Market sentiment analysis:
- Stock markets are falling but there is no strong demand for safe havens such as the Japanese Yen, the Swiss Franc and gold.
- Meanwhile, the US Dollar is in demand while the British Pound continues to weaken.
Market sentiment
Trader sentiment is positive towards the US Dollar but negative towards the British Pound as traders show little appetite for stocks but, at the same time, see little need to buy into the traditional safe havens such as the Japanese Yen, the Swiss Franc and gold.
As the chart below shows, the Dollar index, which measures it against a basket of other currencies, is continuing the advance that began on June 25. You can read more about the Dollar here: USD Price Outlook: More Gains Possible Ahead of Fed Meeting
USD Index Price Chart, Daily Timeframe (January 30 – July 9, 2019)
Chart by IG (You can click on it for a larger image)
In this webinar, I looked at the charts of the major assets, at the confidence data on the calendar this week and at the latest signals from the IG client sentiment data.
Resources to help you trade the forex markets:
Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:
- Analytical and educational webinars hosted several times per day,
- Trading guides to help you improve your trading performance,
- A guide specifically for those who are new to forex,
- And you can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex
