EURUSD

It was rough week for EUR bulls as EURUSD is still down by more than 1.6 in a week, trading slightly higher today at 1.0542. GDP in EZ grew by 0.4 in Q32024, matching expectations, while industrial production fell by 2 in September, worse than the estimates, and weaker than August that increased by 1.5. This level in EURUSD is still the lowest in a year October 2023. 

As said before, sentiments remained bearish with falling price action to new lows. 1.05 is not far from execution. 1.0590 is shortlived resistance.

USDJPY

USDJPY was little changed today, trading at 156.37 after Japans GDP in Q32024 grew by 0.2, falling from 0.5 in Q22024. In the meantime, traders main focus was Powells comments as the Fed chair said yesterday that the Fed is not in a hurry to lower rates. Industrial production from Japan will be due later today. Yens excessive weakness is Japans main challenge. 

As clarified, price action remained positive. Keep in mind, 155.35 154.50 are support levels. Markets perception aims higher to 160 June 2024 but beware of overexposure.

GBPUSD

BoE governor Bailey wished that the UK is not going to impose new tariffs nor protectionism, will the British government listen to what he said? GBPUSD was little changed today at 1.2675, still down by 1.8 in a week. Busy day ahead from the UK with GDP, industrial manufacturing numbers. UK economy grew by 0.5 in Q22024.

While price action started improving, targeting 1.2710 then 1.2750, bullish bets…