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.

Free Trading Guides
EUR/USD
Mixed
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
GBP/USD
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
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
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.09% Gold: -0.81% Silver: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fkMLmNBNWw
  • $USDJPY Daily Pivot Points: S3: 106.81 S2: 107.57 S1: 108 R1: 108.75 R2: 109.07 R3: 109.82 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • RT @TradersTextbook: AAh, the unicorn stocks!🦄 Returns from recent unicorns since their IPO. Uber: -29% Lyft: -55% Peloton: -17% Fiverr:…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.07%, while traders in France 40 are at opposite extremes with 87.39%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/I63rBfzto7
  • $EURUSD Daily Pivot Points: S3: 1.091 S2: 1.0972 S1: 1.1005 R1: 1.1067 R2: 1.1096 R3: 1.1158 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The bearish steepening of the US Treasury yield curve – long-end rates are rising faster than short-end rates – is a sign of improving risk appetite among traders. Get your market update from @CVecchioFX here: https://t.co/iVw110HfdW https://t.co/enRFv1p4hT
  • US Equities Update (Tuesday Close): $DJI +0.88% $SPX +1.02% $NDX +1.28% $RTY +1.24% $VIX -7.28%
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.00% US 500: -0.01% Germany 30: -0.11% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ejAzGhz2Sl
  • This is what you should expect to see in volatility. Here we have the Pound Volatility index from the CME overlaid with $GBPUSD in green. Sterling may be rising but it is still very unclear https://t.co/xZCyqNHMN0
  • UK PM Boris Johnson to address 1922 committee of Conservative backbenchers tomorrow evening. -Telegraph Reporter $GBP #Brexit
US Dollar Pushes Higher, EURUSD and GBPUSD Suffers - US Market Open

US Dollar Pushes Higher, EURUSD and GBPUSD Suffers - US Market Open

2019-07-16 13:10:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – USD Pushes Higher, EUR and GBP Suffers

DailyFX 2019 FX Trading Forecasts

GBP: Bad to worse for the Pound, which printed a fresh 27-month low at 1.2409 with EURGBP at a 6-month high. The UK jobs report had been relatively mixed with the slowing jobs growth matched with the better than expected wage data (highest in 11yrs), as such, while GBP continued to head lower, the jobs report re-emphasises the likelihood that the BoE will remain on the side-lines for the remainder of the year, unless there is a Brexit shock. Elsewhere, no-deal Brexit worries continued to build as UK Conservative Lawmaker Grieve noted that it may be difficult for parliament to block a no-deal Brexit, while he also stated that a Brexit compromise is increasingly not possible. 1.24 is the line in the sand for GBPUSD, alongside 0.9040 in EURGBP a break through these levels are likely to exacerbate for GBP selling.

EUR: The Euro has also been on the backfoot against the greenback with the latest ZEW Survey further highlighting weak outlook for the Eurozone economy. ECB stimulus looks to be on the way, given that few improvements have been seen ahead of next week’s ECB meeting. EURUSD support at 1.12 level.

USD: While we expect the Federal Reserve to cut interest rates at the July 31st meeting by 25bps, the argument in doing so is beginning to get harder for the Fed after today’s retail sales figures (following last week’s core inflation figure). The consumer continues to be the silver lining for the US economy after a notable beat in today’s report, particularly to retail sales control group at 0.7%. Expect revisions higher in the US GDP trackers throughout the session.

NZD: NZ CPI rose to 1.7%, in line with analyst estimates, while the RBNZ’s preferred measure also held at 1.7%. Consequently, the NZD has held relatively firm against its major counterparts, however, this data is unlikely to discourage those anticipating further loosening of monetary policy at the August meeting. NZDUSD continues to hover around the 200DMA situated at 0.6715.

US Dollar Pushes Higher, EURUSD and GBPUSD Suffers - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

US Dollar Pushes Higher, EURUSD and GBPUSD Suffers - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. GBPUSD Price Slumps to Fresh 27-Month Low, No Respite in Sight” by Nick Cawley, Market Analyst
  2. Euro Technical Analysis Overview: EURUSD, EURGBP Levels to Watch” by Justin McQueen, Market Analyst
  3. USD/CAD Price Forecast: US Dollar Fall Against Canadian Slows Down” byMahmoud Alkudsi, Market Analyst
  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

News & Analysis at your fingertips.