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EUR Eyes 1.15, GBP Volatility to Return - US Market Open

EUR Eyes 1.15, GBP Volatility to Return - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – USD ON THE BACKFOOT AS MARKETS CONTINUE TO DIGEST DOVISH POWELL

USD: The US Dollar is on the backfoot to begin the week as markets continue to digest the latest dovish commentary from Fed Chair Powell, who signalled that the central bank could either slow or pause rate hikes. As such, despite Friday’s strong US jobs report, the USD continues to underperform against its major counterparts. However, while the peak in the USD may have been seen, the fact that markets are pricing in cuts for the Federal Reserve could be too pessimistic and thus prevent the USD seeing sharp decline in the near term. Much of the focus for this week will be on trade talks between China and the US, in which US Commerce Secretary Ross has noted that

EUR: The Euro is among the best performers on the back of the USD weakness, while the continued narrowing in US/German 2yr spreads have continued to provide support. As such, EURUSD is back to familiar resistance levels with the pair eyeing the 1.15 handle. However, negatives remain for the Eurozone, with the latest German factory orders seeing its largest decline since August 12th.

GBP: With UK politicians back from recess, Brexit headlines have once again picked, which will see GBP volatility return. UK Press reports stated that the Brexit vote will take place on January 15th. However, thus far, there has been little to suggest that PM May’s deal will pass the meaningful vote.

EUR Eyes 1.15, GBP Volatility to Return - US Market Open

DailyFX Economic Calendar: Monday, January 07, 2019 – North American Releases

EUR Eyes 1.15, GBP Volatility to Return - US Market Open

DailyFX Webinar Calendar:Monday, January 07, 2019

EUR Eyes 1.15, GBP Volatility to Return - US Market Open

Four Things Traders are Reading

  1. CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY” by Justin McQueen, Market Analyst
  2. Sterling (GBP) Latest: Brexit Vote Confirmed; PM Warns of No-Deal Dangerby Nick Cawley, Market Analyst
  3. DAX 30 & CAC 40 Technical Forecast – More Upside Before Resistance is Met” by Paul Robinson, Market Analyst
  4. Key Global Elections to Watch Out For in 2019” by Justin McQueen, Market Analyst

--- 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.

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