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.

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
Bullish
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
Oil - US Crude
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
Wall Street
Mixed
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd #DailyFXGuides https://t.co/fT0Uib4sr4
  • The US Dollar recovery has stalled at resistance and the immediate focus is on this pullback as the index approaches near-term uptrend support. Get your $USD technical analysis from @MBForex here:https://t.co/lg6pFomGNb https://t.co/tThOOyx8qY
  • #Bitcoin rebounding sharply, now up 8.8% today $BTC $USD https://t.co/UVAQTXGoec
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.04% Gold: -0.69% Silver: -1.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FXJUOOmjE5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FcTW4GHbzZ
  • US 10yr Treasury yields have slipped back below 1.10 today, but remain notably higher compared to earlier in the pandemic $USD $IEF https://t.co/PYLCZGwPHt
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% France 40: 0.30% Germany 30: 0.23% US 500: -0.25% Wall Street: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/079WIJ3r9O
  • $EURJPY had been heading higher today, crossing above 126.20 and hitting its highest levels since last week. $EUR $JPY https://t.co/bKsWiKxRmz
  • USD/CAD trending lower has been a theme since it peaked in dramatic fashion back in March, but the downtrend may be put to the test soon as a falling wedge pattern comes to light. Get your $USDCAD market update from @PaulRobinsonFX here:https://t.co/qjobL4Uyq9 https://t.co/wgd9nZSGpj
  • US Indices remain in the red but have pared some losses as session advances into the afternoon. DOW -0.38% NDX -0.13% SPX -0.24% RUT -0.03% $DOW $QQQ $SPY $IWM
British Pound (GBP) Outlook Brightens As UK Budget Nears

British Pound (GBP) Outlook Brightens As UK Budget Nears

Martin Essex, MSTA, Analyst

GBP price, FTSE news and analysis:

  • The UK Budget is due next Wednesday and will likely help both GBP/USD and the FTSE 100 index of leading London stocks.
  • Political analysts are forecasting an easing of UK fiscal policy through both tax cuts and extra spending.
  • That should outweigh a cut in UK interest rates expected later this month that has already been fully priced in.

GBP/USD Outlook Brightens

GBP/USD is well placed to extend this week’s rally as attention turns to the UK Budget on March 11. The Budget is an important set-piece event in the UK and the new Chancellor of the Exchequer, Rishi Sunak, will likely follow up on the Government’s election pledge to ease fiscal policy through tax cuts and higher Government spending.

This should outweigh the prospect of a cut in UK Bank Rate on March 26 to 0.5% from the current 0.75%, a reduction already fully priced in to the overnight index swaps market. As a result, the current trend higher could take GBP/USD back towards the 1.30 level after a recent low of 1.2726 in late February.

GBP/USD Price Chart, Daily Timeframe (December 5, 2019 – March 5, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

GBP/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -1% -19% -12%
Weekly 2% 13% 8%
Learn how to use Sentiment in your trading strategy
Get My Guide

Any adverse reaction to a rate cut has already been offset by rate reductions in the US and elsewhere, and GBP/USD could also be strengthened by a potentially weaker US Dollar as concerns about the coronavirus ease, reducing flows into safe havens.

As for the FTSE 100 index of leading London-listed stocks, that should also benefit from the Budget, with extra Government spending likely to help businesses with Government contracts. Note the need for easier fiscal policy has increased as politicians worry that the coronavirus outbreak could damage global demand.

FTSE 100 Price Chart, Daily Timeframe (December 5, 2019 – March 5, 2020)

Latest FTSE 100 price chart.

Chart by IG (You can click on it for a larger image)

Equities Forecast
Equities Forecast
Recommended by Martin Essex, MSTA
Get Your Free Equities Forecast
Get My Guide

We look at Sterling regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below

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

DISCLOSURES