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GBP Jumps on 2nd Referendum Hint, Oil Drops Amid OPEC Report - US Market Open

GBP Jumps on 2nd Referendum Hint, Oil Drops Amid OPEC Report - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – JPY IN DEMAND, NZD UNDERPERFORMS, GBP BREACHES 1.29

JPY: Safe haven demand is supporting the Japanese Yen this morning, which outperforms vs G10 currencies. Heading into the US session, equities are on the backfoot as investors show concerns over rising US-China tensions after reports stated that the US will pursue theft charges against Huawei. USDJPY continues to hover below 109, having failed to consolidate above. As the global outlook continues to deteriorate, further downside in USDJPY is seen.

GBP: A calmer market for GBP today relative to the past two days. GBP did however receive a 30pip move higher after Labour Leader Jeremy Corbyn hinted at a second Brexit referendum if the Labour party’s plans are blocked (i.e. General election). 1.29 remains the stumbling block for GBPUSD with a lack of buying interest above, unless there is greater confirmation that the UK could be heading for a softer Brexit or No Brexit. Headline risk will remain elevated, particularly with greater attention being placed on the potential extension of Article 50.

NZD: Fading sentiment continues to hamper the Kiwi, which looks set for a 4th consecutive session of losses. Overnight, house price data had been somewhat softer with sales volume for December at the lowest since in 7yrs. However, while seasonal factors tend to impact in December, this had been much more than the norm. Consequently, risks are tilting to the downside with eyes on the 0.6700 handle.

Crude oil: Brent is down over 1.5% amid the latest OPEC monthly report, which showed OPEC crude production dropping some 750kbpd to 31.58mbpd. Although, OPEC noted that they see 2019 demand for its oil averaging 30.83mbpd, implying that demand is still 750k barrels short of OPEC supply. Consequently, further action is likely to be needed in order to balance the market.

GBP Jumps on 2nd Referendum Hint, Oil Drops Amid OPEC Report - US Market Open

DailyFX Economic Calendar: – North American Releases

GBP Jumps on 2nd Referendum Hint, Oil Drops Amid OPEC Report - US Market Open

IG Client Sentiment

GBP Jumps on 2nd Referendum Hint, Oil Drops Amid OPEC Report - US Market Open

How to use IG Client Sentiment to Improve Your Trading

Four Things Traders are Reading

  1. Fundamental vs Technical Analysis: Which is Better at Predicting Market Prices?” by Martin Essex, MSTA, Analyst and Editor
  2. Brexit Latest: ’Hundreds of Thousands of Jobs’ at Risk - German BDIby Nick Cawley, Market Analyst
  3. Gold Price Analysis: Bullish Breakout on Horizon Amid Golden Cross” by Justin McQueen, Market Analyst
  4. FTSE Chart Analysis – Pressure on for Now, Watch for Higher Low” by Paul Robinson, 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.

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