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Market Sentiment: Strong China PMI Fails to Lift AUD/USD, EUR/USD, GBP/USD | Webinar

Market Sentiment: Strong China PMI Fails to Lift AUD/USD, EUR/USD, GBP/USD | Webinar

Martin Essex, MSTA, Analyst

Market sentiment analysis:

  • Trader confidence remains weak judging by further declines in ‘risk-on’ pairs like AUD/USD, EUR/USD and GBP/USD despite a strong June manufacturing PMI from China.
  • Sentiment is weak towards stocks too, while physical gold remains the asset of choice.

Trader sentiment stuck in neutral

Traders remain wary of stocks and “risk-on” currency pairs such as AUD/USD, EUR/USD and GBP/USD despite a better-than expected purchasing managers’ index for the Chinese manufacturing sector in June. While the US Dollar edges higher, the gold price is weaker but still close to its highest level since November 2012.

Gold Price Chart, Monthly Timeframe (January 2011 – June 30, 2020)

Latest gold price chart.

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

Gold BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 2% -12% 0%
Weekly 2% -1% 2%
What does it mean for price action?
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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.

Don’t miss the latest Trading Global Markets Decoded podcast from DailyFX with special guest Jim Rogers. He talks about the US economy, gold the US Dollar and much more.

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

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

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