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Forex forecast and recommendations today 06/11/2020

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Euro to dollar EURUSD forecast for today 06/11/2020
 

The US Fed meeting was positive for the euro. First, monetary authorities revised inflation forecasts - now FOMC executives expect inflation at 0.8% this year and 1.6% next year. This factor allows you to keep the discount rate at the current level of 0.1% in the next two years. For the dollar, this is a serious negative, since during this period a negative real interest rate will be observed. The strength of the dollar has always been kept at a positive real rate, and now the Federal Reserve is preparing us for a long period of negative rates. Secondly, the Fed said that in the coming month it will continue to print money and buy assets in the current volume, to ensure the smooth operation of the credit market. This signal is also negative for the dollar, as it will lead to a serious increase in the money supply.


EURUSD recommendation: Buy 1.1335 / 1.1310 and take profit 1.1421

 

 

 

 

Pound dollar forex forecast GBPUSD today 06/11/2020
 

Today, a mixed background is forming. On the one hand, we can expect a decrease in quotations of the British currency, since the yield market has seen a decrease in the yield spread of 10-year UK / US government bonds. Investors are skeptical of the negotiations between the United Kingdom and the European Union. Both sides still do not want to come to a consensus, and each one negotiates better conditions for themselves, which ultimately leads trade negotiations to a standstill. On the other hand, the US Federal Reserve's promise to keep rates low for a long period of time, as well as the desire of the US monetary authorities to actively print money, leads to a decrease in the USDX dollar basket index, which may support the pound.


GBPUSD recommendation: flat 1.2630 -1.2730

 

 

The dollar against the yen forecast USDJPY today 06/11/2020
 

On the one hand, we can expect a drop in quotes, as investors are actively getting rid of the American currency. The Federal Reserve plans to hold the interest rate at 0.1% for a long time, which leaves traders no choice but to sell the dollar and buy its competitors. On the other hand, one should not count on strong dollar sales, since the bull rally in the US stock market is in full swing, which in turn will support this currency pair. Historically, the USDJPY and S & P500 index correlate.


USDJPY recommendation: flat 106.60 -107.50

 

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