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  • The implied rate hikes from the Fed through the end of next year (Dec 2022 vs current Fed Fund futures contracts) jumped after today's FOMC report. Goes a long way towards explaining the $DXY Dollar jump here
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 6.25% Previous: 5.25%
  • The corrective pullback still seems to be in play but the drop below 109.00 has been in the works for too long now, which is a sign of concern for bears. Get your $USDJPY market update from @HathornSabin here:
  • RT @jorgegl2502: esto es nuevo y es importante. es probable que USD empiece a caminar en alza.
  • ARKK Innovation- Hawkish Fed and Double Top Pattern Foreshadow Downside Move #trading #Fed $ARKK
  • 'Thank you chair Powell, now back to the real business - alts are up and running again'....#cardano #solana #ethereum @DailyFXTeam
  • Fed's Powell: - Fed is evaluating whether or not to launch a central bank digital currency - Fed has not made a decision on a CBDC yet
  • #Powell: Fed's tapering will be gradual $SPX $USD $XAUUSD
  • Fed's Powell: - Rate liftoff is unlikely to occur before the end of the taper -Tapering will be gradual, and the Fed can accelerate or decelerate the taper if required
  • Fed's Powell: - I want to finish the taper before considering balance sheet reductions - The time has not yet come to discuss the Fed's balance sheet
CAD Outperforms as Crude Oil Soars, AUD Down Under on RBA Rate Cut Risk - US Market Open

CAD Outperforms as Crude Oil Soars, AUD Down Under on RBA Rate Cut Risk - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT –CAD Outperforms as Crude Oil Soars, AUD Down Under on RBA Rate Cut Risk

DailyFX Q2 2019 FX Trading Forecasts

Crude Oil: Brent and WTI crude futures soared throughout the European session, gaining as much as 3% following reports that there has been an incident in the Gulf of Oman, in which two oil tankers had been reportedly attacked, according to Reuters. In turn, the build up of tensions in the Middle East has seen oil prices firmer amid rising geopolitical risk premium. Subsequently, this had spilled into FX markets with the Canadian Dollar the notable outperformer in the G10 space.

GBP: First round of UK leadership contest saw Boris Johnson top the polls by a wide margin at 114 votes, while second and third place went to Jeremy Hunt (43) and Michael Gove (37). In reaction to the result, the Pound had edged lower albeit very marginally as Boris Johnson had a larger than expected number of votes, however, the move had been pared almost immediately.

AUD: The Antipodeans are underperforming this morning and most notably the Australian Dollar following the employment report overnight. While the employment change beat expectations, the gains had largely been driven by part-time work, while the unemployment rate remained at 5.2% vs. Exp. 5.1%. Consequently, given that the relatively weak jobs report, money markets now see a 75% chance of a cut at the July meeting, thus keeping AUDUSD on the backfoot.

CAD Outperforms as Crude Oil Soars, AUD Down Under on RBA Rate Cut Risk - US Market Open

Source: DailyFX, Thomson Reuters

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CAD Outperforms as Crude Oil Soars, AUD Down Under on RBA Rate Cut Risk - US Market Open

How to use IG Client Sentiment to Improve Your Trading


  1. Bitcoin (BTC) Price - Bullish Momentum Slows, Support Strengthens” by Nick Cawley, Market Analyst
  2. Crude Oil Prices Spike on Possible Oil Tanker Attack in Gulf of Oman” 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

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.