a Fed rate cut also likely to underpin price action. AUDUSD trades .6847 last, up off the week\u2019s lows.<\/p>\n

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

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

By Orbex Dollar Higher But For How Long? The US Dollar has traded higher over the morning so far on Tuesday as equities prices have pulled back a little from yesterday\u2019s highs.\u00a0Optimism over US\/China trade talks\u00a0has boosted risk sentiment though for now, the rally in equities is pausing, allowing USD to recover. The outlook for […]<\/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-158667","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158667","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=158667"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158667\/revisions"}],"predecessor-version":[{"id":158678,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/158667\/revisions\/158678"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=158667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=158667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=158667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}