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  • US Indices have pared some of their losses, with the S&P and Nasdaq trading back in the green. DOW -0.19% NDX +0.39% SPX +0.17% RUT -0.76% $DOW $QQQ $SPY $IWM
  • USD/MXN is in the midst of a bullish breakout from a short-term falling wedge pattern, but this plots in the midst of a much longer-term falling wedge pattern. Get your $USDMX market update from @JStanleyFX here:
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
US Dollar Boosted, GBP/USD Breaks Down Support - US Market Open

US Dollar Boosted, GBP/USD Breaks Down Support - US Market Open

Justin McQueen, Analyst


USD: The concerns surrounding the spread of the coronavirus continues to drive sentiment and thus keep safe-havens underpinned. Consequently, the US Dollar trades above the 98.00 handle while high beta currencies (AUD, NZD, CAD) are modestly lower. As such, with little signs of material stabilisation in the number of cases being reported, safe-havens may remain better bid.

GBP: A deeper pullback in GBP/USD as it fails to recover, a break below the 1.3000 level leaves scope for a push towards January 20th low at 1.2962, which also coincides with trendline support. On the political front, Boris Johnson has given the green light for Huawei to have access to 5G networks, despite pressure from the US to block the company having access. With that said, market attention has quickly shifted to the potential strain this may cause between UK-US regarding trade talks. Looking ahead, Secretary of State Pompeo is scheduled to visit the UK tomorrow, while UK PM Johnson is due to arrive in Washington next week.

CAD: Despite OPEC’s best efforts to jawbone the market and signal that they are looking at potential deepening and extending production cuts, weakness across the oil complex persists. In turn, near-term risks remain tilted to the downside for the Canadian Dollar, particularly after the BoC’s recent dovish shift. On the topside, resistance is situated at 1.3218 (61.8% Fibonacci retracement).

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 13% 48% 26%
Weekly 3% -3% 0%
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US Dollar Boosted, GBP/USD Breaks Down Support - US Market Open

Source: DailyFX, Refinitiv

Economic Calendar (28/01/20)

US Dollar Boosted, GBP/USD Breaks Down Support - US Market Open

Source: DailyFX,


  1. British Pound (GBP) Latest: Trending Lower Amid Global Risk-Off Sentiment” by Martin Essex,MSTA, Analyst and Editor
  2. Dow Jones, US Market Sell-off: Buy the Dip or Sell the Rip?” by Paul Robinson, Currency Strategist
  3. Dow Jones & DAX Forecast: Key Levels to Watch Amid Coronavirus Risks” by Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

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