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  • BoE's Haskel: - It is prudent for banks to start preparations for negative rates regardless of the current policy stance - There is relatively little risk of sustained above-target inflation over the next few years #BoE $GBP
  • US Dollar trading on its front foot headed into the opening bell on Wall Street. Surging Treasury yields remains the talk of the town and supportive of the USD. Get your #jobsreport from @CVecchioFX here:https://t.co/fSW2Y1390m #NFP https://t.co/u6yHWZvN0c
  • BoE's Haskel: - We expect the UK to return to pre-pandemic growth but it will not make up for lost time - Expect some economic scarring in the medium term #BoE $GBP
  • BoE's Haskel: - It is my view that risks to activity remain skewed to the downside - There is a possibility that the economy might need further support to return inflation to target #BoE $GBP
  • $WTI Crude Oil rose above the 65.00 level to currently trade around 65.60 as the rally continues today. After stalling out into March, OPEC+'s decision to hold output steady provided a further tailwind, pushing Crude Oil to new pandemic highs. $OIL $USO https://t.co/rJevcic2RK
  • Hey traders! Get your live update on #NFP with @CVecchioFX 👉https://t.co/7uOaz9OrOd
  • Hey traders! Get your live update on #nfp WITH @CVecchioFX 👉https://t.co/7uOaz9OrOd
  • the $USDJPY freight train continues, back above 108.50 https://t.co/8qpr2WPEtu https://t.co/FnxylxPmkN
  • US NFP REACTION - USD & US Yields at Highs - Gold and SPX Pulling back https://t.co/0Y5NjOlxNj
  • BIG BEAT ON NFP 379K VS 182K Expected - Within range however US 10s hit 1.6%
Trading Sentiment Upbeat for EUR/USD, GBP/USD, AUD/USD | Webinar

Trading Sentiment Upbeat for EUR/USD, GBP/USD, AUD/USD | Webinar

Martin Essex, MSTA, Analyst

Market sentiment analysis:

  • Trader confidence is high on hopes of a swift and strong economic recovery after the damage caused by the coronavirus pandemic.
  • However, they may have underestimated the importance of the turmoil on US streets and ongoing US-China trade tensions.
  • The rally in risk-on assets such as stocks, crude oil, the base metals and currency pairs such as EUR/USD, GBP/USD and AUD/USD could therefore reverse at any time.

Trader confidence too high?

Traders have become increasingly confident of a swift and strong global economic recovery from the damage caused by the coronavirus pandemic, bidding up the prices of “risk-on” assets such as stocks, crude oil, copper and currency pairs such as EUR/USD, GBP/USD and AUD/USD.

AUD/USD Price Chart, Four-Hour Timeframe (May 18 – June 2, 2020)

Latest AUD/USD price chart.

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

AUD/USD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% -9% -11%
Weekly 14% 11% 13%
What does it mean for price action?
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For now, the upward trend in risk assets looks like continuing. However, the violence on US streets and the ongoing US-China trade dispute could yet send them down again in due course.

In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it. You might also like to check out the DailyFX Trading Global Markets Decoded podcasts.

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--- 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.

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