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High
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of clients are net short.
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Note: Low and High figures are for the trading day.

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Bearish
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Real Time News
  • The gold price rebound keeps XAU/USD within the confines of the August downtrend. From a trading standpoint. Get your $XAUUSD market update from @MBForex here:https://t.co/B3Jct6mIBD https://t.co/gHAtO2jcrp
  • Gold recovered from a steep sell-off this morning to finish the day just lightly lower $XAU $USD https://t.co/lkcyL8gts9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.25% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.64% 🇨🇦CAD: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UVTYrLMwRS
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.54% Gold: -0.87% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3BoduI6beG
  • Earnings season is underway and key tech leaders are set to report next week. Get your #Dowjones market update from @PeterHanksFX here:https://t.co/vAesS48lgG https://t.co/es8tChHx3y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cFre7YkQsc
  • The heaviest concentration for potential market volatility in scheduled events next week seems to me to be Tuesday-Wednesday: https://t.co/DyDASx24zL
  • EUR/USD slightly stronger, still trading below ECB's "key" 1.22 level $EUR $USD https://t.co/M7vGf4BWQI
  • Next week's economic docket includes (among many things): 4Q US and European GDP figures; the FOMC rate decision and the IMF's 2021 world economic outlook. But given this market, would be surprised if Tesla earnings (Wed after the close) didn't rouse the most attention/impact
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.12% FTSE 100: 0.08% France 40: 0.08% Wall Street: 0.00% US 500: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hRkA9W16rB
British Pound Drops on Brexit Fears, Yellen Speech in Focus Ahead

British Pound Drops on Brexit Fears, Yellen Speech in Focus Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound slumps vs. majors as latest polls revive “Brexit” jitters
  • Comments from Fed’s Mester help US Dollar bounce after brutal drop
  • All eyes on Fed Chair Yellen following May’s grim employment data

The British Pound underperformed in overnight trade after a new round of polls showed voters are warming up to the idea of the UK leaving the European Union ahead of a referendum on membership later this month. A YouGov poll returned a 45 versus 41 percent split in favor of “Brexit”, while a separate TNS survey showed a 43 to 41 percent preference for leaving.

The US Dollar rose against all of its top counterparts in a move that appeared to be corrective after the currency suffered the largest drop in over two years on Friday. The selloff followed deeply disappointing set of labor-market figures that weighed against near-term rate hike speculation.

Supportive comments from Cleveland Fed President Loretta Mester over the weekend may have likewise helped the greenback. Mester said that while the jobs data was a disappointment, policymakers can’t read too much into one number. She added that the report did not fundamentally alter her outlook, with the economy “definitely” moving in the right direction.

Looking ahead, a relatively quiet economic calendar in European trading hours is likely to see markets looking ahead to scheduled commentary from Fed Chair Janet Yellen. Falling back on the central bank’s commitment to “data dependency” is likely to be seen as dovish, weighing on the greenback. Alternatively, rhetoric suggesting the Fed intends to look past May’s report as a one-off anomaly may offer a lifeline to the battered benchmark unit.

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:00

AUD

Melbourne Institute Inflation (MoM) (MAY)

-0.2%

-

0.1%

1:00

AUD

Melbourne Institute Inflation (YoY) (MAY)

1.0%

-

1.5%

1:30

AUD

ANZ Job Advertisements (MoM) (MAY)

2.4%

-

-0.6%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

Germany Factory Orders (MoM) (APR)

-0.5%

1.9%

Medium

6:00

EUR

Germany Factory Orders (YoY) (APR)

0.6%

1.7%

Medium

7:30

EUR

Markit Germany Construction PMI (MAY)

-

53.4

Low

8:00

GBP

New Car Registrations (YoY) (MAY)

-

2.0%

Low

8:00

CHF

Total Sight Deposits

-

494.1b

Low

8:00

CHF

Domestic Sight Deposits

-

420.7b

Low

8:00

EUR

ECB's Nowotny on Austrian Economic Outlook

-

-

Medium

8:00

EUR

ECB VP Constancio Speaks in Frankfurt

-

-

Medium

8:10

EUR

Markit Germany Retail PMI (MAY)

-

51.0

Low

8:10

EUR

Markit Eurozone Retail PMI (MAY)

-

47.9

Low

8:10

EUR

Markit France Retail PMI (MAY)

-

48.2

Low

8:10

EUR

Markit Italy Retail PMI (MAY)

-

42.6

Low

8:30

EUR

Eurozone Sentix Investor Confidence (JUN)

7.0

6.2

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0819

1.1056

1.1211

1.1293

1.1448

1.1530

1.1767

GBP/USD

1.4134

1.4317

1.4417

1.4500

1.4600

1.4683

1.4866

--- 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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