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FOREX SUMMARY

FOREX

USD held onto gains this afternoon, with covid spikes and lockdown risk keeping the currency underpinned on safe haven.

  • All eyes today were on EM and especially the CBRT.
  • CBRT didn't disappoint and hiked 475bps to 15% as economists expected.
  • USDTRY dropped 20 big figures on the release and made an attempt at the 100d MA situated today at 7.5063 (printed 7.5151 low so far).
  • SARB kept their rate unchanged at 3.5% as expected, which provided initial gains for the Rand, but the move quickly reversed.
  • SARB noted data dependency, and USDZAR is now stable at 15.50 at the time of typing.
  • Cable fell from 1.3212 down to 1.3196, following report that one of Barnier's Brexit negotiator tested positive for Civid and that talks were on hold for a short period of time.
  • Cable has quickly recovered, with the downside initial dip looking to have been mostly algo and FM led,
  • Cable is now at 1.3215 at the time of typing.
  • Looking ahead we get ECB Schnabel, Fed Bowman and Rosengren, are scheduled to speak..

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