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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT https://t.co/oYnm2OYRky
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:https://t.co/AquMSrssne https://t.co/DtFuFfrS7Q
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year) https://t.co/Nome25d9Bt
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
JPY Firm as Trump Signals Further Tariffs, ECB's Draghi Tempers EUR Gains - US Market Open

JPY Firm as Trump Signals Further Tariffs, ECB's Draghi Tempers EUR Gains - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – Draghi Tempers Euro Gains as Members Discussed Rate Cuts and QE Restart

DailyFX Q2 2019 FX Trading Forecasts

EUR: ECB pushed back rate guidance, while the announcement of TLTRO 3 details were more favourable than the markets had expected (full story), which in turn saw the Euro jump to session highs on the release. However, while EURUSD touched yesterday’s high at 1.1307, as the central bank upgraded its near-term growth and inflation forecasts, gains had been pared slightly as Draghi stated that some members had discussed rate cuts, QE restart and further extension to rate guidance. Alongside this, Draghi noted that it was not correct to assume that the ECB’s guidance is in reference to rate hikes and instead highlighting that there is room for lower interest rates.

JPY: Safe havens remain on the front foot amid the dip in equity markets as President Trump signals that he is considering extending tariffs to China on the remaining $300bln worth of goods. The President noted that he will make his decision after the G20 summit at the end of the month. USDJPY remains supported at 108 handle for now, while topside resistance sits at 108.50.

GBP: The Pound managed to push through the 1.27 handle amid the continued pullback in greenback once again. Alongside this, GBPUSD saw a brief spike to highs of 1.2720 after BoE Governor Carney stated that rates will need to be raised if the economy evolved as they expect. However, the move was short-lived given that the BoE are forced to remain on the side-lines amid the Brexit debacle, which is unlikely to be resolved in the near-term.

MXN: The Mexican Peso is on the backfoot across the EM complex after hopes of a trade agreement between the US and Mexico faded, while a sovereign rating downgraded by Fitch added to further losses in the currency.

JPY Firm as Trump Signals Further Tariffs, ECB's Draghi Tempers EUR Gains - US Market Open

Source: DailyFX, Thomson Reuters

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JPY Firm as Trump Signals Further Tariffs, ECB's Draghi Tempers EUR Gains - US Market Open

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WHAT’S DRIVING MARKETS TODAY

  1. Gold Price Eyes Bullish Consolidation, Silver Price Breaking Bear Sequence” by Nick Cawley, Market Analyst
  2. EURUSD Spikes Higher on ECB TLTRO Details” by Justin McQueen, Market Analyst
  3. 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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