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
Mixed
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.

Data provided by
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Overall, Powell sticks with the current Fed stance and hence the move with the USD and UST yields higher, while gold tests 1700 https://t.co/78ds2uS2i9
  • #Gold is hitting fresh nine-month low in the aftermath of Fed Chair Powell's speech, falling to currently trade right around $1,700 for the first time since June of 2020. $XAU $GLD https://t.co/6OJ5Fn4Kn8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.38%, while traders in Germany 30 are at opposite extremes with 70.84%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Lgws7z82Gc
  • $Silver testing confluent support, trendline + 23.6 fibo $SLV $XAG https://t.co/UTHhXzPS1v
  • $EURUSD tripping back down to the 1.2000 level on these Powell comments https://t.co/SAAMVbJtpe https://t.co/NXBumuo4qA
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 5.61% Gold: -0.15% Silver: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ssjMeko9zk
  • $DXY US Dollar Index spiking to session highs on the back of this move in yields. $EURUSD tumbling down to the 1.2000-level. https://t.co/ZPADmoQfHe
  • The gold breakdown is now testing the first major hurdle at downtrend support early in the month and we’re on the lookout for possible inflection into this region. Get your $XAUUSD technical analysis from @MBForex here:https://t.co/oBxtJDJIT9 https://t.co/o1qKrWbCXT
  • - Financial conditions are highly accommodative and that's appropriate
  • Powell reiterating remarks from other FOMC officials about recent bond market volatility, saying that the surge in yields has been 'notable and caught his eye.' US10YR jumping toward February's high around 1.55% now. https://t.co/qqKojyncii
GBP: Brexit and BoE Will Steer Sterling Next Week

GBP: Brexit and BoE Will Steer Sterling Next Week

Nick Cawley, Strategist

Sterling Talking Points:

  • Mixed data releases but Q2 growth looks weak.
  • Brexit talk and BoE data key next week.

The DailyFX Q2 GBP Forecast is available to download.

Fundamental Forecast for GBP: Bullish

We stay bullish on Sterling for the week ahead but caution that ongoing Brexit talks and the Bank of England monetary policy announcement may weigh on GBP. This week the UK government regained control of the Brexit negotiations, with all the House of Lords amendments defeated in Parliament, although what concessions they gave to the Tory rebels in order to win the votes still remains unclear.

On Thursday the Bank of England is expected to leave all monetary policy levers untouched and the market will then look for clues on future moves from the MPC voting pattern and the subsequent press release. Governor Carney may also give his thoughts on UK Q2 GDP after this week’s data looks likely to weigh on second-quarter growth.

Sterling traders should continue to be wary of going long of GBPUSD after this week’s hawkish Fed rate hike and should look at other GBP-pairs for potential bullish set-ups. GBPNZD remains one option along with GBPCAD although both pairs have rallied of their recent lows in the past two weeks. EURGBP also remains on the radar, especially after the ECB-inspired sell-off, but again it may be wise to try and enter bullish GBP set-ups on any set-backs.

We suggested a long GBPNZD trade earlier this week but the recent uptick has taken it away from our suggested set-up.

GBPNZD Price Chart Daily Timeframe (January – June 1, 2018)

GBP: Brexit and BoE Will Steer Sterling Next Week

DailyFX Economic Calendar for the week ahead.

We run a Key UK Events and Markets Webinar every Monday at 11.30 am where we discuss a range of UK asset markets and Sterling crosses.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES