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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
JPY Surges on Equity Rout, GBP Leaps on Custom Union Report - US Market Open

JPY Surges on Equity Rout, GBP Leaps on Custom Union Report - US Market Open

2018-10-23 13:29:00
Justin McQueen, Analyst


GBP: The Pound jumped through 1.3000 to hit highs of 1.3044 following UK press reports that the EU may offer a UK-wide custom union as a way around the Irish backstop issue, but it would have to be negotiated beyond the Withdrawal Agreement as a separate treaty. Consequently, this has provided a slight boost to Brexit optimism, however, as has usually been the case in recent weeks, optimism has typically been faded.

JPY: US equity futures are firmly in the red with the Dow Jones shedding over 400 points following the negative sentiment in European and Asian equity markets. In turn, the Japanese Yen has benefitted from safe haven flow with the currency eying 112.00 to the downside against the US Dollar.

EUR: Italian budget concerns persist with the European commission announcing that the Italian government will have to resubmit their budget. The Euro had been relatively unchanged following these comments, despite the uptick in Italian bond yields.

DailyFX Economic Calendar: Tuesday, October 23, 2018 – North American Releases

JPY Surges on Equity Rout, GBP Leaps on Custom Union Report - US Market Open

DailyFX Webinar Calendar:Tuesday, October 23, 2018

JPY Surges on Equity Rout, GBP Leaps on Custom Union Report - US Market Open

IG Client Sentiment: USDJPY Chart of the Day

JPY Surges on Equity Rout, GBP Leaps on Custom Union Report - US Market Open

USDJPY: Data shows 53.4% of traders are net-long with the ratio of traders long to short at 1.15 to 1. In fact, traders have remained net-long since Oct 15 when USDJPY traded near 112.308; price has moved 0.2% higher since then. The number of traders net-long is 11.6% higher than yesterday and 10.3% higher from last week, while the number of traders net-short is 15.7% higher than yesterday and 6.7% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.

Five Things Traders are Reading

  1. DXY Index Advance Checked by Early-October High” by Christopher Vecchio, CFA , Sr. Currency Strategist
  2. Technical Outlook for EUR/USD, USD/JPY, NZD/JPY, Gold Price & Moreby Paul Robinson , Market Analyst
  3. How does a leadership challenge to a UK Prime Minister work?by Justin McQueen, Market Analyst
  4. US Dollar (DXY) Touching a Two-Month High” by Nick Cawley, Market Analyst
  5. Italian Bond Yields Lower But Euro Remains Weak” by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

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