News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/m42Rdv39Dx
  • Chinese estates' Evergrande loss assumes all shares sold -BBG #Evergrande
  • RT @FxWestwater: Australian Dollar Fights FOMC-Charged US Dollar After Upbeat PMI Data Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/22/Australian-Dollar-Fights-FOMC-Charged-US-Dollar-After-Upbeat-PMI-Data.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co…
  • Heads Up:🇯🇵 Foreign Bond Investment (18/SEP) due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-22
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/B041Lqtg3S
  • #ASEAN based #USD index continues to extend the bounce off September lows post #FOMC This follows a test of the 100-day SMA as well as a rising trendline from June Eyes on the 38.2% Fib extension before potentially retesting the July/August highs https://t.co/uZ7OEJurPs
  • 🇦🇺 Markit Manufacturing PMI Flash (SEP) Actual: 57.3 Previous: 52 https://www.dailyfx.com/economic-calendar#2021-09-22
  • 🇦🇺 Markit Services PMI Flash (SEP) Actual: 44.9 Previous: 42.9 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇦🇺 Markit Manufacturing PMI Flash (SEP) due at 23:00 GMT (15min) Previous: 52 https://www.dailyfx.com/economic-calendar#2021-09-22
  • Heads Up:🇦🇺 Markit Services PMI Flash (SEP) due at 23:00 GMT (15min) Previous: 42.9 https://www.dailyfx.com/economic-calendar#2021-09-22
GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBP Eyes Another Brexit Vote, USD Halts Losses

GBP: Another day, another vote in the House of Commons with this time a vote on whether Brexit will be delayed. While both Theresa May’s deal and no-deal Brexit had been rejected, it is likely that today’s vote will be in favour of an Article 50 extension. The initial gains in the Pound on the back of yesterday’s have been pared throughout the European session, however, with the risk of a no-deal Brexit reduced, GBPUSD will likely continue to receive support with any dips below 1.30. Brexit headlines continue to dictate sentiment.

AUD: Both the Australian and New Zealand Dollar are on the backfoot after another round of soft Chinese data, in which industrial production growth fell to a 17year low. The Antipodeans were delivered a further blow after source reports noted that a summit between Trump and Xi was unlikely, until at least April. As a reminder, USTR Lighthizer has recently noted that key issues continue to remain a stumbling block for a deal. Eyes on Monday’s low at 0.7030 before the psychological 0.7000 handle.

USD: The US Dollar recovers from its recent losing streak, gaining 0.3% as the Brexit inspired rally in the Pound fades, while negative sentiment stemming from the latest trade war update has sparked a bid in the greenback.

Crude Oil: Brent crude oil had edged towards fresh 2019 highs throughout the European morning with prices above $68/bbl. Yesterday’s DoE crude oil report showed a larger drawdown (3.8mln) than the API figures had signalled, while crude production in the US dropped by 100k barrels. Elsewhere, among the main supportive factors over the past 24hours had been on reports that the US are seeking to reduce Iranian oil exports to below 1mbdp from the current 1.25mbpd.

CHART OF THE DAY: MIND THE GAP

GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

Source: Thomson Reuters

GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

IG Client Sentiment

GBPUSD Eyes Brexit Extension Vote, USD Halts Losses - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Crude Oil Analysis: Oil Prices Pullback from 2019 Highs on Trade War Update” by Justin McQueen, Market Analyst
  2. Sterling Outlook: GBPUSD, EURGBP Price Analysis and Brexit News” by Nick Cawley, Market Analyst
  3. Brexit Latest: MPs Propose Vote to Wrest Control From May” by Martin Essex, MSTA , Analyst and Editor
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- 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.

DISCLOSURES