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
Gold
Mixed
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
  • Based on how US-China tensions and fiscal talks ended this past week, is the Japanese #Yen readying to push higher ahead? Check out the latest #JPY fundamental outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/08/10/Yen-May-Rise-as-Nasdaq-100-Falls-on-US-China-Tensions-Fiscal-Woes.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/2Km23bVAy2
  • Tech leading the S&P 500 towards record highs, however, China risks rise. FTSE 100 hovers in a lower range. Get your #equities update from @JMcQueenFX here: https://t.co/IJAABNhxjs https://t.co/ZZ6njsuf5O
  • We are heading into the peak of summer yet there are some unexpected trends in key plays. Will complacency or fundamental instability win out? My weekend video: '#Dollar, S&P 500, #Gold - The Potential for Trend, Reversal or Congestion' https://www.dailyfx.com/forex/video/daily_news_report/2020/08/08/Dollar-SP-500-Gold---The-Potential-for-Trend-Reversal-or-Congestion-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/7KoypvTwcL
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out: https://t.co/40C8Sg5fM6
  • 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/sR7HqpK8BI https://t.co/GZXAbZxL38
  • The Australian Dollar could be on the verge of a major breakout against the US #Dollar as $AUDUSD rates eye a close above pivotal chart resistance. Get your #currencies update from @DanielGMoss here: https://t.co/1y4serFW7h https://t.co/OtqppN7fcp
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/A517hC0JAG
US AM Digest: Market Jitters and Yuan Selling Halted by PBoC Verbal Intervention

US AM Digest: Market Jitters and Yuan Selling Halted by PBoC Verbal Intervention

2018-07-03 13:25:00
Justin McQueen, Analyst
Share:

US Market Snapshot via IG: DJIA 0.6%, Nasdaq 100 0.5%, S&P 500 0.4%

Major Headlines

  • CSU and CDU agree migration deal, however, SPD have rejected the proposal
  • PBoC Verbal Intervention curbs Yuan decline
  • UK Construction PMI rises to highest level in 7 months
  • RBA stand pat on interest rates at 1.5%

AUD: The RBA kept its OCR at 1.5% and provided no new clues on when the next rate hike will take place, however, the central bank did highlight concerns over the global trade environment. A relatively muted reaction in the wake of the latest RBA rate decision. A larger focus for Aussie traders were the developments in China, in which the PBoC finally stepped in to curb the decline seen in the Yuan. Both the Governor and Deputy Governor of the PBoC stated that China will keep the Yuan basically stable, while major state-owned banks had been selling dollars to prop up the Yuan. In turn, AUDUSD is back above 0.7400 with next resistance seen at 0.7415.

GBP: The UK construction PMI reading accelerated to its highest level since November 2017. This follows yesterday'sbetter than expected manufacturing PMI data, adding to the evidence that weak data in Q1 had indeed been due to temporary factors, which has been argued by the Bank of England and as such suggests that a rate hike may be on the horizon. Attention will now turn towardsthe UK service PMI to complete the picture. GBP trading at better levels having made a break above 1.32.

EUR: A tentative bounce in the Euro after CDU and CSU reach an agreement on migration. However, risks remain after reports later suggesting that the third member in the coalition, the SPD, have rejected the agreement. As such, gains in the currency has been pared with EURJPY shying away from 129.00.

DailyFX Economic Calendar: Tuesday, July 3, 2018 – North American Releases

US AM Digest: Market Jitters and Yuan Selling Halted by PBoC Verbal Intervention

DailyWebinar Calendar: Tuesday, July 3, 2018

US AM Digest: Market Jitters and Yuan Selling Halted by PBoC Verbal Intervention

IG Client Sentiment: AUDUSD Chart of the Day

US AM Digest: Market Jitters and Yuan Selling Halted by PBoC Verbal Intervention

AUDUSD: Retail trader data shows 71.7% of traders are net-long with the ratio of traders long to short at 2.53 to 1. In fact, traders have remained net-long since Jun 05 when AUDUSD traded near 0.75624; price has moved 3.0% lower since then. The number of traders net-long is 12.6% higher than yesterday and 3.7% higher from last week, while the number of traders net-short is 11.1% lower than yesterday and 6.7% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUDUSD-bearish contrarian trading bias

Five Things Traders are Reading

  1. DXY Index Carving Out Second Straight Inside Day Before US Holidayby Christopher Vecchio, CFA, Sr. Currency Strategist
  2. Market Sentiment Holds Up Despite Trade War Worries | Webinar” by Martin Essex, MSTA , Analyst and Editor
  3. Gold Price at Support; Technical Outlook for Crude Oil, DAX & S&P 500”by Paul Robinson, Market Analyst
  4. Yuan Declines to Persist Despite PBoC Interventionby Justin McQueen, Market Analyst
  5. EUR Downside Beckons Despite German Coalition Deal” by Martin Essex, MSTA , Analyst and Editor

--- 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.

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.