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GBP/USD Calm Before the Storm, EUR/USD Eyes Resistance - US Market Open

GBP/USD Calm Before the Storm, EUR/USD Eyes Resistance - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – GBP/USD Calm Before the Storm, EUR/USD Eyes Resistance

DailyFX 2019 FX Trading Forecasts

GBP: The Pound has begun the week on the front foot with the currency paring Friday’s NFP led decline. This came after weekend opinion polls continued to show a sizeable lead for the Tories ranging from an 8-15ppt lead. While UK data in the form of GDP is due to be released tomorrow, much of the focus will remain on Thursday’s UK election, which will generate the most volatility for the Pound.

FX volatility and risk reversals.

Source: DailyFX, Refinitiv

EUR: With equity markets starting the week on a soft tone, safe haven currencies have been performing better this morning with the likes of the Euro edging higher. In recent weeks, it has become increasingly apparent that the Euro is becoming an attractive funding currency and thus in times of risk aversion, the Euro has been underpinned. Alongside this, German trade figures had also surprised to the upside with exports rising 1.2% against expectations for a contraction of 0.3% and thus adding to the narrative that the Eurozone economy may be starting to show signs of stabilising. On the technical front, near-term resistance is situated at 1.1100.

Currency Performance.

Source: DailyFX, Refinitiv

Economic Calendar (9/12/19)

DailyFX Calendar.

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. US Dollar Longs Extended, EUR/USD Sold Sharply, CAD Selling Reverses - COT Report” by Justin McQueen, Market Analyst
  2. Sterling (GBP) Analysis - GBP/USD Rally Continues on Latest Poll Boost” by Nick Cawley, Market Analyst
  3. Dow Jones, S&P 500 Short-term Volatility Features Chart Pattern” by Paul Robinson, Currency Strategist

--- 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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