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Abstract:GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources - US Market Open
MARKET DEVELOPMENT –GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources
DailyFX 2019 FX Trading Forecasts
GBP: The Pound has edged up 0.2% and continues to hover around its best level in over a month as imminent Brexit risks have been diminished. That said, with parliament suspended and Boris Johnsons calls for a snap-election rejected, GBP implied volatility has dropped with both the 1D and 1W tenors dropping 2.9 and 1.4vols respectively. Elsewhere, the ONS showed that the labour market remains tight with the unemployment rate ticking lower, while wages pushed higher. As such, GBP/USD downside has been somewhat limited thus far.
JPY: Japanese Yen weakened on the back of source reports that BoJ policymakers could be open to a debate on further monetary easing, which would entail cutting rates deeper into negative territory. Consequently, this pushed USD/JPY to session highs, before gains had been capped yet again at the 107.50 handle.
SEK / NOK: The Scandies are notably weaker with the SEK dropping on the back of lower than expected inflation data (CPIF 1.3% vs. Exp. 1.5%), in turn, this raises questions as to whether the Riksbank can continue to signal that rates may rise at the backend of the year to Q1 2020. Elsewhere, while softer inflation data had also taken the shine away from the Norweigan Krona, the Norges Bank still remain set to raise interest rates in September with the Regional Network Survey highlighting that growth remained solid throughout the summer.
Source: DailyFX
WHATS DRIVING MARKETS TODAY
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GBP/USD Technical Analysis - the pair has bounced back after making a new low for the year. The Pound has seen increased volatility as it looks to hold ground. Will Sterling continue to be undermined and make fresh lows again?
The start of November has been a dwindling moment for the general major currency market. As essential economic updates flood the surface of the entire foreign exchange market, in which most of the currency pairs especially the major pairs were greatly affected by the impact of the economic releases. However, the US dollar was discovered to have held the main currency exchange performance metrics as the central economic updates from the US region tend to have determined the significant changes that have occurred in the major currency market so far.