News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/PO93mIKAZP
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/CHE6IOq3K5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Agl1q6EQyu
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pS48NIuwqX
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/gFVVZTGbe1
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
British Pound Likely to Stick to Tight Range, but Watch Key Data

British Pound Likely to Stick to Tight Range, but Watch Key Data

David Rodriguez, Head of Product
British Pound Likely to Stick to Tight Range, but Watch Key Data

Fundamental Forecast for British Pound: Neutral

The British Pound stuck to its tight trading range versus the US Dollar and failed once again to close above critical resistance. We’ll watch potentially significant UK Consumer Price Index inflation and Retail Sales data releases for any surprises, but a substantial breakout seems unlikely as traders tread softly in the month of August.

The British currency continues to track movements in domestic yields and interest rate expectations, and to that effect it will be important to monitor sharp reactions to the key inflation and retail sales figures. A disappointing Quarterly Inflation Report from the Bank of England severely scaled back expectations that officials would vote to raise interest rates through the foreseeable future.

A Bloomberg News survey shows analysts/economists predict that July CPI data will show prices remained exactly unchanged on a year-over-year basis. The BoE expressly targets an annual inflation rate of 2.0 percent, and the lack of price pressures will leave officials with ample scope to leave monetary policy unchanged through the rest of the year.

It would likely take a substantial surprise out of the Consumer Price Index inflation report to force a meaningful shift in expectations and the GBP itself. And indeed, forex volatility prices remain low for the British Pound, the US Dollar, and major FX counterparts. There’s an outside chance that the upcoming release of US Federal Reserve meeting minutes will force meaningful reactions out of the US currency. Traders currently price in a roughly 50 percent chance the Fed will hike in September, and surprises in official rhetoric could nudge the odds in one direction or the other.

Recent CFTC Commitment of Traders data shows that large speculators remain marginally net-short the GBP/USD. Risks seem weighed to the downside absent major surprises out of upcoming UK economic data and Fed minutes. – DR

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

DISCLOSURES