EUR/USD, GBP/USD, AUD/USD Sentiment Boosted by PMIs | Webinar
Market sentiment analysis:
- Trader confidence has been lifted by the latest purchasing managers’ indexes from around the world suggesting an economic recovery now coronavirus lockdowns are being eased in many countries.
- That has boosted stock markets, crude oil and risk-on currencies such as EUR, GBP and AUD.
Trader confidence rising
Traders are becoming more confident of an economic recovery now that coronavirus lockdowns are being eased in many countries. This is evident in the purchasing managers’ indexes for June in countries from Australia to the Eurozone and the UK.
Hopes that the phase-one trade deal between the US and China is still in place have helped sentiment too, although worries remain – including an increase in Covid-19 infections in China. Nonetheless, the PMIs have boosted risk-on assets including global stocks, crude oil, EUR/USD, GBP/USD and AUD/USD.
AUD/USD Price Chart, 15-Minute Timeframe (June 22-23, 2020)
Chart by IG (You can click on it for a larger image)
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.
--- 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.