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The dollar continued to rise early in the day but eventually gave up during US trading. The dollar rose for no apparent reason outside of the position adjustment at the beginning of the month.
EUR/USD bounced off the 1.17 level, while GBP/USD found buyers around 1.30, clearly reflecting the limited interest in the dollar. In general, it looks like the corrective gain of the US currency has already been completed and there is no reason to increase it.
Stocks rallied to the detriment of safe-haven assets. During the day, US stocks were in the lead.
The pandemic remains in the eye of the storm. For some reason, it seems that the number of new cases in the US has stabilized, although Richmond Fed President Barking said that the resurgence of the coronavirus is weakening the pace of US economic growth, and the path of the economy depends crucially on the path of the virus. The Australian currency has suffered from the last curfew in Victoria as the government seems unable to contain the latest outbreak.
Limited Trade Remains on a Cautious Bias
Trading in the forex markets is rather limited today in an overall mixed mood. Better than expected, production data does little to improve. Victoria’s coronavirus curfew in Australia has also been lifted. Instead, traders tend to be wary ahead of a very busy week.
RBA and BoE will meet while tons of heavyweight data such as US ISM and non-farm payroll data will be presented.
Technically, the immediate focus will be on whether the Dollar can finally turn the corner and have a sustained rebound. USD/JPY has already broken through the 106.07 resistance, as well as USD/CHF with a slight resistance at 0.9151. The focus will now be at 1.1698 minor support in EUR/USD, 1.3013 minor support in GBP/USD, and 0.7063 minor support in AUD/USD. Additionally, support for 1939.20 in Gold will also be tracked.
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