Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

MARKET DEVELOPMENT – USD Dented, AUD Slammed on China Tensions

USD: The greenback is marginally softer across the board with exception of AUD and NZD, following the latest Philly Fed data, in which the business outlook fell to its lowest level since the May 2016. Consequently, this poses downside risks to next months ISM Manufacturing reading, while also confirming that the US economy is indeed beginning to feel the spill-over effects from the slowdown observed in the rest of the world.

GBP: A relatively choppy session for the Pound thus far amid a serious of conflicting Brexit headlines. GBPUSD had initially dipped on reports citing a UK Official that a Brexit deal next week is unlikely. However, GBP quickly pared the initial decline after EU Diplomats sources noted that they were moving towards breaking Brexit impasse. GBPUSD currently hovering around its best levels of the day and comfortably above the 200DMA at 1.3050.

AUD: The Australian Dollar fell over 1% overnight after China stated that ports will ban imports of Australian coal amid the rising geopolitical tensions between China and Australia. Further losses had been stemmed with AUDUSD holding 0.71 (For technical analysis, click here). Of note, coal is currently Australia’s most valuable export, in which China consumes roughly 25% of their coal exports.

USD Dented, AUD Slammed on China Tensions - US Market Open

DailyFX Economic Calendar: – North American Releases

USD Dented, AUD Slammed on China Tensions - US Market Open

IG Client Sentiment

USD Dented, AUD Slammed on China Tensions - US Market Open

How to use IG Client Sentiment to Improve Your Trading

Four Things Traders are Reading

  1. AUD Technical Analysis Overview: AUDUSD, AUDJPY, AUDNZD” by Justin McQueen, Market Analyst
  2. FTSE 100 Rally Blocked by Sterling Strength and Heavyweight Technicals” by Nick Cawley, Market Analyst
  3. AUDUSD & AUDNZD Poised to Resume Lower Soon” by Paul Robinson, Market Analyst
  4. GBP Price Outlook: Bulls Defiant in Face of Brexit, Possible Fitch Downgrade” 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