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
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
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
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
Bullish
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
More View more
Real Time News
  • #CrudeOil price action could consolidate into a broad trading range following a historic Q2 as barriers of technical confluence stand to contain the commodity’s direction. Download our oil #trading guide for the full report: https://t.co/DcjPcVpX5x https://t.co/EJlDquZ9WR
  • It’s unlikely that the #ECB on its own will continue to be able to prevent the Euro from weakening if EU governments continue to argue about policy. Download our #EUR trading guide to find out more: https://t.co/Kjp34DoEzE https://t.co/gtKQa9zXX5
  • The #USD spent the bulk of Q2 in a range after a climactic Q1; and with a series of risk themes continuing to push, combined with an election in November, the door appears open for more vol in USD. Download our USD trading guide here: https://t.co/2Wo7EcwAht https://t.co/BA5dWk4wTt
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
GBP/USD Disdains UK Trade Balance Figures Ahead Of BOE Rate Decision

GBP/USD Disdains UK Trade Balance Figures Ahead Of BOE Rate Decision

2014-07-10 09:15:00
Edward Hyon,
Share:

Talking Point:

  • UK Total Trade Balance (GBP/Mn): 2418 Actual Vs -£1600 Estimated; 2052 Prior.
  • UK Visible Trade Balance (GBP/Mn): 9204 Actual Vs 8750 Estimated; 8812 Prior.
  • GBP/USD Faced Losses after the Figures but the Size and Length of the Impact is Short Lived.

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

UK Total Trade Balance that measures the difference between exports and imports of British goods and services crossed the wires at £2.418B deficit for the month of May. This reading exceedingly missed market expectation of £1.6B deficit and deficit grew from the prior months’ print of £2.052B deficit. Moreover, UK Visible Trade Balance, which differentiates itself from Total Trade Balance because it does not record intangibles such as services, came in at £9.204B deficit versus £8.75B deficit estimated for the month of May. This outcome was majorly driven by manufacturers shipping fewer goods to other Eurozone nations and as shipments of oil to other countries fell. It caused UK Trade Deficit to widen the most in four months as exports languished.

Following the release of the data, GBP/USD lost ground as the disappointing Trade Balance figures pressured the Pound to dip against the US Dollar by almost 13 pips. However, the reaction was relatively dismal as forex traders will likely look to Bank of England’s (BOE) Policy announcement due at 11:00 GMT, today. DailyFX Currency Strategist Ilya Spivak places confidence in BOE Governor Mark Carney and company to keep interest rates unchanged yet again, thus a non-event for the British Pound.

From a technical standpoint, DailyFX Currency Strategist Ilya Spivak mentions near-term support rests at 1.7108 (14.6% Fib Ret.) and resistance at 1.7180 (61.8% Fib Exp.). He remains flat for now as taking up the long side is premature.

GBP/USD 5 Minute Chart

GBP/USD Disdains UK Trade Balance Figures Ahead Of BOE Rate Decision

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

New to FX? START HERE!

Edward Hyon, DailyFX Research Team

Keep up to date on event risk with DailyFX Calendar

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

DISCLOSURES

News & Analysis at your fingertips.