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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/4DGXwA8vqs
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
Pound Slips Following Worse-Than-Expected UK PMI Data

Pound Slips Following Worse-Than-Expected UK PMI Data

David Maycotte,

Talking Points:

  • UK Services PMI 57.6 vs. Estimated 58.2 in February
  • British Pound Falls vs U.S. Dollar After Data Crossed the Wires
  • Spotlight Turns to Next Week’s Bank of England Rate Meeting

Economic Event

Actual

Expected

Prior

Markit/CIPS UK Services PMI (MAR)

57.6

58.2

58.2

Markit/CIPS UK Composite PMI (MAR)

57.6

58.1

58.2

UK Services PMI gauge slipped to 57.6 in March, and missing estimates calling for a print of 58.2. The pace of expansion in sector-sector activity fell for the sixth consecutive month and to a 9 month low. Data out of the UK has disappointed and is unflattering for interest rate expectations. This past session Markit’s construction PMI survey for March reported unexpected contraction in factory-sector activity. The consistent round of disappointing data may pressure the sterling lower as it may reflect traders’ easing their bets for an early rate hike.

The British Pound fell against the U.S. Dollar as the data crossed the wires. Currency Strategist Ilya Spivak says the British Pound may be carving a top below 1.67 figure against the US Dollar. On a similar note, Market Analyst Dave de Ferranti notes that the 1.6670 mark has put a break on the pound rally.

Pound-Slips-Following-Worse-Than-Expected-UK-PMI-Data_body_Chart_2.png, Pound Slips Following Worse-Than-Expected UK PMI Data

GBP/USD 5-Minute Chart. April 3, 2014

Pound-Slips-Following-Worse-Than-Expected-UK-PMI-Data_body_Picture_1.png, Pound Slips Following Worse-Than-Expected UK PMI Data

Charted created by David Maycotte using FXCM’sMarketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

Want to trade with proprietary strategies developed by FXCM? Find out how with Mirror Trader.

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

DISCLOSURES