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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here:
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EDT on DailyFX!
  • EUR/USD fell sharply last week and there are few signs yet that the selling is over. However, a bounce is likely before the decline resumes. Get your #currencies update from @MartinSEssex here:
  • The week ahead has many systemic issues that take control of the markets, but scheduled data is heavily skewed to the Dollar. Here is my video for the week ahead:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @PaulRobinsonFX here:
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here:
  • BoE’s Tenreyro says evidence on negative rates are “encouraging” Meanwhile, STOXX Europe Banks Index resides at all time lows
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:
  • Anti-fiat #gold prices suffered the worst week since August as the US Dollar gained ground. Will losses extend? All eyes turn to fiscal stimulus hopes and non-farm payrolls data. Get your #metals update from @ddubrovskyFX here:
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

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


  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

Follow Justin on Twitter @JMcQueenFX

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