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
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/FOMcsxci50
  • Further your trading knowledge and gain informed market analyses from our expert analyst @DavidJSong on Oil with our free Q4 guide, available for free today.https://t.co/Y6XECmr5fQ https://t.co/XQI3PN4bkQ
  • Nasdaq 100 may hit new high soon. https://t.co/ACtVqiOBl0
  • HSTECH index has likely formed an "Inverse Head & Shoulders" pattern. https://t.co/YFIQEYmuyq
  • The HSI has likely formed a “Double Bottom” chart pattern, which is usually viewed as bullish-biased. https://t.co/wMQ14A867Q
  • When markets are falling, how can you short sell? Learn more here:https://t.co/K4EFd6A6xd https://t.co/ynjtSQqHVy
  • Futures have their own set of characteristics and appeal to different types of traders and investors for a variety of reasons. Get your free trading guide and learn to trade the markets with futures here. Download your guide today!https://t.co/72oKM0kLHL https://t.co/dLBhWmxuub
  • Relative stability in EUR/USD has masked weakness in the Euro against most other major currencies, and that weakness can be expected to persist in the week ahead and likely for longer. Get your weekly Euro forecast from @MartinSEssex here: https://t.co/g6aCr7Uxg2 https://t.co/KZHBa4GXCN
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/Z8oipLero0
  • Gold prices moved higher last week, but an upbeat US retail sales report underpinned Treasury yields on Friday, which weighed on bullion. Chinese Q3 GDP is in focus for XAU traders. Get your weekly gold forecast from @FxWestwater here: https://t.co/L9JstXgjx0 https://t.co/rCikjEv1Fm
CAD Spikes, GBPUSD Outperforms, EURUSD Eyes FOMC - US Market Open

CAD Spikes, GBPUSD Outperforms, EURUSD Eyes FOMC - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT –CAD Spikes, GBP Outperforms, JPY Eyes Fed

DailyFX Q2 2019 FX Trading Forecasts

CAD:The Canadian Dollar spiked higher after the latest inflation data surprised to the upside with the headline figure at 2.4%, above the expected 2.1%, while the BoC’s preferred measure also rose above the 2% target. Consequently, this makes it hard for the BoC to follow in the dovish footsteps as the rest of the G10 complex (excl. Norges Bank & BoE). However, while data continues to beat expectations, USDCAD remains locked within its 2-month range, thus CAD crosses may prove better avenues to explore CAD strength, most notably against the Aussie and Kiwi.

EUR:The pre-FOMC lull has kicked in across major USD pairs. The Euro has traded within a 20pip range with price action also relatively stick given the $5bln+ vanilla option expiries around 1.1190-1.1210. The USD is defensive this morning, however, with the dovish bar set high for the Fed, there is a risk that the central bank fails to meet the dovish expectations. If indeed this is the case, EURJPY is vulnerable to losses.

GBP: Modest outperformance for the Pound this morning, which briefly tested the 1.26 handle. UK inflation figures were in line with expectations, however there was a notable jump in PPI figures, raising the risk that inflation could push higher in the near-term. Nonetheless, today’s data is likely to reinforce the hawkish rhetoric from the BoE at tomorrow’s monetary policy meeting.

CAD Spikes, GBPUSD Outperforms, EURUSD Eyes FOMC - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

CAD Spikes, GBPUSD Outperforms, EURUSD Eyes FOMC - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Crude Oil Price Building a Base, US Intentions Remain the Key Driver” by Nick Cawley, Market Analyst
  2. Canadian Dollar Technical Analysis Overview: USDCAD, CADJPY” by Justin McQueen, Market Analyst
  3. FTSE 100 Outlook – Rally Has Price Extending into Resistance Levels” 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