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US Dollar Suffers, EUR/USD & GBP/USD Rise on Brexit Day - US Market Open

US Dollar Suffers, EUR/USD & GBP/USD Rise on Brexit Day - US Market Open

2020-01-31 15:00:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT US Dollar, GBP/USD, EUR/USD Analysis

USD: Month-end rebalancing flows has driven the US Dollar lower with notable selling seen against the Pound. Alongside this, the Euro has also found support from month-end dollar selling, which in turn has seen the Euro push above 1.1050.

EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 10% -5% 1%
Weekly 19% -12% -2%
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EURUSD 1.0990-1.1000 (1.9bln), 1.1040-50 (1bln)

EURGBP 0.8450 (700mln)

USDJPY 108.50 (1.1bln), 109.00-10 (700mln), 109.40-50 (700mln), 109.55 (1.2bln)

Today is Brexit Day, But What Next?

US Dollar Suffers, EUR/USD & GBP/USD Rise on Brexit Day - US Market Open

CAD: While the Canadian Dollar remains soft, it has pulled off session lows following better than expected GDP data. However, given the rising concerns over the coronavirus outbreak the Canadian Dollar remains vulnerable to falling oil prices, which nears a bear market. Alongside this, following the recent dovish shift from the Bank of Canada, eyes will be on next week’s labour market report, where a weak report will see near-term dovish repricing of rate expectations.

US Dollar Suffers, EUR/USD & GBP/USD Rise on Brexit Day - US Market Open

Source: DailyFX, Refinitiv

Economic Calendar (31/01/20)

US Dollar Suffers, EUR/USD & GBP/USD Rise on Brexit Day - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. British Pound Latest: Sterling (GBP) Price Rally as The UK Leaves The EU” by Nick Cawley, Market Analyst
  2. Canadian Dollar Outlook – USD/CAD Ramping into Big Resistance Test” by Paul Robinson, Currency Strategist
  3. S&P 500 & Dow Jones Forecast: Fed Balance Sheet Key to Outlook” 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.

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