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
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/Evr5KgUjVo
  • $GBPUSD corrects from stretched valuations, however, positioning clear is likely to entice dip-buyers. Get your market update from @JMcQueenFX here: https://t.co/sfFdBx9pN6 https://t.co/j6nnry65SW
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/oQrOpYINOj
  • 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/LSVPlus0vv
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/rPd6B5KzuI
  • Time-cycle analysis suggests that the Japanese Yen could slide significantly lower against its major counterparts. Key levels for AUD/JPY, EUR/JPY and GBP/JPY. Get your market update from @DanielGMoss here:https://t.co/WPq4Z9zzEw https://t.co/VzVLrBbL9q
  • The Australian Dollar looks poised to outperform the haven-associated US Dollar and Japanese Yen. However, it may lose ground to the New Zealand Dollar. Key levels for AUD/USD, AUD/JPY and AUD/NZD. Get your market update from @DanielGMoss here:https://t.co/cuxRxl5WaF https://t.co/pujrmqSxV7
  • Has anyone explained the risk of inflation on the markets in terms of tendies?
  • The US Dollar is trying to break higher versus ASEAN currencies. The Singapore Dollar, Philippine Peso, Thai Baht and Indonesian Rupiah are under pressure. Will follow-through last? Get your market update from @ddubrovskyFX here:https://t.co/JOWG9q01q0 https://t.co/j2ICxgrLa3
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your $USDCAD market update from @DanielGMoss here:https://t.co/9bkVXQuP5C https://t.co/cLNEG36mZ8
US Dollar Losses Curbed by 200DMA, GBPUSD Eyes No-Deal Brexit Motion - US Market Open

US Dollar Losses Curbed by 200DMA, GBPUSD Eyes No-Deal Brexit Motion - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – GBPUSD Eyes No-Deal Brexit Motion, USD Bounces Off 200DMA

DailyFX Q2 2019 FX Trading Forecasts

GBP: The Pound has been slightly firmer this morning, however, the currency failed to make a firm breach above 1.2750. While the Tory leadership campaigns get underway with Boris Johnson the latest MP to launch his campaign, focus is beginning to shift towards a potential motion that could prevent a no-deal Brexit taking place.

The cross-party motion would stop the future PM from shutting down parliament in order to go ahead with a no-deal Brexit against MPs wishes. Consequently, this continues to show that the deadlock facing the next PM will remain a difficult one to resolve. If the motion were to be passed, this would likely see a dialling back of no-deal Brexit concerns, thus providing marginal support for the Pound, given how short speculators are of GBP (Of note, only three Tory rebels are needed to get the motion passed). However, while concerns of a no-deal Brexit may well ease, the political chaos remains, which in turn could see initial gains somewhat limited.

USD: The US Dollar dropped following the release of the latest CPI report. The headline CPI rate fell to 1.8% below expectations of 1.9%, raising odds of a rate cut for July, which in turn could see the FOMC begin to signal an easing bias at next week's meeting. However, the fall in the US Dollar has once again been curbed by the 200DMA at 96.54.

Crude Oil: Overnight, the latest API Crude Oil Inventory Report showed a surprise build of 4.9mln barrels, against an expected drawdown of 500k barrels. In turn, this has seen both Brent and WTI crude futures on the backfoot throughout the European session. Eyes now turn towards the DoE crude report scheduled for 1530BST for confirmation. Elsewhere, the expected boom in shale production continues to dampen sentiment in the energy complex following the EIA’s forecast, in which see US crude output growing faster than world oil demand growth this year.

Iron Ore: Dalian iron ore prices have continued to extend on its recent gains with the steel-making ingredient benefiting from recent reports that China will ease restrictions on local government’s borrowing for key infrastructure projects.

US Dollar Losses Curbed by 200DMA, GBPUSD Eyes No-Deal Brexit Motion - US Market Open

Source: DailyFX, Thomson Reuters

DailyFX Economic Calendar: – North American Releases

US Dollar Losses Curbed by 200DMA, GBPUSD Eyes No-Deal Brexit Motion - US Market Open

IG Client Sentiment

US Dollar Losses Curbed by 200DMA, GBPUSD Eyes No-Deal Brexit Motion - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Bitcoin (BTC) Price - Bullish Momentum Slows, Support Strengthens” by Nick Cawley, Market Analyst
  2. Canadian Dollar Risks Larger Pullback from Crude Oil Price Reversal” by Justin McQueen, Market Analyst
  3. Gold Price and Silver Outlook Dented by Wall of Resistance” 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