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
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
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.

Data provided by
Gold
Mixed
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • LIVE IN 30 MIN: Currency Strategist @PaulRobinsonFX discusses important technical developments relevant to short to intermediate-term commodity and equity index traders here - https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720
  • ECB's De Guindos says monetary policy side effects are becoming more evident $EUR
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/ujAbNhzLpz
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/gbDTCgqHI5
  • Heads Up:🇬🇧 GBP Unit Labor Costs (YoY) (2Q) due at 09:30 GMT (15min), Actual: N/A Expected: N/A Previous: 2.1% https://www.dailyfx.com/economic-calendar#2019-11-20
  • RT @mynamejd: SP500 earnings revisions up & down per sector - Source Refinitiv https://t.co/bvmlQCltkN
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.87%, while traders in US 500 are at opposite extremes with 79.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/06877Dk0Iz
  • Heads Up:🇪🇺 EUR ECB Publishes Financial Stability Review due at 09:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-20
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 0.37% Silver: 0.22% Oil - US Crude: -0.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nl2cW4qqNE
  • US Dollar Selloff May Accelerate After #FOMC Minutes Released - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/11/20/US-Dollar-Selloff-May-Accelerate-After-FOMC-Minutes-Released.html
Pound May Fall as Yen Gains on Downbeat BOE, EU Projections

Pound May Fall as Yen Gains on Downbeat BOE, EU Projections

2019-02-07 07:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

TALKING POINTS – BANK OF ENGLAND, EU COMMISSION, POUND, YEN, US DOLLAR

  • Downbeat BOE may punish British Pound, weigh on risk appetite
  • EU Commission forecast update might stoke global growth fears
  • Yen may rise while commodity currencies fall as sentiment sours

All eyes are on the Bank of England as markets brace for “Super Thursday”. Officials will issue a policy decision, release minutes from the latest meeting of the steering MPC committee and publish an updated quarterly Inflation Report (QIR), its favored forward guidance vehicle. Governor Mark Carney will also hold a press conference to explain what markets ought to make of all this information.

The BOE may be in a dour mood. UK growth has been slowing since mid-2018 and PMI data now puts it at the weakest since July 2016, the immediate aftermath of the EU Membership Referendum. Recent data flow has steadied a bit, but outcomes still tend to undershoot forecasts. Meanwhile, the threat of a “no-deal” Brexit seems to grow by the day. Saying as much might weigh on the British Pound.

EU COMMISSION FORECASTS MAY HELP STOKE DE-RISKING

A worried tone from Threadneedle Street may be amplified by updated European Commission economic forecasts. Downgrades to growth bets are likely, in-step with recent adjustments in IMF, World Bank and ECB projections (among others). Yesterday’s panicked response to cautious comments from RBA Governor Lowe hints markets remain responsive, setting the stage for another risk-off session.

Such a scenario is likely to bode well for the US Dollar and Japanese Yen, with the former trading on its unrivaled appeal as a haven of liquidity while the latter finds familiar support in the unwinding of carry trades. At the other end of the sentiment spectrum, the cycle-sensitive Australian, Canadian and New Zealand Dollars might continue to face potent selling pressure.

What are we trading? See the DailyFX team’s top trade ideas for 2019 and find out!

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.