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Euro Holds Support, GBP Rises, USD Eyes Midterm Elections - US Market Open

Euro Holds Support, GBP Rises, USD Eyes Midterm Elections - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBP JUMPS TO TWO WEEK HIGH AS HOPES RISE ON DEAL

GBP: The Pound edged towards a two-week high, eying a break above the 1.31 handle on rising hopes that a Brexit deal breakthrough could be reached. Much of the optimism over a potential Brexit deal emanated from Brexit Minister Raab, who provided a “thumbs up” after leaving a cabinet meeting. Alongside this, there are reports that a second cabinet could be scheduled over the next few days. Topside resistance is the 1.31 handle which continues to curb price action for now.

USD: The US Dollar has softened for the majority of the session with market participants focussed on the midterm elections. Expectations are for a split congress with the Republicans keeping the Senate, while the House flips to Democrats potentially leading to a political gridlock. (Full preview)

EUR: The Euro is holding above the 1.14 handle with intial support stemming from Dollar weakness, alongside firm Markit PMI reports with the Eurozone wide PMI beating analyst estimates. Consequently, shrugging off the weak Italian PMI which moved into contractionary territory. However, with the EC currently looking at measures to enact sanctions on Italy unless they alter their budget, politics look set to dictact price action.

DailyFX Economic Calendar: Tuesday, November 6, 2018 – North American Releases

Euro Holds Support, GBP Rises, USD Eyes Midterm Elections - US Market Open

DailyFX Webinar Calendar: Tuesday, November 6, 2018

Euro Holds Support, GBP Rises, USD Eyes Midterm Elections - US Market Open

Five Things Traders are Reading

  1. US Midterm Elections Outlook: Financial Markets Await Gridlock” by Christopher Vecchio, CFA , Sr. Currency Strategist
  2. Market Sentiment Slowly Improving | Webinarby Martin Essex, MSTA , Analyst and Editor
  3. Crude Oil Analysis: Bearish Momentum Rises as Oil Waivers Reduce Iranian Sanction Impactby Justin McQueen, Market Analyst
  4. Trading Outlook for EUR/USD, USD/JPY, USD/ZAR, Gold Price & More” by Paul Robinson, Market Analyst
  5. EURUSD to be Driven by Eurozone Economy as Well as US Elections” by Martin Essex, MSTA , Analyst and Editor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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