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
Bearish
GBP/USD
Mixed
USD/JPY
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
  • $Gld prices are poised to mark the highest weekly-close in nearly seven-years, but the bulls aren’t in the clear yet. Here are the XAU/USD levels that matter next week. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/yeTH6HwncQ https://t.co/6sIpxTSNaX
  • Video https://t.co/PZeqhLumSR
  • The $USD rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on coronavirus fears. What is the technical outlook for USD/IDR, USD/SGD, USD/MYR and USD/PHP? Find out from @ddubrovskyFX here: https://t.co/G3GmyOe4IT https://t.co/iq7ajeP6iv
US AM Digest: EUR Surges on Immigration Deal, CAD Gains as BoC July Rate Bets Rise

US AM Digest: EUR Surges on Immigration Deal, CAD Gains as BoC July Rate Bets Rise

2018-06-29 13:35:00
Justin McQueen, Analyst
Share:

US Market Snapshot via IG: DJIA -0.3%, Nasdaq 100 -0.1%, S&P 500 -0.1%

Major Headlines

  • EU reach an 11th hour immigration deal
  • Eurozone Inflation to highest in a year
  • UK GDP revised higher to 0.2% vs. Prev. 0.1%
  • Canadian GDP Prints above expectations, boosting July rate hike bets

EUR: The Euro is among the outperforming currencies today following reports that the EU struck an eleventh-hour dealon the highly charged issue of immigration into the bloc. Alongside this, month end selling in the USD has also helped push the Euro higher with the pair hovering around 1.1650. Additionally, Eurozone inflation rose to its highest level in over year, rising 2% following another surge in energy prices, however, core inflation continues to remain subdued, with the reading printing at 1%.

GBP: UK Q1 GDP saw a surprise revision higher to 0.2% from 0.1%, as such, this helped lift the Pound, which now firmly sits above 1.31. However, despite the better than expected monthly reading which will likely grab the headlines, annual GDP growth at 1.2% still represents the weakest reading since Q2 2012, while business investment saw its largest fall since Q4 2016, having dipped 0.4%.

CAD: The Loonie firmer this morning after Canada GDP unexpectedly grew by 0.1% against expectations for no change. Given that on Wednesday, BoC Governor Poloz stated that economic data would decide the next move in interest rates, market pricing jumped to 83% from 67% for a July rate hike.

DailyFX Economic Calendar: Friday, June 29, 2018 – North American Releases

US AM Digest: EUR Surges on Immigration Deal, CAD Gains as BoC July Rate Bets Rise

DailyWebinar Calendar: Friday, June 29, 2018

US AM Digest: EUR Surges on Immigration Deal, CAD Gains as BoC July Rate Bets Rise

IG Client Sentiment Index: EURUSD Chart of the Day

US AM Digest: EUR Surges on Immigration Deal, CAD Gains as BoC July Rate Bets Rise

EURUSD: Data shows 54.2% of traders are net-long with the ratio of traders long to short at 1.19 to 1. In fact, traders have remained net-long since Jun 14 when EURUSD traded near 1.17988; price has moved 1.3% lower since then. The number of traders net-long is 7.0% lower than yesterday and 11.2% lower from last week, while the number of traders net-short is 11.6% higher than yesterday and 4.4% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EURUSD prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EURUSD price trend may soon reverse higher despite the fact traders remain net-long.

Five Things Traders are Reading

  1. Gold & Silver Price Analysis – Long-term Trend-lines in Playby Paul Robinson, Market Analyst
  2. CAD Outlook and Near Term BoC Rate Path to be Dictated by Canadian GDP” by Justin McQueen, Market Analyst
  3. Charts for Next Week – EUR/USD, GBP/USD, USD/JPY, Gold Price & Moreby Paul Robinson, Market Analyst
  4. EUR up as Eurozone Inflation hits 2% led by surge in oil pricesby Justin McQueen, Market Analyst
  5. EURGBP Rally Halted; Next Move is Unclear” by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.