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AUD/USD Selling Eases, GBP/USD Drops on Carney, CAD Eyes BoC’s Poloz - US Market Open

AUD/USD Selling Eases, GBP/USD Drops on Carney, CAD Eyes BoC’s Poloz - US Market Open

MARKET DEVELOPMENT –AUD/USD Selling Eases, GBP/USD Drops on Carney, CAD Eyes BoC's Poloz

GBP: Sterling is among the laggards in the G10 complex following dovish comments by BoE Governor Carney, which in turn has seen a modest repricing of near-term easing bets with the risk of a January cut rising to 16% from 5%.However, with little in the way of notable new information, GBP/USD has pulled off recent lows. Keep in mind that January 30th will be Carney’s final monetary policy meeting. (full analysis)

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 12% 26% 19%
Weekly 11% 0% 4%
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AUD: Selling in the Australian Dollar has abated as the currency finds a lift from cross-related buying in AUD/NZD. Although, eyes will be on the retail sales overnight, which are expected to rise 0.4% from a prior of 0.0%. Of note, risks are tilted to the upside for the November retail sales report, given seasonal effects stemming from black Friday.

CAD: Eyes will be on BoC Governor Poloz at 19:00GMT (14:00ET) who is scheduled to take part in a fireside chat. There is a risk that the Governor could provide a more cautious outlook from a domestic standpoint following the recent economic growth data, where Canada showed a contraction in growth for the first time in 8 months at -0.1%. Elsewhere, focus will also be on the Canadian jobs report on Jan 10th and Business Outlook Survey on Jan 13th. USD/CAD has continued to steady reversal since bottoming out at 1.2950, thus a move to 1.3100 is on the cards, particularly on a cautious Poloz.

Source: DailyFX, Refinitiv

Economic Calendar (09/01/20)

Source: DailyFX,


  1. EUR/USD Price Forecast: Support Levels Break as New Year Sell-Off Continues” by Nick Cawley, Market Analyst
  2. GBP/USD Outlook Breaks Down on Dovish Carney, BoE Rate Cut Odds Jump” by Justin McQueen, Market Analyst
  3. Canadian Dollar Forecast: USD/CAD Risks Catapulting Higher as Reversal Unfolds” by Justin McQueen, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.