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Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

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

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Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

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

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USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

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

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  • The Australian Dollar has carved a well-defined monthly range just above trendline support and the immediate focus is on a breakout of the April range for guidance. Get your $AUD market update from @MBForex here:https://t.co/mZs9vBxedN https://t.co/UaM9NnavMk
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇨🇭CHF: 0.26% 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.05% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OKUnUn59EY
  • $IWM flows vs. Russell 2000 Index performance https://t.co/vsTaYIX9o8
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.09% Gold: -0.63% Silver: -1.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Cyqt8rSZuu
  • #Sterling Outlook: $GBPUSD April Range Set on Support- #Cable Levels - https://t.co/mquksoBZEs https://t.co/7EF4wMMBWZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.07%, while traders in Germany 30 are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xaohrvjfLs
  • The price of gold appears to have carved a double bottom as it breaks out of the downward trend from earlier this year. Get your $XAUUSD market update from @DavidJSong here:https://t.co/6FaHtNS84K https://t.co/luwH5P9olU
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% FTSE 100: 0.06% France 40: 0.04% US 500: 0.02% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zIMIvT5L9r
  • US Treasury Secretary Janet Yellen is planning to spare China from being labeled a currency manipulator $CNH $USD
  • $SPY fund flows vs. $SPX performance https://t.co/6gfInt4Ce5
British Pound Looks to UK GDP Data to Guide BOE Rate Hike Outlook

British Pound Looks to UK GDP Data to Guide BOE Rate Hike Outlook

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound Looking to 2Q GDP to Inform BOE Interest Rate Hike Bets
  • Australian Dollar Declined Overnight as Post-CPI Correction Continued
  • Add Economic Data Releases to Your Charts with the DailyFX News App

Second-quarter UK GDP figures headline the economic calendar in European hours. Expectations suggest output grew 0.8 percent, matching the first-quarter outcome. The year-on-year growth rate is expected to accelerate to 3.1 percent, the fastest in almost seven years.

Data from Citigroup shows UK economic news-flow aggressively deteriorated relative to expectations in the three months through June, opening the door for a downside surprise. Such an outcome is likely to undermine BOE interest rate hike speculation, weighing on the British Pound.

The Australian Dollar narrowly underperformed in overnight trade, sliding as much as 0.2 percent on average against its leading counterparts. The move tracked a decline in Australia’s benchmark 10-year bond yield, hinting the selloff reflected moderation in investors’ RBA policy outlook following a surge triggered by second-quarter CPI figures.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:01

GBP

Hometrack Housing Survey (MoM) (JUL)

0.1%

-

0.3%

23:01

GBP

Hometrack Housing Survey (YoY) (JUL)

5.8%

-

6.0%

23:30

JPY

National CPI (YoY) (JUN)

3.6%

3.5%

3.7%

23:30

JPY

National CPI Ex-Fresh Food (YoY) (JUN)

3.3%

3.3%

3.4%

23:30

JPY

National CPI Ex Food, Energy (YoY) (JUN)

2.3%

2.3%

2.2%

23:30

JPY

Tokyo CPI (YoY) (JUL)

2.8%

2.8%

3.0%

23:30

JPY

Tokyo CPI Ex-Fresh Food (YoY) (JUL)

2.8%

2.7%

2.8%

23:30

JPY

Tokyo CPI Ex Food, Energy (YoY) (JUL)

2.1%

2.0%

2.0%

23:50

JPY

PPI Services (YoY) (JUN)

3.6%

3.6%

3.6%

1:00

NZD

ANZ Activity Outlook (JUL)

45.1

-

45.8

1:00

NZD

ANZ Business Confidence (JUL)

39.7

-

42.8

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

German GfK Consumer Confidence (AUG)

8.9

8.9

Low

8:00

EUR

German IFO - Current Assessment (JUL)

114.5

114.8

Medium

8:00

EUR

German IFO - Expectations (JUL)

104.4

104.8

Medium

8:00

EUR

German IFO - Business Climate (JUL)

109.4

109.7

Medium

8:00

EUR

Euro-Zone M3 s.a. (YoY) (JUN)

1.2%

1.0%

Low

8:00

EUR

Euro-Zone M3 s.a. (3M Avg) (JUN)

1.0%

0.9%

Low

8:30

GBP

Gross Domestic Product (QoQ) (2Q A)

0.8%

0.8%

High

8:30

GBP

Gross Domestic Product (YoY) (2Q A)

3.1%

3.0%

High

8:30

GBP

Index of Services (MoM) (MAY)

0.2%

0.3%

Low

8:30

GBP

Index of Services (3M/3M) (MAY)

1.0%

0.9%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3368

1.3415

1.3440

1.3462

1.3487

1.3509

1.3556

GBPUSD

1.6828

1.6915

1.6951

1.7002

1.7038

1.7089

1.7176

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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