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
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
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
USD/JPY
Mixed
More View more
Real Time News
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/ITdDUGoAL0
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/eF0XS79LgK
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/gaYbbaTnpb
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/HCvzbjEkr6
  • Get our analysts’ view on the key fundamentals for indices in Q2. Download now. https://t.co/Etdyanp76f https://t.co/n2wxfyMsJt
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/5KaUvfGM4I
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/9Bjkh5413e
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/FqAsp91Gia
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cKOUmtj7Dj
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/TnL91f7sl7
GBP/USD Outperforms, Silver Prices Soar  - US Market Open

GBP/USD Outperforms, Silver Prices Soar - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – GBP/USD Outperforms, EUR/USD Eyes Italy, Silver Soars

DailyFX 2019 FX Trading Forecasts

GBP: The Pound has been among the best performers with GBP/USD approaching the 1.2300 handle as optimism rises over a possible alternative solution to the Irish border issue. Consequently, following the G7 summit, the EU are reportedly open to possibly re-opening the withdrawal agreement, raising the hope for a potential deal.

Possible alternative solution

Elsewhere, the opposition to the UK government have agreed to work together in order to stop a no-deal Brexit via legislative procedures, thus providing an additional lift to the Pound.

EUR: Eyes on Italy as both the Five Star and Democratic party look to reach an agreement to form a coaltiion. However, reports this morning suggest that talks are at risk of breaking down as differences pertaining to the 2020 budget and the next PM have become the main stumbling blocks. Elsewhere, German GDP had been confirmed at -0.1% with external factors in the form of trade weighing on German growth.

GBP/USD Outperforms, Silver Prices Soar - US Market Open

JPY: Demand is notably firm for the Japanese Yen, which continues to benefit from the ongoing uncertainty surrounding the US-China trade war. The latest from the Chinese Foreign Ministry was that there had not been a phone call between the US and China on trade, going against what US President Trump had previously stated, thus the JPY remains underpinned. However, in light of recent price action, this has prompted verbal intervention from Japanese officials with the Finance Minister highlighting that they are watching market moves closely with a sense of urgency.

Silver: Prices have continued to extend gains, rising by 2% to hit $18/oz and notably outperforming gold which has only seen marginal gains of 0.2%. As such, the gold/silver ratio has headed lower, now at 85 with risks remaining tilted to further outperformance of silver vs gold.

GBP/USD Outperforms, Silver Prices Soar - US Market Open

Source: DailyFX

WHAT’S DRIVING MARKETS TODAY

  1. Canadian Dollar Price: USD/CAD Looking for a test of Multi-Weeks Low” by Mahmoud Alkudsi, Market Analyst
  2. Gold Price Rally Stoked by Trade War Fears, Silver Price Eyes Fresh Highs” by Nick Cawley, Market Analyst
  3. JPY Bulls Approaching Extreme Levels, EUR/USD Shorts Slashed - COT Report” 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

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

DISCLOSURES