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CAD Drops, GBPUSD Reclaims 1.30, USD Selling on Month-End Flows - US Market Open

CAD Drops, GBPUSD Reclaims 1.30, USD Selling on Month-End Flows - US Market Open

2019-04-30 13:45:00
Justin McQueen, Analyst
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MARKET DEVELOPMENT – CAD Drops, GBP Reclaims 1.30, USD Selling on Month-End Flows

DailyFX Q2 2019 FX Trading Forecasts

USD: The USD is on the defensive, down 0.3% as the index tests 97.50. Month-end flows have been among the main factors behind the decline in the USD index with investment bank FX rebalancing models pointing to USD selling across the board, which in turn has seen both the Euro and GBP break above 1.12 and 1.30 respectively.

EUR: A rare occurrence of better than expected Eurozone data has helped keep the Euro supported. Eurozone GDP surprised to the upside with Spanish beating estimates and French growth in line with forecasts. Elsewhere, German CPI saw a sizeable jump to 2.0%, from the prior month of 1.3%, consequently providing upside risks to the Eurozone inflation report. Italian GDP also provided a welcome surprise with the country confirmation that it has exited its technical recession.

GBP: The Pound is the notable outperformer, making a firm break above the 1.30 handle amid the drop in the USD index as month-end rebalancing flows dominate. As a reminder, investment bank models had pointed to strong GBP buying. Consequently, with the upside in the Pound, EURGBP has edged towards 0.86.

CAD: The Canadian Dollar pared its initial oil led gains after the latest GDP data had showed that Canada had contracted in February, which in turn boosts that Bank of Canada’s case to keep interest rates on hold.

CAD Drops, GBPUSD Reclaims 1.30, USD Selling on Month-End Flows - US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

CAD Drops, GBPUSD Reclaims 1.30, USD Selling on Month-End Flows - US Market Open

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CAD Drops, GBPUSD Reclaims 1.30, USD Selling on Month-End Flows - US Market Open

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WHAT’S DRIVING MARKETS TODAY

  1. Dollar Breakout Under Fire; Euro, GBPUSD & Gold Price Charts” by Paul Robinson, Currency Strategist
  2. EURUSD Breaks Above 1.1200 on Positive Euro-Zone Data Releases” by Nick Cawley, Market Analyst
  3. Crude Oil Prices Rise With Venezuelan Military Coup Underway” by Justin McQueen, Market Analyst
  4. AUD Price Under Pressure on Poor Chinese Economic Data” 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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