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  • US Indices are currently mixed, paring their earlier morning gains as the trading session advances. The Nasdaq continues to lead the decline. DOW +0.08% NDX -1.41% SPX -0.32% RUT -0.95% $DIA $QQQ $SPY $IWM
  • Rising bond yields keep the USD supported as market sentiment turns negative BTC/USD looking vulnerable to further downside pressure. Get your $btc market update from @HathornSabin here:
  • $EURUSD is still sliding. US 10-year yields haven't really relented an a favorable fundamental wind from NFPs isn't exactly going to hurt the Dollar. Overlaid is the inverted implied Fed rate changes (+18 bps in hikes) through end of 2022
  • $USD resistance putting up a fight around $NFP shorter-term, big question is whether buyers can hold up support around this level through today, lots of jostling on st charts (img 2) $DXY
  • $EURUSD has headed lower today following a strong beat in US NFPs, hitting an intraday low around the 1.1900 level. The pair is currently trading at its lowest levels since late November. $EUR $USD
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.30% Gold: 0.02% Silver: -0.69% View the performance of all markets via
  • The good NFP number this morning helped the Nasdaq 100 ($NDX) with a generous bullish gap, but we have unwound all the gains already
  • 🇨🇦 Ivey PMI s.a (FEB) Actual: 60 Previous: 48.4
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.64%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.23% Gold: -0.13% Silver: -0.74% View the performance of all markets via
British Pound Gains as Markets Eye FSR Release, Carney Presser

British Pound Gains as Markets Eye FSR Release, Carney Presser

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound gains before BOE FSR report, Carney presser
  • Yen down, Aussie Dollar up as market mood brightens in Asia
  • Euro may shrug off IFO as US Dollar falls on durables data

The British Pound outperformed against its G10 FX counterparts at the start of the trading week. The move may reflect pre-positioning ahead of this week’s release of the Bank of England Financial Stability Report and subsequent press conference with Governor Mark Carney.

Traders may be speculating that the policy-setting FPC committee might signal an intent to claw back some of the generous liquidity provision put in place ahead last year’s Brexit referendum. UK credit conditions are their most accommodative in nearly three years, spurring worries about malinvestment.

The Japanese Yen declined as stocks rose in Asian trade, sapping demand for the perennially anti-risk currency. The sentiment-sensitive Australian Dollar advanced, tracking Japan’s Nikkei 225equities benchmark and S&P 500 futures upward.

Looking ahead, Germany’s IFO business confidence survey may pass relatively unnoticed by the Euro considering the figures’ limited implications for near-term ECB monetary policy. Flash CPI figures may have a more considerable impact later in the week.

Further on, data is expected to show US durable goods orders fell for a second month straight in May. An outcome echoing recently disappointing news-flow from the world’s largest economy may compound skepticism about further Fed tightening in 2017, hurting the US Dollar.

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Asia Session

British Pound Gains as Markets Eye FSR Release, Carney Presser

European Session

British Pound Gains as Markets Eye FSR Release, Carney Presser

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for

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