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Forex forecast and recommendations today 24.10.2019: EUR / USD - the ECB meeting, GBP / USD - The demand for risky assets, USD / JPY


Events today:

14.30 MSK. Eurozone: The publication of the ECB's decision on the basic interest rate.

EURUSD forecast for today 24/10/2019

The main event of the day will be the ECB meeting. Any changes in monetary policy should not be expected, since it was announced about the easing of monetary policy at the September meeting. This meeting will be the last for Mario Draghi, who in a few days to resign. What can finally say M. Draghi? Probably it will mark the seriousness of the problem of deflation, and the need to use unconventional measures to address this issue. How the market will react to it? Most likely, we will have a neutral reaction, because now investors are more focused on the upcoming meeting of the Federal Reserve, which is scheduled for 30 October. Euro today demonstrate sideways and European stock indexes # DAX30 # CAC40.

EURUSD recommendation: flat 1.1100 -1.1180





GBPUSD Forecast for today 24.20.2019

Demand for risky assets have a positive impact on the cost of the British currency. Investors increasing long positions on shares, high-yield currencies, oil, copper - a positive signal for the British pound, which has a close correlation with the asset. Investors sent their money in risky assets because they expect lower interest rates the Federal Reserve meeting on October 30 - FED-30 futures in Chicago indicates a 94% probability that the rate will be reduced by a quarter percentage point.


GBPUSD recommendation: Buy 1.2898 / 1.2875, and take profit 1.2955




USDJPY Forecast Today 10/24/2019

The growth of the stock market traditionally has a positive impact on this currency pair. In my view, the bullish rally in the stock markets will continue today and tomorrow, as the Fed continues to print money and buys short-term government bonds. This is now the main "driver" of growth of stock markets. A lot of money, interest rates fall, and at such times, investors are optimistic and start buying corporate bonds. Today the Central Bank of Turkey could lower interest rates by 1%. This factor will contribute to the inflow of capital to emerging markets in the second half of the day.

USDJPY recommendation: Buy 108.50 / 108.30 and take profit 109.11




FreshForex analyst





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