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
  • 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/SQUCCZ9dzS https://t.co/I8jJq8NGCH
  • We are heading into a Tuesday lull which precedes Wednesday's FOMC focus. Will the absence of distractions allow for risk trends to gain momentum or perhaps will Fed anticipation temper the $SPX tumble? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/21/Fed-Taper-Focus-May-Help-Stall-the-SP-500s-Collapse-Dollars-Charge.html https://t.co/T4m60xEfk6
  • CTV projects Trudeau wins his third term as Canada's Prime Minister - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/KY6MiOC9Y6
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
  • RBA Minutes: - Board committed to providing high level of monetary support - Q3 GDP expected to decline materially - Central scenario is rates on hold until 2024 - BBG $AUDUSD
  • Heads Up:🇦🇺 RBA Meeting Minutes due at 01:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
  • New Zealand reports 14 new local Covid cases - BBG
  • I had a chance to talk with @tastytradeRyan and @victorJ0NES about Evergrande and its impact on US markets — always great talking with these two guys on Mondays. https://t.co/vddTknnPWC
  • RT @cheddar: Stocks dropped the most since May on Monday, sending shockwaves through Wall Street. @CVecchioFX explains the global impact of…
USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market Open

USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs

DailyFX Q2 2019 FX Trading Forecasts

MXN: The Mexican Peso rallied following the decision by the US to suspend trade tariffs, consequently, the Peso has pared the entirety of its initial drop. In turn, this had also supported risk appetite with equity markets modestly higher to begin the week.

GBP: A slew of weak UK data, most notably a monthly contraction in GDP sees the Pound on the backfoot with GBPUSD back below 1.27, while EURGBP trades at the highest level since mid-January with the cross edging toward the mid-0.89s (full analysis). Consequently, the soft data goes against the recent hawkish undertones provided by the BoE Chief Economist Haldane, who suggested that a rate rise could take place in the near-term in order to curb inflation.

USD: A rosier start to the week for the greenback which is paring some of its NFP inspired losses against major FX counterparts, while the USD had also found support from holding its 200DMA. With the Fed now in blackout period eyes will be on the raft of key US data points (CPI, retail sales and U. of Michigan Survey) to confirm whether the Federal Reserve will be looking to cuts rates in the near-term.

USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market OpenUSD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market Open

Source: DailyFX, Thomson Reuters

DailyFX Economic Calendar: – North American Releases

USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market Open

IG Client Sentiment

USD Bounces Off 200DMA, MXN Rallies as Trump Suspends Tariffs - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. EURUSD Price - Bulls Clash with Technical Resistance” by Nick Cawley, Market Analyst
  2. Gold Bulls Soar, Copper Shorts at Record High, Oil Longs Decline - COT Report” by Justin McQueen, Market Analyst
  3. US Dollar at Tipping Point, EURUSD Has Big Squeeze Potential” 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