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Another Brexit Deadline. A50 Jumps.


Welcome to this week’s Market Blast Fundamentals where we will look at EURUSD, EURGBP, China A50, and USDCNH.


We have been following the strength of Renminbi this year and finally the Chinese PBOC has removed restrictions on shorting the currency.

USDCNH opened higher with a gap this morning but the Yuan is still growing stronger.Screenshot 2020-10-12 at 10.48.24

Looking at the daily chart we can see this bull run which started at the end of May.Screenshot 2020-10-12 at 10.48.32

This has also caused the China A50 stock index to break out of consolidation and head for resistance from August.

Another Brexit deadline is approaching this week and we have seen GBP strength returning over the last couple of weeks.

Nobody expects a deal to be completed so we will keep an eye on EURGBP.

As well, watch for lots of Economic News affecting this currency pair with the Bank of England Governor speaking today and tomorrow with UK Employment Claim data due tomorrow.

ECB President Christine Lagarde will be speaking 3 times this week, we have German Economic Sentiment tomorrow, and an EU Leaders Summit Thursday and Friday, so watch for volatility.Screenshot 2020-10-12 at 10.48.47

As far as news affecting the US Dollar, we only see Retail Sales Thursday but, of course, with the US Presidential election 3 weeks away we see continuing USD weakness based on the polling numbers showing Joe Biden leading.

However, we all know that anything can happen as we have seen many “October Surprises” throughout American history.

That’s all for now.  Happy trading with Valutrades and we will see you tomorrow.


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