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MARKET DEVELOPMENT – USD on the Brink of Range Breakout, Euro & GBP suffer

USD: Given the drop in FX volatility, the USD has continued to benefit, which in turn is now eying the top end of its multi-month range. Consequently, the push higher in the greenback saw Euro test support at the 1.12 handle, while GBP made a firm break below the 1.30.

Crude Oil: Oil prices remain firm as market participants continue to digest yesterday’s announcement by the US to bring an end to Iranian oil waivers. However, gains have been somewhat modest throughout today’s session with Saudi Arabia talking up the possibility of boosting oil production in order to keep the oil market stable and thus keeping a lid on oil price spikes.

Gold: With the renewed bid in the greenback, gold prices were once again on the backfoot with the precious metal testing support at $1267. The outlook remains bearish in the short run with a break below $1262 opening up a move towards $1250.

USD on the Brink of Range Breakout, EURUSD & GBPUSD suffer  - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

USD on the Brink of Range Breakout, EURUSD & GBPUSD suffer  - US Market Open

IG Client Sentiment

USD on the Brink of Range Breakout, EURUSD & GBPUSD suffer  - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. DAX 30 & CAC 40 Technical Outlook Turning Towards a Pullback” by Paul Robinson, Currency Strategist
  2. Bitcoin (BTC) Rally Eyes $6,000+, Litecoin (LTC) Price Building Momentum” by Nick Cawley, Market Analyst
  3. COT Report: GBPUSD Net Long for the First Time Since June 2018” by Justin McQueen, Market Analyst
  4. Canadian Dollar Outlook Positive as Crude Oil Prices Head Higher” 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