News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/7iqF6KWXAT
  • Red List To Be Slashed For Opening Up Of Travel - The Times
  • ECB's Lagarde - Europe is recovering more rapidly than we had anticipated
  • $EURGBP testing weekly lows again, which has kept GBPUSD afloat despite the pick up in the greenback https://t.co/TmN3IDEdWe
  • Join @PaulRobinsonFX at 6:00 EST/10:00 GMT for a webinar on becoming a better trader in current markets. Register here: https://t.co/rriVJ9cZOb https://t.co/CeXXIMXViE
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/K8V8ZcxI25
  • Long position of Chinese Estate's (0127 HK) in Evergrande drops from 8.15% to 7.96%
  • $AUDNZD short surely the most consensus trade out there - Diverging CB policy path well embedded - 140bps of NZ tightening priced in by end-22 leaves little room for error - Bar any extreme risk aversion, parity is rare - $AUDNZD bottom after RBNZ hikes in Oct? (13/14 again) https://t.co/q9olmNWRxH
  • 💶 Balance of Trade (JUL) Actual: €20.7B Previous: €18.1B https://www.dailyfx.com/economic-calendar#2021-09-16
  • Heads Up:💶 Balance of Trade (JUL) due at 09:00 GMT (15min) Previous: €18.1B https://www.dailyfx.com/economic-calendar#2021-09-16
USD Extends Losses on Weak ADP, Posing Downside Risks to NFP - US Market Open

USD Extends Losses on Weak ADP, Posing Downside Risks to NFP - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT –USD Extends Losses on Weak ADP, Posing Downside Risks to NFP

DailyFX Q2 2019 FX Trading Forecasts

USD: The USD is underperforming following yesterday’s dovish commentary from Fed Chair Powell, who like both Clarida and Bullard, opened the door to a more accommodative stance, which has been what the US bond market currently signals with two rate cuts by the year end. Further selling had been seen in greenback following a shockingly low ADP report (lowest since March 2010), which rose 27k, below expectations of 180k, consequently, this poses downside risks tomorrow’s Friday NFP report. USDJPY has broken below 108.00 as US yields edge lower.

USD Extends Losses on Weak ADP, Posing Downside Risks to NFP - US Market Open

GBP: Alongside the USD weakness, the Pound had received a slight boost from the better than expected services PMI report. However, based on all three PMI readings, IHS Markit note that Q2 growth in the UK had likely stagnated further reducing the likelihood that the BoE will be raising rates in 2019. The outlook for the Pound continues to remain a fragile one as eyes focus on the next Tory leader and with Boris Johnson the frontrunner gains could be somewhat limited for the Pound.

USD Extends Losses on Weak ADP, Posing Downside Risks to NFP - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

USD Extends Losses on Weak ADP, Posing Downside Risks to NFP - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. US Dollar (USD) Price Weakness Continues as Global Growth Prospects Sour” by Nick Cawley, Market Analyst
  2. EUR/USD Volatility Risk Captures ECB, Downtrend from 2019 Peak in Focus” by Justin McQueen, Market Analyst
  3. Gold Prices Outlook: Don’t Get Too Excited Yet, Been Here Before” by Paul Robinson, Currency Strategist
  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 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.

DISCLOSURES