FX Market Report as of November 18, 2019
Scott Kingsley
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EUR/USD is trading beyond the 1.1050 mark, prolonging a previous rally and on the heels of “constructive” discussions between the U.S. and China over the weekend. Members of the European Central Bank are expected to hold talks later today.
Meanwhile, technical analysts say the Euro is set for declines later this week, as the shared currency concludes a corrective retracement of its October gains.
The Pound-to-Dollar exchange rate is trading at 1.2925, extending its gains, as the Conservative Party has been taking the lead in opinion polls. Prime Minister Boris Johnson and leader of the opposing Labour Party Jeremy Corbyn are due to address talks at a business conference later today.
The pair will remain on the upside during the week, but analysts forecast a number of ‘resistance levels’ to be seen on the charts.
GBP/EUR is trading today at 1.1683. Against the Euro, the Pound was seen maintaining a robust stance on Monday, following the release of opinion polls which strongly favoured the Conservative Party against Corbyn’s party, as the December 12 election swiftly approaches.
Elsewhere, the Pound-to-Canadian Dollar risks a short-term pull back this week, although the upward trend which kicked off in August is still seen going strong, with the pair heading towards highs seen in March 2019.
Credits to Jonathan Lock (Head of Foreign Exchange at deVere Group)