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Forex forecast and recommendations today 08.10.2019: EUR / USD - The correlation of the euro and gold, GBP / USD - Time of Troubles


Events today:

15:30 MSK. US Producer Price Index for September.


Forex EURUSD forecast for today 08/10/2019

Traders in EURUSD are two reasons to wait depreciation of the euro. First, reducing the yield spread on 10-year German / US government bonds, debt market, which adversely affects the value of the euro. Second, investors are actively selling gold, which is also negative for the euro currency exchange rate, as there is a strong correlation between the euro and precious metals. Macroeconomic data from the United States Producer Price Index, in my opinion, will be released at the level of the median forecasts, as in the United States recorded a moderate decrease in raw material costs that can not be expected to increase the cost of production. Dollar is a neutral factor.

EURUSD recommendation: Sell 1.0994 / 1.1015, and take profit 1.0957





Forex forecast pair GBPUSD today 08/10/2019

Players pair GBPUSD today waiting for a mixed background. On the one hand, the possible reduction in the course of the British against the background of the negative dynamics of the credit market, where the yield on 10-year-old British securities is reduced to peers from the US and Germany. On the other hand, the upward trend in the oil market can support a currency Albion, because there is a correlation between GBPUSD and BRENT. Investors buy oil on the background of unrest in Iraq, where the death toll exceeded one hundred people and several hundred people were seriously injured.

GBPUSD recommendation: flat 1.2250- 1.2330




Forex forecast pair USDJPY today 08/10/2019

Today, there are both good and bad news. The good news is the increase in the yield spread on 10-year US / Japan government bonds. The bad news - it's sell-off in emerging stock markets. On the eve of the decline was recorded in Brazil, Turkey, Mexico, and India. Usually this correction signals S & P500 index with which the pair USDJPY has a strong correlation.

USDJPY recommendation: flat 106.75- 107.50



FreshForex analyst



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