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
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
EUR/USD Price Action: Euro Breaks out of Downtrend - US Market Open

EUR/USD Price Action: Euro Breaks out of Downtrend - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT –Euro Breakout of Downtrend, Swedish Krona Finds Relief on CPI Beat

DailyFX 2019 FX Trading Forecasts

Euro breaks out of 3-month downtrend, suggesting that the pair looks to have based out from 1.0870-80. However, in light of the ECB renewed QE, Germany more or less stagnated and US-China trade tensions continuing to cloud the economic outlook, there is a risk that the Euro will resume its broader downtrend with gains relatively limited.

ECB minutes unsurprisingly highlighted the divide amongst members in regard to the central bank’s latest stimulus measures.

- QE was opposed by a number of members who said it should be a last resort.

- Policymakers would have supported 20bps cut if QE was excluded.

- Reservations expressed about tiering.

- QE had clear majority, tiering had majority and 10bps had very large majority.

Chart of the Day: EUR/USD

EUR/USD Price Action: Euro Breaks out of Downtrend - US Market Open

The Swedish Krona finds some much-needed reprieve after today’s inflation figures. The CPIF Y/Y rose 1.3% (Exp. 1.2%), which had been in-line with the Riksbank’s forecast, consequently, given the recent pessimism priced in the Swedish Krona, the higher than expected inflation readings has sparked an aggressive move to the upside in the currency against the Dollar and Euro. While the data point may also see the Riksbank refrain from giving up on its current rhetoric that it expects a rate rise from the turn of the year. That said, given the macro backdrop of slowing global growth weighing on the domestic economy, risks are for the Riksbank to alter its forward guidance, thus leaving the SEK vulnerable.

EUR/USD Price Action: Euro Breaks out of Downtrend - US Market Open

Source: DailyFX, Refinitiv

WHAT’S DRIVING MARKETS TODAY

  1. EUR/GBP Price Analysis - Running into Fibonacci Resistance” by Nick Cawley, Market Analyst
  2. FTSE 100 Forecast: Death Cross Signals Bad Omen for FTSE 100” by Justin McQueen, Market Analyst
  3. Gold Price & Silver Outlook: Dip, Then Rip?” by Paul Robinson, Currency Strategist
  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