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 –EURUSD Spikes Higher as Trump Plans to Delay EU Auto Tariffs

DailyFX Q2 2019 FX Trading Forecasts

EUR: The Euro spiked higher, alongside the DAX following reports that Trump is said to be planning to delay imposing auto tariffs for up to 6-months. (full story) As a reminder, President Trump had to make a decision by May 18th on whether he would go ahead with placing tariffs on EU auto imports. In reaction, EURUSD reclaimed the 1.12 handle, while DAX surged 1.75% to break above the 12000 level.

GBP: The Pound is the notable underperformer yet again, which current trades at the lowest level since February 15th against the USD. As talks between the government and Labour continue, the Labour spokesman once again poured cold water on the hopes of a Brexit breakthrough, thus weighing on the Pound, which in turn raises the likelihood that PM May’s 4th attempt of getting the withdrawal agreement passed will fail. (full story)

JPY: Investors continue to flock towards safer assets, one of which has been the Japanese Yen and Swiss Franc, which outperform its major counterparts. While the trade war tensions between the US and China keep investors on the defensive, weak data from China and the US also provides a fresh reminder that global growth is indeed slowing down.

CAD: USDCAD saw a relatively muted reaction to the latest inflation data, moving a marginal 15pips higher on the release before retracing the initial uptick. Headline CPI had printed in-line with expectations, however, the preferred measure of the BoC (average of trim, median and common) dipped slightly to 1.9% from 2%. As such, this is unlikely to shift the Bank of Canada from its neutral stance. (CAD Technical analysis)

EURUSD Spikes Higher as Trump Plans to Delay EU Auto Tariffs - US Market Open

DailyFX Economic Calendar: – North American Releases

EURUSD Spikes Higher as Trump Plans to Delay EU Auto Tariffs - US Market Open

IG Client Sentiment

EURUSD Spikes Higher as Trump Plans to Delay EU Auto Tariffs - US Market Open

How to use IG Client Sentiment to Improve Your Trading


  1. Dow Jones at 200-day; Crude Oil, Gold Price Charts & More” by Paul Robinson, Currency Strategist
  2. GBPUSD Price Outlook: Risk of Bearish Breakdown” by Justin McQueen, Market Analyst
  3. Crude Oil Prices Fail to Benefit from Middle East Tensions” by Martin Essex, MSTA , Analyst and Editor
  4. 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