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UK Supreme Court: Johnson Acted Illegally

Sep 24 2019, 07:18 PM (BDT) | Orbex.com

Traders Waiting on Key Data

The US dollar has had a muted session so far this week with price action remaining dulled as the market awaits the next key US data.

The US GDP print will be the key release of the week and while the latest FOMC meeting has poured cold water on expectations of another 2019 Fed rate cut, any sharp weakness could see these expectations rising again.

USD index trades 98.21 last.

Data Disappointment Keeps EUR Weak

EURUSD remains under pressure today as the latest data from Germany and the eurozone has seen selling kicking in.

German and eurozone PMIs released yesterday highlighted weakness across the board. This is keeping the pressure on the ECB which recently announced fresh easing measures.

EURUSD trades 1.0097 last, still below the 1.1025 level for now.

Supreme Court Rules Against UK PM

GBPUSD has been a little higher today with ongoing optimism about the reduced risk of a no-deal Brexit keeping demand intact.

Price is sitting at 1.2446 as of writing, just above the 1.2382 level. However, it is yet to challenge the bear channel top.

The UK Supreme Court today ruled that UK PM Johnson acted illegally by proroguing parliament and says parliament must reconvene.

Risk Markets Still Bid

Risk assets have been a little firmer over the European morning on Tuesday. However, we are yet to see any proper directional moves with price action remaining fairly dull.

SPX500 trades 30003.78 as of writing. News of a potential obstacle in the US-Japan trade deal seems to have caused some concern. However, remaining optimism around the US-China negotiations is helping offset that risk.

JPY & Gold Sell-Off

Safe havens have both been a little lower today with JPY and gold weaker against USD, highlighting a generally positive backdrop.

USD strength following the FOMC last week has hindered upside in both gold and JPY.

XAUUSD trades 1521.25 last, sitting just below the key 1522.75 level. USDJPY trades 107.72 last with price still sitting off last week’s highs for now.

Crude Down Again

Oil prices remain under pressure today. News of further weakness in German and eurozone manufacturing has created fresh concern around the demand outlook for oil.

OPEC recently cut its global demand forecasts for this year and next, citing the ongoing trade war as the main driver of weakness.

Crude trades 57.93 last as traders await this week’s API inventories report later today ahead of tomorrow’s key EIA reading.

CAD Still Capped

USDCAD has been a little higher today, with weakness in crude prices weighing on CAD.

USDCAD trades 1.3253 last with price having been rejected yet again at the 1.33 level following several attempts to break the level last week.

Aussie Soars

AUDUSD has been firmly higher today with price trading .68 last.

Optimism around a potential US-China trade deal at the next round of negotiations next month is keeping price well supported.

While price remains above the .6758 support level focus is on a further push higher with the bearish trend line from year to date highs the next level to watch.

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