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Business / Finance

The situation around Hong Kong may lead to local demand for defensive assets (expected continuation of the consolidation before the fall

RSS feed for Forex Review 29.11.2019 at 13:14

Daily analytical reviews of the Forex market

Trading in Thursday on the currency market have been sluggish on the back of the market holiday in America – Thanksgiving. The local financial market was closed, which was fully reflected in other financial markets.

On the foreign exchange market, which is fully dependent on the policies of the world Bank, the trade crisis between Washington and Beijing, as well as political unrest in Britain and the United States, the major currency pairs traded in very narrow ranges. On Friday, the situation is not radically changed in the Asian session, and, most likely, it will not change, as in the United States will be a short working day and this wave should not expect a revival of activity of market players.

Expected that with the opening of trading in America the local stock market will be under pressure because of new initiatives D. trump, who signed the bill on measures to support the anti-government demonstrations in Hong Kong. This is a direct US intervention in Chinese internal Affairs and will undoubtedly have a negative impact on the negotiation process on trade. Given such a scenario, one can assume that this negative background may increase the demand for defensive assets – state Treasury bonds of the United States, gold, Japanese yen and Swiss franc.

But again, most likely, the surge of interest will have local character because of the conflict America and China are interested in concluding a new trade agreement that will rock the world markets and will cause a new wave of optimism, which will undoubtedly lead to higher demand for risky assets will reduce the interest in us treasuries, gold and currencies of refuge.

the Forecast of the day:

the EURUSD remains under pressure on the wave of positive data on the us economy and fed monetary policy. Today we expect the consolidation of the pair at the level of 1.1000 in the range of 1.0990-1.1025. In the future there is a high probability of falling prices to falling prices to 1.0950 after a decline below the level of 1.0990.

the Price of gold also konsolidiruyutsya in the range 1451.70-1462.00. It is likely that today, amid the short days in the States, gold will move in a narrow range, but in the future we expect to resume its fall to 1445.30 after the breakthrough of level 1451.70.

the Material has been provided by InstaForex company - www.instaforex.com