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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Sterling Ignores Brexit, Euro Remains Weak, Gold Grinds Higher - US Market Open

Sterling Ignores Brexit, Euro Remains Weak, Gold Grinds Higher - US Market Open

Nick Cawley, Strategist

Market Themes and Moves – Brexit, Euro-Zone Growth and Gold.

GBP: Brexit once again dominated Sterling headlines after the speaker of the House last night rejected PM May’s third meaningful vote. The market is awash with different interpretations with talk of an extension anywhere between 3- and 21-months the most prominent. Earlier today, UK jobs and wages data surprised to the upside with increased job creation and stable wage growth – the disconnect between a robust labour market and tepid UK growth outlook continues.

Gold: Gold continues to grind higherbut is nearingan area of technical resistance that could halt its move higher. DailyFX analyst Paul Robinson notes that while near-term price action is taking on the outline of a rising channel, ‘a break below the March 14 low at $1,293/oz. should have the path of least resistance in favour of shorts again’.

EUR: The single-currency continues to struggle to move appreciably higher and was not helped today when the latest ZEW data for Germany and the single-block continued to point to economic weakness. While the prints were mixed, news that the German Economic Council had cut its 2019 growth forecast to 0.8% from 1.5% weighed on EUR-Pairs. Any signs of US economic strength from tomorrow’s FOMC meeting may well see EURUSD attempt to break back below 1.1300.

Chart of the Day - GBPUSD: You Can’t Keep the Pound Down

Sterling Ignores Brexit, Euro Remains Weak, Gold Grinds Higher - US Market Open

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Retail sentiment is an important tool for any trader to help gauge market sentiment and positioning. We provide updated daily and weekly positional changes on a wide range of currencies and asset classes to help decision making.

Market Moves and Updated Reports and Analysis:

  1. Gold & Silver Price Outlook Becoming Increasingly Bearish.
  2. Yen Up, S&P 500 Chart Warns of Topping Before Fed Rate Decision.

3. EURUSD Price Finding Upside Difficult After Latest ZEW Data

4. Sterling Dismisses Strong Jobs Data as Brexit Uncertainty Continues.

--- Written by Nick Cawley, Market Analyst

To contact Nick, email him at Nicholas.Cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

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