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  • USD strength present throughout the NY session, but the US Dollar Index continues to find stiff resistance at the 94 level $USD $DXY https://t.co/nZFjtFbG4O
  • Euro is down more than 0.2% against the US Dollar since the start of the week with EUR/USD trading just above support heading into the European Central Bank interest rate decision tomorrow. Get your $EURUSD market update from @MBForex here:https://t.co/a9tikztYFj https://t.co/uztfGSoYvW
  • Nasdaq 100 is not sure whether it wants to close at a record high, but the NDX-SPX ratio has jumped sharply today on the tech index's 0.9% rally https://t.co/fUMvv9mtZ8
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Silver: 0.05% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1qRqMHuB6V
  • The recent AUD/JPY rally appears to be stalling below 86.000, with the pair relatively flat on the session $AUDJPY https://t.co/xfNKmmhJdq
  • #Euro Technical Forecast: $EURUSD Pressured into #ECB- Breakout Levels - https://t.co/RG2nfQrqsF https://t.co/ceYY2Dk1Eo
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in USD/JPY are at opposite extremes with 73.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/j6NdfK7lpf
  • A day full of meetings and I've always had one eye fixed on this $GOOG rally. Last nights afterhours reticence didn't do this stock (and MSFT) justice. Impressive https://t.co/tEwaqSt5lm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% US 500: 0.22% France 40: 0.19% Germany 30: 0.13% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aH5WxfeKWP
  • RT @DeItaone: *Natural Gas Jumps 4.3% to Session-High $6.134 Ahead of Contract Expiration
EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – EURUSD and Italian See Brief Dip as Italy Looks to Cut Growth Forecasts

EUR: The Euro saw a brief dip alongside Italian stocks after source reports noted that Italy is to lower its 2019 GDP forecast to 0.1% from the overly optimistic 1%, which in turn would see the budget deficit move to 2.3-2.4%. This had been similar to reports out yesterday, nonetheless, Euro saw a slight to 1.1220, which also followed reports that German growth was said to be lowered to 0.8% from 1.9%. Elsewhere, the ECB meeting minutes provided little in the way of price action, given the lack of new inflation. Ahead of the event, EURUSD options had signalled that volatility would be somewhat tame (click here)

USD: The US Dollar is marginally higher across the board with the exception of the JPY. FX volatility has been somewhat subdued this morning with a lack of drivers to instigate notable price action. GBP is underperforming after yet another failed attempt to crack above 1.32. JPY crosses have dipped slightly as equity markets move higher stalls.

EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

IG Client Sentiment

EURUSD and Italian Stocks Dip on Italy Growth Cut, USD Recovers - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Gold Price Forecast: Short-Term Support Ahead of US Labour Report (NFPs)” by Nick Cawley, Market Analyst
  2. Stock Market Outlook: DAX Given China Boost, S&P 500 Signals Warning” by Justin McQueen, Market Analyst
  3. FTSE Chart Has Trend Resistance in Play, but Hard to Be Too Bearish” by Paul Robinson , Market Analyst
  4. GBP Price to Shrug off Shorter Odds on Corbyn as Next UK Prime Minister” 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.

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