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Forex forecast and recommendations today 08.11.2019: EUR / USD - confusing situation, GBP / USD - Pound correlation with risky assets


EURUSD forecast today 089.11.2019

The situation in the euro looks confusing. On the one hand, it is possible to expect reduction of quotations to the psychological level of 1.1000, amid capital inflows into risky assets. The euro is the currency of funding and is actively used in carry trade operations. Investors around the world to increase long positions in risky assets through funding currency (the yen and euro). On the eve of the representative of China's Ministry of Commerce Gao Feng said that China and the US agreed in proportion to gradually reduce tariffs on each other's goods. This factor inflated the prices of many corporate actions and brought a number of stock markets for fresh highs. On the other hand, the upward trend in the oil market can support the single European currency as between the euro and oil there is a strong correlation.

EURUSD recommendation: flat 1.1015 - 1.1100




GBPUSD outlook today 08/11/2019

Bank of England meeting has presented a small surprise: two of the board members of the Bank were made for the reduction of the discount rate to 0.25%. Of course, it is a bit, but still made nervous traders. A small split in the ranks of the British monetary control have a negative impact on the dynamics of the credit market, where the yield on 10-year UK government bonds fell relative to their counterparts in the US and Germany. The Bank of England raised its forecast for GDP growth, said the expectations of inflation in the second half of next year. In general, all confused. It seems that everything is bad, but seems to be good. What we have in the dry residue? Since the British pound is correlated with risk assets, which are now sold out as "pies in the market on a day off", we can expect growth of quotations to the psychological level of 1.3000.

GBPUSD recommendation: Buy 1.2800 / 1.2780, and take profit 1.2855



USDJPY outlook today 11/08/2019

Bullish rally in the stock markets will have a positive impact on this currency pair, as USDJPY has a strong correlation with the US stock indexes # SP500. In its last review, I pointed out the fact that journalists are once again launching a "duck" on the failure of the trade negotiations, the US and China. Such misinformation observed last time two weeks ago, and this week the situation was repeated again. On Thursday, the official representative of the Ministry of Commerce of China's Gao Feng dispelled all the rumors and reiterated China's intention to conclude an agreement with Washington.

USDJPY recommendation: Buy 109.12 / 108.89 and take profit 109.44



FreshForex analyst


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