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.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Senior Chinese diplomat says China resolutely opposes US passing HK human rights bill $CNH
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇯🇵JPY: 0.08% 🇬🇧GBP: 0.07% 🇪🇺EUR: 0.05% 🇨🇦CAD: -0.06% 🇦🇺AUD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/pbh0kdSdcz
  • Norway's oil industry raises 2019-2020 investment forecasts - 2019 at NOK 182.9bln (NOK 181.7bln forecast in August) - 2020 at NOK 182.6bln (NOK 174bln forecast in August
  • Here are yesterday's poll results for Johnson vs Corbyn TV debate, who was more convincing ? https://t.co/Pc1PiCrQXC
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.18% US 500: -0.19% Germany 30: -0.57% France 40: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/DxAqWvv4TC
  • 🇨🇭 CHF Industrial Output w.d.a. (YoY) (3Q), Actual: 8.0% Expected: 4.0% Previous: 4.0% https://www.dailyfx.com/economic-calendar#2019-11-21
  • How can you use PPI in #forex trading? Find out: https://t.co/TZEdU2SdaS #tradingstyle https://t.co/xPLzeM0Hr0
  • Heads Up:🇨🇭 CHF Industrial Output w.d.a. (YoY) (3Q) due at 07:30 GMT (15min), Actual: N/A Expected: 4.0% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2019-11-21
  • European Opening Calls From IG #FTSE 7234 -0.39% #DAX 13096 -0.47% #CAC 5868 -0.45% #MIB 23214 -0.59% #IBEX 9183 -0.46% #STOXX 3667 -0.45%
  • The $CAD may fall if local CPI and retail sales data adds fuel Bank of Canada easing bets. Where do AUD/CAD, NZD/CAD and GBP/CAD stand ahead of the Canadian data? Get your market update from @ddubrovskyFX here:https://t.co/oIDWTbIFu9 https://t.co/o1uZsKpHRs
Dovish FOMC, BoE Rate Decision, Euro Finds a Bid - US Market Open

Dovish FOMC, BoE Rate Decision, Euro Finds a Bid - US Market Open

2019-03-21 12:00:00
Nick Cawley, Analyst
Share:

Market Themes and Movers – FOMC, BoE Decision, Euro, JPY and NOK in Favour

USD: Wednesday’s FOMC meeting revealed a dovish US central bank with further interest rate hikes in 2019 now looking very unlikely. The Fed hinted at a 0.25% hike in 2020 but markets are now pricing-in a cut in rates in 2020 as growth concerns continue. The central bank also reigned in its bond normalization program with sales expected to stop by the end of September, three months earlier than had been expected by some market commentators. US Treasury yields fell to multi-month lows, dragging the US dollar down.

GBP: The Bank of England is fully expected to leave all monetary policy settings unchangedat today’s MPC meeting as Brexit continues to cloud the UK’s economic outlook. Recent jobs, wages and retail sales data has beaten market expectations and highlights a growing divergence between robust employment and weak economic growth. The Bank of England will need to tread carefully once/if Brexit is resolved.

EUR/JPY/NOK: Both the Euro and the Japanese Yen reacted positively to the outcome of the FOMC meeting and pushed ahead against the US dollar. While gains may be limited in the short-term, both may continue to find favour going forward and press through recent resistance levels. The Norges Bank raised interest rates by 0.25% to 1.0% today, as expected, and signalled another hike in H2 this year, boosting the value of the Norwegian Krone further.

Chart of the Day – Multi-Month Low 10-Yr US Treasury Yield

Dovish FOMC, BoE Rate Decision, Euro Finds a Bid - US Market Open

DailyFX Economic Calendar: For updated and timely economic releases.

How to use IG Client Sentiment to Improve Your Trading

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 Movers with Updated News and Analysis:

  1. S&P Backing into Support, Dow Jones and Nasdaq 100 Chart Outlook.
  2. EURUSD Price Hitting Resistance But Sentiment Remains Bullish.
  3. Yen May Rise as Dovish SNB, BoE Add to Global Slowdown Fears.
  4. US Dollar Dives After March FOMC Meeting Reveals Dovish Fed.
  5. Gold Price Forecast Brightens Amid Drop in US Treasury Yields.

--- 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.

DISCLOSURES

News & Analysis at your fingertips.