Trading sentiment analysis:
- Traders in the financial markets are continuing to seek safe havens as confidence remains weak.
- The US Dollar remains the “go to” currency of choice.
Market confidence low, USD benefiting
Traders in the financial markets are continuing to seek the safety of the US Dollar amid a lack of confidence in other assets. The Euro remains out of fashion because of Italian Budget worries while GBP continues to suffer from Brexit concerns.
Even other traditional safe havens such as the Japanese Yen, the Swiss Franc and Gold are losing out, lifting USD against all its major rivals.
USD Index (DXY) Price Chart, Hourly Timeframe (November 7-13, 2018)
USD is also benefiting from rising US interest rates, which are expected to be increased again next month, even though hopes are rising that the US and China may be able to settle their differences over trade. Meanwhile, the price of crude oil continues to slide, as do US tech stock prices.
In this webinar, I looked at all the major markets and at this week’s most important sentiment indicators.
Resources to help you trade the forex markets
Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:
- Analytical and educational webinars hosted several times per day,
- Trading guides to help you improve your trading performance,
- A guide specifically for those who are new to forex,
- And you can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex
