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
GBP/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
USD/JPY
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • RT @FT: Huawei admits that US sanctions are hurting https://t.co/GIT4XSfszx
  • RT @WSJecon: Mexico’s inflation eased in September, coming in line with the Bank of Mexico’s 3% target for the first time in three years ht…
  • My phone's decided to give up the ghost and I've been phoneless for 24 hours. Not coincidentally, I've been a machine tackling errands around the house. What a time to be alive.
  • #Gold remains stuck in a range as a range of conflicting forces battle and fail to take control of price action. Get your $gld market update from @nickcawley1 here: https://t.co/pw7UjkUyqH $XAUUSD https://t.co/YD8L6knjhe
  • Geopolitical developments send oil prices soaring or falling. Get your market update here: https://t.co/0znHZPvPON https://t.co/s358dvMBeR
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
  • As the global economy continues to contract, the risk of geopolitical threats undermining financial and economic stability are rising, leaving the door open to violent volatility. Get your market update from @ZabelinDimitri here:https://t.co/2HEzqPobvA https://t.co/k13SwJmbRm
EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock - US Market Open

EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock - US Market Open

2019-04-02 13:00:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT –EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock

GBP: As the Brexit impasse continues with MPs failing to reach a majority on any Brexit alternatives in yesterdays indicative votes, the Pound subsequently gave up its recent gains with the currency hovering around 1.3020 against the greenback (at time of writing). Headline risk remains elevated as we move towards April 12th, focus will be on the fallout of today’s cabinet meeting. On the data front, the construction PMI remained contractionary territory for a second consecutive month for the first time since August 2016. Eyes on tomorrows services PMI.

AUD: Overnight, the RBA kept interest rates unchanged at 1.50%, however, the Australian Dollar dipped in reaction to the more cautious statement. In the near-term AUDUSD topside looks to be somewhat limited with $3.7bln worth of vanilla options rolling off at 0.71 throughout the week, while the 50 and 100DMAs reside at 0.7118 and 0.7150 respectively. Key support remains situated at the psychological 0.70 handle.

EUR: Subdued price action in the Euro this morning, which has posted a tight 27pip range, albeit at the lower end of the longer-term range with EURUSD briefly breaking below the 1.12 handle.

EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock - US Market Open

IG Client Sentiment

EURUSD Breaks Below 1.12, GBPUSD Drops on Brexit Deadlock - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. GBPUSD Price Rattled as EU Says No Deal Brexit Now More Likely” by Nick Cawley, Market Analyst
  2. AUDUSD Topside Limited as RBA Raises Risk of Near-term Rate Cut” by Justin McQueen, Market Analyst
  3. Trading Outlook for EURUSD, AUDUSD, AUDNZD, Gold Price & More” by Paul Robinson , Market Analyst
  4. Crude Oil Price Challenges Channel Resistance” by Martin Essex, MSTA , Analyst and Editor
  5. 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

News & Analysis at your fingertips.