Skip to content
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
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
More View more
GBP/USD Dips, USD/TRY Extends Rally, AUD/USD at Lows - US Market Open

GBP/USD Dips, USD/TRY Extends Rally, AUD/USD at Lows - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT –GBP/USD Dips, USD/TRY Extends Rally, AUD/USD at Lows

DailyFX 2019 FX Trading Forecasts

GBP: Over the weekend, the EU had been seemingly less optimistic than Irish ministers, having stated that a lot more work would be needed in order to reach a deal with the UK. Consequently, GBP/USD is seeing a modest pullback from its recent short-covering led 4% rally. Going forward, Brexit related headlines will be the main focus in the run up to the EU Summit on October 17-18th, thus volatility in the Pound will remain elevated. On the technical front, the 200DMA at 1.2712 held firm while a larger pullback could see the 100DMA situated at 1.2409 in focus.

TRY: Geopolitical tensions are once again on the rise between the US and Turkey with the latter expanding its incursion in Northeast Syria. The Turkish Lira which has fallen 3.8% over the past week, has now lost over 12% in value vs the US Dollar for the year, risks remain tilted to the downside as the US increase talk over potential sanctions.

AUD / NZD: High beta currencies are notably weaker this morning as risk sentiment continues to ease with equity markets slightly softer. While President Trump may hail the recent Phase 1 agreement of trade talks with China as a breakthrough, China still demands additional talks before signing a Phase 1 deal, thus ebbing trade optimism has pressured risk assets. Looking ahead, both the Aussie and Kiwi will be awaiting key economic data releases throughout the week.

GBP/USD Dips, USD/TRY Extends Rally, AUD/USD at Lows - US Market OpenGBP/USD Dips, USD/TRY Extends Rally, AUD/USD at Lows - US Market Open

Source: DailyFX, Refinitiv

WHAT’S DRIVING MARKETS TODAY

  1. GBP/USD Price Slips Lower as Brexit Reality Starts to Bite” by Nick Cawley, Market Analyst
  2. Euro Shorts Increase Sharply, GBP/USD Less Bearish, USD Bulls Rise - COT Report” by Justin McQueen, Market Analyst
  3. FTSE 100 Outlook: Familiar Level in Play, Pattern Possibilities to Watch” 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