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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.01%, while traders in France 40 are at opposite extremes with 68.82%. See the summary chart below and full details and charts on DailyFX:
  • WH Press Sec. Psaki: - More work remains on infrastructure after meeting - Today or tomorrow, a White House team will meet with Senators from both parties
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  • McKesson said to explore sale of European, UK businesses -BBG $MCK $EURUSD $GBPUSD
  • EUR/GBP continues to trade towards the bottom of the trading range. Sentiment remains ‘mixed’ after near term decline in long positioning. Get your market updates from @RichardSnowFX here:
  • @JohnKicklighter At the very least, it’s providing extra entertainment for us market junkies plugged into #Fed Chair Powell’s congressional testimony. Perhaps serving as a coping mechanism for HODL-ers as well. $BTCUSD #Bitcoin
  • Fed's Powell: - The Fed is prepared to utilize all of its tools to maintain inflation at or below 2% - It is extremely unlikely that inflation will be as high as it was in the 1970's
  • Fed's Powell: - Enhanced unemployment benefits may be a factor limiting job growth - In the fall, I believe we will see a lot more jobs being created
  • Fed's Powell: - On the employment front, we still have a long way to go - When the economy is healthier, we will focus on reducing government borrowing
UK Week Ahead: Brexit Vote and Fed Chair Powell Loom | Webinar

UK Week Ahead: Brexit Vote and Fed Chair Powell Loom | Webinar

Nick Cawley, Strategist

UK Markets, Fed Testimony, Brexit and Sterling:

  • Brexit vote this week likely to have limited effect.
  • Fed Chair Powell’s testimonies will be parsed for any hints on the path of interest rates.

You can access all of our Q1 2019 Trading Forecasts for a wide range of Currencies and Commodities, including GBPUSD along with our latest fundamental and medium-term term technical outlook.

Sterling (GBP) Waiting for More Clarity

A week with little hard UK data leaves the British Pound even more susceptible to Brexit newsflow and announcements. The meaningful vote discussions, starting in Parliament on Wednesday, may provide some insight into the current Brexit dynamic but with voting on PM May’s deal now pushed back to March 12 (at the latest), expectations of any future direction are low. There is also increased talk from the EU that a Brexit extension may be looked upon kindly, although the EU are unlikely to offer anything unless PM May can give her assurance that an agreement will be able to pass through a vote in Parliament.

DailyFX Economic Data and Events Calendar.

The above calendar highlights the lack of any real heavyweight UK data releases with the markets focus expected to be on BoE policy makers testimony at the Treasury Select Committee on Tuesday and three speeches by Fed Chair Jerome Powell on Tuesday, Wednesday and Friday. Not to be outdone, President Trump and North Korean leader Kim Jong-un will meet for a two-day conference in Vietnam starting on Wednesday.

GBP Fundamental Forecast: Sterling Refuses to Believe in No Deal Brexit

Sterling remains resilient in the short-term although this may be mis-placed if Brexit talks take a turn for the worse. Against the US dollar, the British Pound is pushing towards 1.3100 and has upside potential to move back to 38.2% Fibonacci retracement at 1.3177.

GBPUSD Daily Price Chart (June 2018– February 25, 2019)

UK Week Ahead: Brexit Vote and Fed Chair Powell Loom | Webinar

IG Retail Sentimentdata shows clients are 52.2% net-long GBPUSD, a bearish contrarian indicator. However, the combination of current sentiment and recent changes suggest GBPUSD prices may move higher.

--- Written by Nick Cawley, Analyst

To contact Nick, email him at

Follow Nick on Twitter @nickcawley1

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