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  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/KG9k8BnyD6
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Brexit Rumours, Palladium Bubble, EURUSD Outlook - US Market Open

Brexit Rumours, Palladium Bubble, EURUSD Outlook - US Market Open

Nick Cawley, Strategist

Market Themes and Movers

GBP: On the day that the UK was originally meant to leave the EU, PM May will present her withdrawal bill to the House for the third time, this though without the political declaration. GBPUSD probed 1.3000 in early turnover but during the session rumours surfaced that heavyweight MPs, and maybe even the all-important DUP, were seriously considering changing tack and voting for the bill. Cable jumped to 1.3125 on the news flow but further upside is expected to be limited until the result of today’s vote is known.

EUR: The Euro remains vulnerable to further losses, but one technical indicator indicates that EURUSD is currently oversold. While the trend remains lower, there is a possibility that the pair edge back towards the 1.1300 level from a current spot price of 1.1230. US PCE released at 12:30 GMT will also decide where the pair will head as we end Q1.

USD:The greenback benefitted from being ‘the cleanest shirt in the laundry basket’ on Thursday as both the Euro and Sterling fell lower. US Treasury yields have picked up by a couple of basis points from yesterday’s

lows and now the greenback will move to the side-lines ahead of the Fed’s favourite measure of inflation, US PCE. Later in the day, Q1 rebalancing may add a touch of volatility to the dollar.

DailyFX Economic Calendar: For real-time economic releases.

Chart of the Day Palladium (March 29, 2019) – Heavy Fall from Grace

Brexit Rumours, Palladium Bubble, EURUSD Outlook - US Market Open

US Dollar Basket Daily Price Chart - (March 29, 2019) – Supportive Technicals?

Brexit Rumours, Palladium Bubble, EURUSD Outlook - US Market Open

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. GBPUSD Price Struggles Above 1.3000 Ahead of Another Brexit Vote.
  2. EURUSD Rate Vulnerable to Further Losses on Sticky US Core PCE.
  3. Palladium Price: More Losses Likely as ‘Bubble’ Bursts.
  4. Big-Picture Technical Analysis for Dow Jones, Gold Price, Crude Oil and USD.
  5. EURUSD Likely to Move Lower but Oversold Signal Flashes.

--- 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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