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
Bearish
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
Bearish
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
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • President Trump states that he is not interested in limited China deal, according to Treasury Aide
  • How can traders avoid #FOMOintrading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 https://t.co/VuaUaMy2UK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.80%, while traders in France 40 are at opposite extremes with 85.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/kN2HCWWjHc
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.81% Silver: 0.60% Gold: 0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5Qcbj30rWv
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/ID4sK1PSNb
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.19% 🇪🇺EUR: 0.10% 🇯🇵JPY: 0.04% 🇨🇦CAD: 0.03% 🇬🇧GBP: 0.02% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8Lo1jwrdgb
  • USD/CAD Chart: USD Price vs Canadian Dollar – Risks of Reversal More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2019/09/20/USDCAD-Chart-USD-Price-vs-Canadian-Dollar-Risks-of-Reversal-MK.html https://t.co/5jaRnayyzr
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.24% US 500: 0.20% Wall Street: 0.18% Germany 30: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iRELSfGHsN
  • Greek 10-years @ 1.32% !!! H/T @ValentinAufrand https://t.co/Re2rWIgpfn
  • What is prop trading and how can retail traders benefit? Tune into the #podcast episode featuring Morad Askar, aka Futures Trader 71. Only on Global Markets Decoded. Tune in here: https://t.co/2jDvD9tqfR https://t.co/palx6yh8yF
OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

2019-08-16 13:15:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT – OPEC Highlights Bearish Crude Oil Outlook, Euro Softer on QE Talk

DailyFX 2019 FX Trading Forecasts

EUR: Commentary from one of the most dovish ECB members, Olli Rehn, has pushed the Euro lower with the rate setter noting that the ECB should over-deliver with rate cuts and a restarting of QE. As it stands, money markets expect 15bps worth of easing in the depo rate, however, the focus will be on the composition of QE2 in September. Alongside this, eyes will be on the other ECB members to gauge the consensus pertaining to an ECB QE package in September. Elsewhere, Italian political risks could keep the Euro on the backfoot amid the potential no-confidence vote on Tuesday.

GBP: The Pound is notably firmer this morning with gains largely stemming from the corrective pullback observed in EURGBP, which trades lower by 1%. The absence of notable Brexit related news flow has kept the modest Sterling uptrend intact.

Oil: OPEC lowered their global oil demand forecast for 2019 by 40kbpd to 1mbpd. Alongside this, they highlighted that the outlook is likely to be bearish throughout the remainder of the year, consequently sparking a pullback in the energy complex.

OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

Source: DailyFX

IG Client Sentiment

OPEC Signals Bearish Crude Oil Outlook, GBP Corrects Higher - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. US Dollar, Euro Technical Outlook: Poised for Larger Breakout” by Paul Robinson, Currency Strategist
  2. ECB and Fed Monetary Shifts Have Outsized Global Influence” by Nick Cawley, Market Analyst
  3. Most Volatile Currencies Next Week - Japanese Yen Volatility Highest Since Flash Crash” by Justin McQueen, 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

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

DISCLOSURES

News & Analysis at your fingertips.