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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
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.

Data provided by
GBP/USD
Mixed
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.

Data provided by
More View more
Real Time News
  • AUD/USD hit its highest level since the beginning of January, having rose to a high of 0.7012, eyes now for a move to 0.7020 to offer resistance in the pair. Get your $AUDUSD market update from @JMcQueenFX here: https://t.co/GCNPNSgdc1 https://t.co/qBPoahTWqf
  • Update on #Cryptocurrencies #BITCOIN -0.48% #BITCOINCASH +1.04% #ETHEREUM -0.21% #RIPPLE -0.49% #LITECOIN -0.39%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.18%, while traders in US 500 are at opposite extremes with 75.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32vkxKLXCI
  • Heads Up:🇷🇺 Inflation Rate YoY due at 17:00 GMT (15min) Expected: 3% Previous: 3.1% https://www.dailyfx.com/economic-calendar#2020-06-05
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.53% Gold: -1.95% Silver: -2.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NYy8Z7mJ6l
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.73% 🇳🇿NZD: 0.68% 🇨🇦CAD: 0.52% 🇪🇺EUR: -0.43% 🇯🇵JPY: -0.50% 🇨🇭CHF: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/POghhbQYMl
  • New York virus cases increase 0.3%, matching the prior 7-day average of 0.3% - BBG
  • Hey traders! We are wrapping up the week with #NFP release today. Get your market update from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/C8BJS9TNLf
  • https://t.co/fxVoqyhlWX
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 3.63% US 500: 2.91% FTSE 100: -0.09% France 40: -0.13% Germany 30: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zy2JWPvCSe
Pound May Extend Gains as PM May Survives No-Confidence Vote

Pound May Extend Gains as PM May Survives No-Confidence Vote

2019-01-16 07:30:00
Ilya Spivak, Head Strategist, APAC
Share:

TALKING POINTS – BRITISH POUND, CPI, BREXIT, EURO, YEN

  • Pound may continue higher as PM May survives no-confidence vote
  • Markets likely to cheer progress toward a second Brexit referendum
  • Yen up as Nikkei falls, Euro extends drop on dovish Draghi comments

UK CPI data headlines the economic calendar in European trading hours. The headline inflation rate is expected to tick down to 2.1 percent on-year, The lowest since January 2017. The release might have captured the markets’ attention for its would-be implications for BOE monetary policy, but that seems highly unlikely as the fate of Brexit dominate the spotlight.

The British Pound rose yesterday as expected after Parliament voted down the UK/EU divorce plan championed by Prime Minister May. That may reflect hope that the result makes a second EU membership referendum more likely. MPs mostly oppose a “no-deal” exit and unanimous consent to extend the timeline from the EU-27 is unlikely. That may well leave asking voters to opine again as the way forward.

The markets seem to welcome this possibility. Composite polling data suggests support for staying within the regional bloc is just a bit better than even at 54 percent. If another referendum is held and the Remain side of the argument prevails, the entire destabilizing ordeal might be cast aside. If Leave wins the day a second time, Brussels may be compelled to ascent to an extension and offer some further concessions.

Moving toward another plebiscite will be slowed by consideration of a no-confidence motion against the Ms May tabled by Labour Party Leader Jeremy Corbyn. A vote is due today and looks likely to fall short of the support needed. The markets may cheer this too, thankful that a general election will not complicate the already convoluted situation. Sterling seems likely to rise accordingly.

YEN UP AS NIKKEI FALLS, EURO EXTENDS FALL ON DOVISH DRAGHI

The Yen traded higher as Japanese shares declined, boosting demand for the standby local anti-risk outlet. Most regional shares edged up however, offering a lift to the sentiment-linked Australian, Canadian and New Zealand Dollars. The Euro continued to decline in what looked like continuation of yesterday’s downswing following dovish comments from ECB President Mario Draghi.

See our market forecasts to learn what will drive currencies, commodities and stocks in Q1!

ASIA PACIFIC TRADING SESSION

Asia Pacific Trade Economic Calendar

EUROPEAN TRADING SESSION

Europe Trade Economic Calendar

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

FX TRADING RESOURCES

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

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.