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USD in Demand By Default, CAD Drops, GBP Short Covered - US Market Open

USD in Demand By Default, CAD Drops, GBP Short Covered - US Market Open

2019-02-07 14:45:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT – USD in Demand by Default, GBPUSD Short-Covering following Carney Presser

USD: The US Dollar continues to extend on its recent gains with the greenback up a modest 0.1%. However, while there has been little from stateside to support this price action, risks associated with its major FX counterparts has been enough to see the USD rise by default.

GBP: Initial dip in GBP had been shortly retraced after BoE Carney had not reciprocated the concerns highlighted in the Bank of England’s rate decision statement. Consequently, sparking a round of short-covering. While the BoE had slashed their economic forecasts with market rates implying slower BoE tightening, Governor Carney had noted that the market should not prepare for a scenario of no future rate hikes. In regard to Brexit, Carney stated that there has been speculation over a delay to the March 29th Brexit date. GBPUSD upside has been capped by the key 1.30 handle for now. EURGBP yet again failed to make a clean break above 0.88.

NZD: Soft labour report sparked selling in NZD across the board, with NZDUSD extending on the prior day’s losses. Subsequently, this raises the prospect of a more downbeat RBNZ next week. Elsewhere, AUDNZD saw a sharp rebound from crucial support at 1.04, which in turn provided a much-needed relief for the AUD.

CAD: Softer oil prices and wider bond spreads have not boded well for CAD, which has extended its run of losses vs. the USD after failing to breach through the 200DMA. Event risk will come in the form of tomorrow’s jobs report.

USD in Demand By Default, CAD Drops, GBP Short Covered - US Market Open

DailyFX Economic Calendar: – North American Releases

USD in Demand By Default, CAD Drops, GBP Short Covered - US Market Open

IG Client Sentiment

USD in Demand By Default, CAD Drops, GBP Short Covered - US Market Open

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--- 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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