From the majors, Euro and Pound are slightly holding its ground. This week will be crucial for sterling as next round of Brexit negotiations will take place although over the weekend UK PM has clearly stated about its latest Internal Bill which pointing for less room of negotiations. Additionally Bank Of England monetary policy move will further guide the pound move. Although market is expecting some dovish stance which may weigh pound in coming days.
US Stocks recover on bargain hunting
The US stocks closed mostly higher on Friday, 11 September 2020, with Dow and S&P500 indexes recovering a portion of Thursday’s market sell-off, as investors chased for bottom fishing on heavily battered stocks. Meanwhile, buying was also supported by the Labor Department report showing consumer prices increased by slightly more than anticipated in the month of August.
Technology stocks spearheaded gains on Friday amid volatile trading as investors sized up better-than-expected earnings from Peloton and Oracle. Peloton surged on Friday after the fitness company cruised to its first quarterly profit on the back of increased spending on its bikes and treadmills during the COVID-19 pandemic.
The Labor Department said its consumer price index climbed by 0.4% in August after advancing by 0.6% for two straight months. Excluding food and energy prices, core consumer prices still rose by 0.4% in August following a 0.6% increase in July.
TREND : WEAK BULISH
Time : 14/09/2020
Pivot : 1.1843
Technical View : LONG ABOVE 1.1863
Target : 1.1871, 1.1883, 1.1897
Technical View : SHORT BELOW 1.1823
Target : 1.1811, 1.1801, 1.1785