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.

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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • What is NFP and how can you trade it? Find out:https://t.co/XJWS04IF9j https://t.co/bzmX30O8Nt
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.01% 🇪🇺EUR: -0.36% 🇨🇦CAD: -0.40% 🇬🇧GBP: -0.70% 🇦🇺AUD: -0.84% 🇳🇿NZD: -0.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Sk0eN8AzQ8
  • Heads Up:🇪🇸 Consumer Confidence (FEB) due at 11:30 GMT (15min) Previous: 55.7 https://www.dailyfx.com/economic-calendar#2021-03-05
  • 🇮🇪 GDP Growth Rate QoQ (Q4) Actual: -5.1% Previous: 11.1% https://www.dailyfx.com/economic-calendar#2021-03-05
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.16% Wall Street: -0.19% US 500: -0.25% France 40: -0.60% Germany 30: -0.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I1E7gOTUMP
  • Heads Up:🇮🇪 GDP Growth Rate QoQ (Q4) due at 11:00 GMT (15min) Previous: 11.1% https://www.dailyfx.com/economic-calendar#2021-03-05
  • Brush up your knowledge on #tradewars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/8Kos5XrKhY
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/tPwOU9788l
  • 🇮🇹 Retail Sales MoM (JAN) Actual: -3% Previous: 2.4% https://www.dailyfx.com/economic-calendar#2021-03-05
  • 🇮🇹 Retail Sales MoM (JAN) Actual: -3% Previous: 2.5% https://www.dailyfx.com/economic-calendar#2021-03-05
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, Analyst

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