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
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
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • RT @fastFT: Fed intervenes again to ease US money market strains https://t.co/OvXe7RbaAB
  • RT @Schuldensuehner: #Swiss Franc strengtens vs Euro beyond 1.10 after hawkish surprise by SNB. Swiss National Bank left their policy rate…
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 0.37% Germany 30: 0.27% US 500: 0.13% Wall Street: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0ugeCcwgEQ
  • Overall, UK assets were relatively unchanged with $GBPUSD hovering around pre-announced levels, while UK 2yr gilt yields dipping a meagre 1bp and the #FTSE 100 seeing a marginal lift. Get your market update from @JMcQueenFX here: https://t.co/oeYjMx82rv https://t.co/fU3fmijyn9
  • RT @markets: U.S. jobless claims increase less than forecast to 208,000 https://t.co/AJtf2iElag https://t.co/R4MB7XVbWM
  • 🇺🇸 (USD) Philadelphia Fed Business Outlook (SEP), Actual: 12.0 Expected: 10.5 Previous: 16.8 https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • 🇺🇸 (USD) Initial Jobless Claims (SEP 14), Actual: 208k Expected: 213k Previous: 206k https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • WTI Oil Price Outlook: Sharp Moves, Nasty Headlines, Levels to Know https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/09/19/wti-crude-oil-price-outlook-sharp-moves-nasty-headlines-levels-to-know-js52-oil-chart.html https://t.co/mjwcK3S0uC
  • 🇺🇸 (USD) Continuing Claims (SEP 7), Actual: 1661k Expected: 1672k Previous: 1674k https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=TweetRobot&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.85%, while traders in France 40 are at opposite extremes with 82.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/QfI3m1UEqZ
USD is King in Low Currency Volatility Environment, Gold Drops Below Support - US Market Open

USD is King in Low Currency Volatility Environment, Gold Drops Below Support - US Market Open

2019-04-11 13:10:00
Justin McQueen, Analyst

MARKET DEVELOPMENT – USD is King in Low Currency Volatility Environment, Gold Drops Below Support

USD: Despite the risk events throughout the week, FX volatility has been very subdued and continues to do so, with the most traded currency, EURUSD, seeing implied volatility hovering around record lows (1-month vols). Consequently, in this period of low volatility USD remains firm given the attractiveness that carry trades provide, while the fundamental backdrop for the US economy is notably stronger than the Eurozone. With little on the docket, eyes will turn to the Fed speak later today.

GBP: Given that an extension had largely been priced in and the outlook remains unchanged, GBP subsequently failed to find a renewed bid after the announcement. As a reminder, speculative positioning had been relatively neutral, according to the latest COT update, which in turn suggested that a short squeeze would be unlikely. However, while an extension may help GBPUSD hold support at 1.30, uncertainty will persist with a wide range of outcomes still possible (general election, second referendum, Theresa May resignation).

Risk Currencies (AUD, NZD, CAD): Risk sensitive currencies are the notable underperformers this morning against the greenback with the Canadian Dollar feeling the pressure from the pullback in oil prices. In turn, USDCAD is back to familiar resistance at 1.3385-1.34.

Gold: As the USD stabilises around the 97.00 handle, gold prices have taken a slight knock with the precious metal dropping back below the 1300 level. Demand for the precious metal has also been dampened by the mild support for equity markets.

USD is King in Low Currency Volatility Environment, Gold Drops Below Support - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

USD is King in Low Currency Volatility Environment, Gold Drops Below Support - US Market Open

IG Client Sentiment

USD is King in Low Currency Volatility Environment, Gold Drops Below Support - US Market Open

How to use IG Client Sentiment to Improve Your Trading


  1. GBPUSD Price Shrugs Off Brexit Extension, Sterling’s Bid Remains” by Nick Cawley, Market Analyst
  2. Gold Price Outlook Still Positive as Global Slowdown Fears Persist” by Martin Essex, MSTA , Analyst and Editor
  3. S&P 500 Outlook: Investors on Edge Ahead of Earning Season” by Justin McQueen, Market Analyst
  4. FTSE Technical Outlook Following Brexit ’Agreement’; GBP Correlation a Factor Again” by Paul Robinson, Market Analyst
  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

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


News & Analysis at your fingertips.