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
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
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
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • US Treasury Yields: 2-Year: 0.147% 3-Year: 0.193% 5-Year: 0.349% 7-Year: 0.577% 10-Year: 0.814% 30-Year: 1.622% $TNX
  • The USD/MXN has broken below a key pivot zone but the follow-though looks a bit tired here. Get your $USDMXN market update from @MBForex here:https://t.co/mCa70wzCfz https://t.co/dyL8MlqXj7
  • RT @DailyFX: Can big tech post another miracle earnings season? Find out from @PeterHanksFX here: https://t.co/8RGba8tB8P https://t.co/tQZQ…
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 1.70% Gold: 0.95% Oil - US Crude: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pdcpeF9zbc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.61%, while traders in EUR/USD are at opposite extremes with 73.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dqXvVj6gcX
  • Fed Beige Book: - Districts saw modest price increases since last report - Food, autos, and appliances increased significantly in price - Firms continue to take on additional costs related to Covid, including ppe and technology to work from home $SPX $NDX $DXY
  • Fed Beige Book: - Economic output continued to increase across all Fed Districts at a slight to moderate pace - Manufacturing activity increased at a moderate pace in general - Consumer spending growth continues to be positive $DXY
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 0.05% Germany 30: 0.05% France 40: -0.11% FTSE 100: -0.12% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qRmsVvTyG6
  • Heads Up:🇺🇸 Fed Beige Book due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-21
  • Senate Democrats have the votes required to block GOP on aid bill $DXY $SPX
GBP Price Strong on Brexit News Despite USD Rise. NZD Eyes Support

GBP Price Strong on Brexit News Despite USD Rise. NZD Eyes Support

2018-09-24 23:30:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open – Brexit, Anna Soubry, GBP/USD, US Dollar, RBNZ, NZD/USD

  • British Pound appreciates on rising hopes of a public vote on a final Brexit deal
  • US Dollar rallies aggressively during latter half of the day, Yen and Franc don’t
  • NZD/USD descends to key support ahead of this week’s RBNZ rate announcement

Find out what the #1 mistake that traders make is and how you can fix it!

The US Dollar traded mixed as the new week got underway, first rallying during Asia Pacific trade as it added to Friday’s recovery. Gains were pared amidst broad appreciation in the British Pound during European trade on what appeared to be Brexit-related news. The FTSE 100 and UK 2-year government bond yieldsrose as Anna Soubry said that a ‘growing number of Tories back a final vote on a Brexit deal’.

She is a member of Theresa May’s Conservative Party which has been under pressure lately after European heads of state grilled her ‘Chequers’ Brexit proposal and essentially made it dead in the water. This arguably increased the odds of a ‘no-deal’ split from the EU which would put the nation under potentially economically damaging WTO-based trading rules.

In the event that Anna Soubry and more members of parliament can gather support for a public vote on the final deal of the exit terms, this could result in a ballot that could essentially act as a moderating influence. Citizens could be given a say in the event Mrs. May pushes forward a no-deal exit and the markets seemed to have cheered such prospects.

With that said, the greenback then rallied during US trade as the S&P 500 and the Dow Jones Industrial declined 0.35% and 0.68% respectively. Haven demand seemed to have poured into the currency as anticipated in the aftermath of China walking away from trade talks with the US amidst the escalation in tariffs on Chinese imports.

Despite the weakness in US benchmark stock indexes, anti-risk currencies such as the Japanese Yen and Swiss Franc declined. This may have been due to the outstanding performance in the US Dollar which was also accompanied with rising local front-end government bond yields. It may have reflected pre-positioning for this week’s Fed rate announcement.

Given the broad weakness in European and US shares, we may see Asia Pacific shares echo weakness during Tuesday’s session. This may offer an opportunity for the Japanese Yen to recover while the pro-risk Australian and New Zealand Dollars remain vulnerable.

NZD/USD Technical Analysis

Ahead of this week’s RBNZ rate decision, which you may sign up for our live webinar coverage of it, NZD/USD prices have turned sharply lower after stopping just short of resistance at 0.6714. The pair now eyes a near-term rising support line which may hold up for now. A descent through it exposes 0.6563.

NZD/USD Daily Chart

GBP Price Strong on Brexit News Despite USD Rise. NZD Eyes Support

Chart created in TradingView

US Trading Session

GBP Price Strong on Brexit News Despite USD Rise. NZD Eyes Support

Asia Pacific Trading Session

GBP Price Strong on Brexit News Despite USD Rise. NZD Eyes Support

** All times listed in GMT. See the full economic calendar here

FX TRADING RESOURCES

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES