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
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Heads Up:🇪🇺 EUR Euro-Zone Gross Domestic Product s.a. (YoY) (3Q P) due at 10:00 GMT (15min), Actual: N/A Expected: 1.1% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2019-11-14
  • Heads Up:🇪🇺 EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (3Q P) due at 10:00 GMT (15min), Actual: N/A Expected: 0.2% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2019-11-14
  • Heads Up:🇪🇺 EUR Euro-Zone Employment (YoY) (3Q P) due at 10:00 GMT (15min), Actual: N/A Expected: N/A Previous: 1.2% https://www.dailyfx.com/economic-calendar#2019-11-14
  • Chinese Customs Ministry states that they have lifted restrictions on US poultry meat imports
  • UK Retail sales slip lower...GBPUSD @ 1.2854 According to the ONS... “Retail sales increased at a slower rate in the latest three months, with growth the weakest seen since April of last year. All main sectors saw falling sales apart from food shops". #gbpusd #stering @DailyFX
  • 🇬🇧 GBP Retail Sales Ex Auto Fuel (YoY) (OCT), Actual: 2.7% Expected: 3.4% Previous: 2.9%% https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇬🇧 GBP Retail Sales Ex Auto Fuel (YoY) (OCT), Actual: 2.7% Expected: 3.4% Previous: 3.0% https://www.dailyfx.com/economic-calendar#2019-11-14
  • 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/YN70cORAVq
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/vQxk3p4qJ0
  • Heads Up:🇪🇺 EUR ECB's Guindos Speaks in London due at 09:45 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-14
GBP/USD Drops on Brexit Latest, Crude Oil Prices Surge - US Market Open

GBP/USD Drops on Brexit Latest, Crude Oil Prices Surge - US Market Open

2019-08-28 13:30:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT –GBP/USD Drops on Brexit Latest, Crude Oil Prices Surge

DailyFX 2019 FX Trading Forecasts

USD: Modest gains for the greenback, which has largely been underpinned from the drop in the Pound. However, moves have been range-bound at best for the US Dollar, having maintained a foothold above the 98.00 handle.

GBP: The Pound is on the backfoot, briefly dipping below the 1.22 handle on the back of reports that UK PM Johnson will ask the Queen to suspend parliament next month (Sep 9th – Oct 14th) in order to prepare new legislation in the Queen’s speech (Oct 14th). While such a move is a normal procedure, the fact that parliament will be suspended this will reduce the time for opposition parties to put forward a motion to prevent a no-deal Brexit. Consequently, Sterling sold off across the board, benefiting the FTSE 100, which outperforms the domestically focused FTSE 250.

EUR: With little on the economic calendar, once again focus turns towards Italy in which both the 5 Star and PD party are looking to form a new coalition government. As both sides appear to have resolved the current stumbling blocks, namely allowed for Conte to be the PM, an announcement is expected later today. In reaction, to the increased optimism of a more business friendly government, Italian bond yields reached a new milestone as the 10yr broke below 1%, while spreads vs. the Bund, tightened to 170bps.

Oil: The oil market is on the front foot this morning, having been given a boost in yesterday’s session, which in turn saw Brent crude futures reclaim the $60/bbl mark. The factor behind the lift in oil prices had stemmed from the latest API crude oil inventory report, which showed a large drawdown in crude stocks of 11.1mln barrels vs. Exp. 2.1mln barrel drop. Consequently, eyes will be on the DoE crude inventory report for confirmation of yesterday’s figure, if matched, this would mark the largest drop in crude stocks since June 21st.

GBP/USD Drops on Brexit Latest, Crude Oil Prices Surge - US Market Open

Source: DailyFX

WHAT’S DRIVING MARKETS TODAY

  1. DAX 30 & CAC 40 Technical Outlook: Price Patterns to Watch” by Mahmoud Alkudsi, Market Analyst
  2. Canadian Dollar Price Outlook: USD/CAD Breakout Not Yet Confirmed” by Nick Cawley, Market Analyst
  3. How Boris Johnson Can Suspend Parliament by Using the Queen’s Speech” 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

News & Analysis at your fingertips.