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10 November 2016, 12:12

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Thursday, November 10th


And so it is. US presidential elections are over and the next president of the US is Donald Trump. D.Trump’s victory in the elections caused mixed sentiments across the market as a large number of politicians and economists do not share next president’s political views.  So now all focus shifts to the implications of the past US elections on the economic and political state of America and the US currency in particular. Moreover, uncertainty around D.Trump’s candidacy may also cause some fluster across the market. However, experts do not await large changes in near-term perspective due to resistance from Congress and that is why the US economy will keep its moderate growth pace around 2%.


As it was widely expected RBNZ has cut its rate this morning by 25bps down to the level of 1.75%. Moreover, later RBNZ Governor G.Wheeler additionally has weighed the pair with his dovish speech in parliament noting that the bank is ready for further rate cuts if it would be needed. However, minor recovery in commodities and USD price corrections have supported the bird lately and now the NZD/USD pair is performing slight comeback from its daily lows marked at 0.7235 level.


Seems that dust around the latest events form US is slowly settling down and now traders are rearranging their positions preferring higher-yielding assets. Therefore, GBP and AUD are trading on the upper note against its American counterpart performing minor recovery from yesterday lows. However, risk associated sentiments are negatively influencing safe-haven currencies such us Japanese yen and Swiss franc forcing them to consolidate its losses witnessed yesterday.


The euro/dollar pair is retreating a bit from its daily highs marked in the region of 1.0950 after extremely large rally based on the US election. The pair has recovered part of its losses after facing resistance on the 1.0900 level following USD corrections. However, seems that bulls are out of steam allowing the euro to trim its early recovery and now the pair is falling back to its overnight lows as risk associated moods are weighing the euro. Nothing important is scheduled in economic calendars from both sides, so most likely the pair will continue to follow global market sentiments based on the latest events from US policy.


The main events of the day:

US Initial Jobless Claims – 15.30 (+2 GMT)

FOMC Member J.Bullard’s Speech – 16.15 (+2 GMT)


Support and resistance levels for the major currency pairs

EURUSD        S. 1.0645 R. 1.1431

USDJPY         S. 99.54 R. 108.94

GBPUSD        S. 1.2237 R. 1.2629

USDCHF        S. 0.9448 R. 1.0044

AUDUSD       S. 0.7468 R. 0.7854

NZDUSD       S. 0.7184 R. 0.7440

USDCAD       S. 1.3141 R. 1.3663


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