Never miss a story from Justin McQueen

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Justin McQueen

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

MARKET DEVELOPMENT – NZD underperforms, USD Eyes FOMC, GBP Looks to BoE

DailyFX Q2 2019 FX Trading Forecasts

NZD: The New Zealand Dollar came under pressure after a relatively weak jobs reports, in which jobs growth in Q1 contracted, while wage growth also missed forecasts and the RBNZ’s expectations. Consequently, this led to increased bets that the RBNZ could lower interest rates next week with money markets now pricing in a 60% chance of a 25bps cut. With rate decisions from the RBNZ and RBA scheduled next, AUDNZD implied volatility is the highest since early 2018.

USD: The USD has managed to pare its earlier losses following a stellar ADP report, which rose 275k (Exp. 180k), while the prior month also been revised higher. However, ADP data has often had a wide deviation from the NFP figure. Elsewhere, focus will be on the FOMC meeting, where eyes will be on any optimistic commentary regarding the economic environment, given the central bank is widely expected to keep interest rates on hold.

GBP: The Pound remains on the front foot with eyes on the Bank of England rate decision, whereby there is a risk that the central bank provides a hawkish hold. The latest Brexit developments have been relatively muted this past week. However, the opposition labour party has hinted that the government could potentially shift from their current Brexit stance.

GBPUSD Looks to BoE, NZDUSD Drops as Rate Cut Expectations Surge- US Market Open

Source: Thomson Reuters, DailyFX

DailyFX Economic Calendar: – North American Releases

GBPUSD Looks to BoE, NZDUSD Drops as Rate Cut Expectations Surge- US Market Open

IG Client Sentiment

GBPUSD Looks to BoE, NZDUSD Drops as Rate Cut Expectations Surge- US Market Open

How to use IG Client Sentiment to Improve Your Trading


  1. Crude Oil, Dow, Silver Price Charts & Other Technical Set-ups to Watch” by Paul Robinson, Currency Strategist
  2. Crude Oil Price Respecting Support Levels, FOMC & NFPs Loom” by Nick Cawley, Market Analyst
  3. DAX Outlook: Beware of Auto Tariff Threat - EU/US Trade War” by Justin McQueen, Market Analyst
  4. Why Central Bank Monetary Policy May Fail to Avert Another Market Swoon” 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

Follow Justin on Twitter @JMcQueenFX