Danske Research Team
Danske Bank A/S
Majors
EUR/USD: SHORT AT 1.2940 FOR 1.2788; STOP AT 1.3011
USD/JPY: LONG AT 106.85 FOR REVISED 108.45; STOP AT 106.60
GBP/USD: SHORT AT 1.6260 FOR INITIAL 1.6052; STOP AT 1.6345
USD/CHF: LONG AT .9350 FOR .9478; STOP AT .9299
AUD/USD: POSSIBLY SELL HIGHER
USD/CAD: POSSIBLE LOOK TO BUY
Crosses
EUR/JPY: LONG AT 138.75 FOR 140.09; STOP AT 138.20
EUR/GBP: POSSIBLY BUY
EUR/CHF: LONG AT 1.2085 FOR 1.2155; STOP AT 1.2065
EUR/CAD: SHORT AT 1.4325 FOR 1.4115 OBJ, STOP 1.4425
GBP/JPY: LOOK TO RE-BUY
NZD/USD: LOOK TO SELL
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EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
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