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 105.99
GBP/USD: SELL AT 1.6280 FOR INITIAL 1.6052 OBJECTIVE; STOP AT 1.6350
USD/CHF: LOOK TO BUY .9300/.9283
AUD/USD: LOOK TO SELL
USD/CAD: LOOK TO BUY
Crosses
EUR/JPY: LOOK TO BUY 137.40/35
EUR/GBP: POSSIBLY SELL
EUR/CHF: BUY AT 1.2085 FOR 1.2155; STOP AT 1.2065
EUR/CAD: SHORT AT 1.4255 FOR 1.3890 OBJ, STOP 1.4365
GBP/JPY: LONG AT 171.00 FOR 175.35, REVISED STOP AT 172.70
NZD/USD: SHORT AT .8400 FOR REVISED .8052; REVISED STOP AT .8230
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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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