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  • The Nasdaq 100 index has likely formed an inverse “Head and Shoulders” pattern, which is typically viewed as a bullish trend reversal indicator. Prices may advance further to challenge their all-time highs. Get your market update from @margaretyjy here:
  • Earnings season begins this week with the arrival of quarterly reports from the country’s largest banks. Can they shrug off losses from the recent Archegos blowup and rally higher or will risk aversion take root? Market update from @PeterHanksFX here:
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here:
Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

Justin McQueen, Analyst

Check out the brand new DailyFX trading forecasts for Q3


US equity futures are marginally in positive territory with the Nasdaq 100 outperforming slightly with sentiment for tech names somewhat optimistic after Apple reached the $1tln milestone. However, trade concerns continue to linger.

CNH/CNY: Intervention at last from the PBoC. The Chinese Yuan saw a sharp move higher after the PBoC raised the reserve requirement on FX forwards to 20%, adding that they will take counter cyclical measures in order to stabilise the currency. As a reminder, in September 2017, the PBoC had cut the reserve requirement to zero from 20%, which was seen as an effort to stem the Yuan’s appreciation. In an immediate reaction, alongside the Yuan, the Chinese exposed AUD had risen to session highs, while the USD sold off.

USD: The US Dollar dipped on what was a relatively mixed NFP report, whereby the headline figure had missed expectations, however, this had been met with an upward revision to the previous. In terms of the focus focussed wage data, both the yearly and monthly figure had matched estimates, although the latter saw a downward revision, consequently keeping the Dollar on the backfoot.

GBP: Governor Carney highlighted his unease over Brexit risks, after stating that the possibility of a no-deal is uncomfortable high at this point, adding that the UK and EU should do all things to avoid a no-deal Brexit scenario. As a reminder, yesterday’s minutes noted that difference Brexit responses could significantly alter monetary policy. Consequently, following Carney’s slightly cautious rhetoric, GBPUSD dipped below 1.30, reaching its lowest level in 2 weeks.

DailyFX Economic Calendar: Friday, August 3, 2018 – North American Releases

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

DailyFX Webinar Calendar: Friday, August 3, 2018

Yuan Surges as PBoC Intervenes, Carney Pressures Pound - US Market Open

Four Things Traders are Reading

  1. Charts for Next Week: EUR/USD, AUD/USD, Euro-Crosses, Gold Price & Moreby Paul Robinson, Market Analyst
  2. GBPUSD Analysis: BoE’s Carney Shows Unease Over "No-Deal Brexit" by Justin McQueen, Market Analyst
  3. US Dollar Rallies, Gold Sinks to Support Ahead of Latest NFP Reportby Nick Cawley, Market Analyst
  4. What Apple’s $1 Trillion Market Cap Means to the Marketby John Kicklighter, Chief Currency Strategist

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.comFollow Justin on Twitter @JMcQueenFX

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