The british Pound, the GBP/USD, the Dow Jones and the Japanese Yen in Asia-Pacific, the Market is Open
- The Pound sterling fell as brexit talks fell short or expectations
- The GBP/USD has broken under the support, the opening of a reversal
- The Yen could gain if Japanese 1Q GDP data spooks investors
The Pound sterling declined on Friday, as brexit talks fell short of making real progress. Michel Barnier, the Head of the EU brexit negotiator stated that he was “not optimistic” about talks. Across the English channel, the united KINGDOM, Chief Negotiator, David Frost said that ” very little progress has been made towards the european UNION’s stability pact. With both sides appearing at the head of a dead-end, still more uncertainty, as to its toll on Growth in the mid-Covid-19.
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The S&P 500 and the Dow Jones rose 0.25%, and 0.39%, respectively, in a rather quiet session. Risk aversion sank in a few developments. The fears of united states-China trade tensions are heightened as the White House has moved to cut Smartphone out of the world of chip suppliers. According to a person close to the Chinese government, and the nation is ready to take counter-measures. This may include the suspension of the aircraft Boeing purchases.
Retail sales in the largest economy in the world, has contracted -16.4% m/m in April, which missed expectations, and it was the sharpest drop on record. One last thrust of the bonds in Wall Street and close trimmed earlier losses. Nevertheless, the port is linked to the US Dollar have outperformed as well as the same behavior, the Japanese Yen. The growth linked Australian Dollar depreciated.
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Monday of the Asia-Pacific Trading Session
A High level of event risk during the Monday of the Asia-Pacific trading session, to include the first-quarter Japanese GDP data. If it sours sentiment, in addition to revealing the severity of global growth, is facing the middle of the corona virus, the Japanese Yen was able to appreciate it. It is like the Federal Reserve, warned on Friday that there could be a significant drop in prices of assets if the pandemic worsens.
The Pound Sterling, Technical Analysis
The decline in the pair GBP/USD on Friday meant that Sterling has surrendered under the key support which is in a range between 1.2163 – 1.2228. Thus, the pair was left to the persistence of the consolidative mode since the end of March. Yet another confirmation of the lack, at this point a confirmation to the decline of near, could prepare the ground for further losses. It is, as the price could do in the face of the old low from march 2017 and 2016, and between 1.1950 – 1.2018.
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GBP/USD Technical Analysis – Daily Chart
— Written by Daniel Dubrovsky, a Currency Analyst to DailyFX.com
To contact Daniel use the comments section below, or @ddubrovskyFX on Twitter