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  • from support to resistance in $USD some very decent friday action $DXY https://t.co/1W1wPyVgTc https://t.co/y4sgUkQ1cP
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike) https://t.co/5Y0BWlPBUx
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇 https://t.co/43BSSq9XIg
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.24% 🇬🇧GBP: -0.32% 🇳🇿NZD: -0.39% 🇦🇺AUD: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mkiFzOzRQE
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.18% Wall Street: -0.26% Germany 30: -0.32% US 500: -0.41% FTSE 100: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6oyofVNacT
  • $USDCAD holding that spot of support looked at yday ~2426 question now is whether sellers push back in on a res test 25-2550. that could make for a compelling setup to a bearish $USD thesis https://t.co/GzRCITnrsW https://t.co/8mNgDQrlup
  • Strong Euro Zone growth and inflation data helped underpin recent Euro strength. Retail traders cut back long positions, increase net-shorts.Get your $EURUSD market update from @nickcawley1 here:https://t.co/uz3vjjaQdB https://t.co/hL4KqCM0yY
  • Gold (XAU/USD) prices remain unfazed by ECB decision. Silver (XAG/USD) price action remains supported by psychological support at $25.00. Get your market update from @Tams707 here:https://t.co/7BfS6ObsAZ https://t.co/zHWgAUHhca
  • The $VIX posted its biggest upside gap since March 8th this morning, but has quickly retreated on those gains https://t.co/6FXJmInzBN
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.34% Silver: 0.20% Gold: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/v7anxjFIc7
GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources - US Market Open

GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT –GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources

DailyFX 2019 FX Trading Forecasts

GBP: The Pound has edged up 0.2% and continues to hover around its best level in over a month as imminent Brexit risks have been diminished. That said, with parliament suspended and Boris Johnson’s calls for a snap-election rejected, GBP implied volatility has dropped with both the 1D and 1W tenors dropping 2.9 and 1.4vols respectively. Elsewhere, the ONS showed that the labour market remains tight with the unemployment rate ticking lower, while wages pushed higher. As such, GBP/USD downside has been somewhat limited thus far.

JPY: Japanese Yen weakened on the back of source reports that BoJ policymakers could be open to a debate on further monetary easing, which would entail cutting rates deeper into negative territory. Consequently, this pushed USD/JPY to session highs, before gains had been capped yet again at the 107.50 handle.

SEK / NOK: The Scandies are notably weaker with the SEK dropping on the back of lower than expected inflation data (CPIF 1.3% vs. Exp. 1.5%), in turn, this raises questions as to whether the Riksbank can continue to signal that rates may rise at the backend of the year to Q1 2020. Elsewhere, while softer inflation data had also taken the shine away from the Norweigan Krona, the Norges Bank still remain set to raise interest rates in September with the Regional Network Survey highlighting that growth remained solid throughout the summer.

GBP/USD Volatility Drops Sharply, USD/JPY Rises on BoJ Sources - US Market Open

Source: DailyFX

WHAT’S DRIVING MARKETS TODAY

  1. EURGBP Price Outlook Tracks ECB Monetary Policy and Brexit News” by Nick Cawley, Market Analyst
  2. Gold Price and Silver Outlook: Will First Levels of Support Hold?” by Paul Robinson, Currency Strategist
  3. Crude Oil Price Analysis: Oil Boosted by New Saudi Energy Minister, Eyes on OPEC 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.

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