News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • The price of oil defends the advance from the monthly low ($65.01) amid a larger-than-expected decline in US inventories. Get your #crudeoil market update from @DavidJSong here:https://t.co/Bwfi4Zybkv https://t.co/BPWtwLnBMU
  • RT @burgessev: Barring something really surprising, Senate will move forward on bipartisan infrastructure deal shortly. Capito says: "I pla…
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.65% 🇨🇭CHF: 0.49% 🇪🇺EUR: 0.22% 🇦🇺AUD: 0.18% 🇳🇿NZD: -0.00% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9L05PhfdwA
  • GBP/USD pushes higher as UK COVID cases fall, Fed remains highly accommodative $GBPUSD https://t.co/bPAGpMkhjN
  • GBP/USD has been lifted by signs that coronavirus cases in the UK are dropping and by suggestions that office attendance is rising.Get your $GBPUSD market update from @MartinSEssex here:https://t.co/RZxPm1XLto https://t.co/SIEjfEffBW
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.20% Gold: 0.49% Oil - US Crude: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HByKIG4bmC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.75%, while traders in France 40 are at opposite extremes with 69.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tC95moURI1
  • $USD now at two week lows, cutting into secondary support zone 92.19-92.26 $DXY https://t.co/n14cvwLofZ https://t.co/HaPRsGzyxJ
  • Infrastructure week, for real this time https://t.co/jh4BLwj0aC
  • Facebook Earnings Summary: Revenues: $29.08 B vs $27.89 B est. EPS: $3.61 vs. $3.03 est. $FB down ~5% in AH session
GBPUSD Reverses on Brexit Latest. USDCAD Falls on Poloz After GDP

GBPUSD Reverses on Brexit Latest. USDCAD Falls on Poloz After GDP

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • GBP/USD clears resistance on latest Brexit developments
  • Canadian Dollar brushes aside GDP data for BoC’s Poloz
  • S&P 500 gains to be tested on Fed, bearish sentiment signals

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

FX News Tuesday

The British Pound was the best-performing major on Tuesday ahead of this week’s Bank of England rate decision. Though its appreciation may have been due to Brexit-related fundamentals. UK Foreign Secretary Jeremy Hunt warned against a change of leadership, a rising concern for Prime Minister Theresa May, as it could delay the EU-UK divorce. Avoiding the extra uncertainties that this may pose increases Sterling’s relative appeal.

Weakness in the US Dollar ahead of Wednesday’s FOMC rate decision also aided to GBP’s cause. Most of the declines in the Greenback occurred during European hours where a slew of better-than-expected regional economic data crossed the wires. This included rosy Eurozone GDP, German CPI and as Italy’s economy slowly exited the technical definition of a recession. EUR/USD closed above near-term resistance.

GBP/USD Technical Analysis

On the daily chart, GBP/USD broke above a near-term falling trend line going back to March. This followed a bottom after falling under the rising support line from the end of December. Confirming another close to the upside opens the door to overturning GBP’s recent downtrend. Otherwise, turning lower places near-term support between 1.2866 and 1.2888.

GBP/USD Daily Chart

GBPUSD Reverses on Brexit Latest. USDCAD Falls on Poloz After GDP

Chart Created in TradingView

Despite initially falling on softer-than-expected local GDP data, the Canadian Dollar was another solid performer on Tuesday. Rosy commentary from Bank of Canada Governor Stephen Poloz later in the day boosted CAD. He expects the economy to accelerate in the second half of this year, undermining dovish bets that were fueled by February’s disappointing growth figures.

Wednesday’s Asia Pacific Trading Session

The New Zealand Dollar is off to a rocky start in early Wednesday trade following a weaker-than-expected local jobs report. Accompanying a decrease in the unemployment rate was the smallest labor force participation reading since the second quarter of 2017. This suggested that this may be have been as a result of discouraged workers exiting the workforce.

Aside from that, Wednesday’s Asia Pacific trading session is lacking notable economic event risk. This places the focus on risk trends. S&P 500 futures are pointing notably higher following rosy Apple earnings. But market optimism will be tested on the Fed rate decision. Meanwhile, sentiment readings warn. that the S&P 500 could still top.

Want to learn more about how sentiment readings may drive the S&P 500? Tune in each week for live sessions as I cover how sentiment can be used to identify prevailing market trends!

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES