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
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.43%, while traders in Germany 30 are at opposite extremes with 80.92%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/klgOuNPYtk
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
  • $EURCAD has continued to head lower today, now trading right around the 1.5000 level. The pair hit a fresh one-year low, currently trading at its lowest level since early March of last year. $EUR $CAD https://t.co/Oj9JYasyTU
  • US Indices are rebounding from last week's sell off today. The Dow is leading the way, rising to a fresh all-time high. The Nasdaq remains negative for the day. DOW +2.00% NDX -0.55% SPX +0.91% RUT +1.70% $DIA $QQQ $SPY $IWM
  • Another look at the deviation in 'internal' interest in US equities: the candle is the Nasdaq 100 to S&P 500 ratio ($NDX-$SPX) overlaid with the S&P 500 itself in blue https://t.co/m2WK4Q2Bs5
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace https://t.co/VYY5imk1yS
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY https://t.co/t5KRSYu0TP
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:https://t.co/XWIah8irtj https://t.co/GIXPFZz2qQ
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:https://t.co/uePriXERH8 https://t.co/qRjLbgglov
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/08/Mexican-Peso-Price-Forecast-MXN-USDMXN-USD-MXN-Breakout-to-Fibonacci-Resistance.html https://t.co/7TwqgZDXfH https://t.co/ocsiEw3IwC
British Pound (GBP) Latest - Brexit Talk and Positive Covid Vaccine News Pump Sterling Higher

British Pound (GBP) Latest - Brexit Talk and Positive Covid Vaccine News Pump Sterling Higher

Nick Cawley, Strategist

Brexit Outlook and Sterling (GBP/USD) Price, Analysis and Chart:

  • Brexit talks continue against a positive backdrop.
  • AstraZeneca vaccine may be a game-changer.
  • FTSE 100 eyes a fresh multi-month high.
Advertisement

Sterling is pushing higher against a range of currencies in early trade, boosted by talk that PM Boris Johnson may intervene this week to get EU/UK trade talks over the line, while the AstraZeneca/Oxford University vaccine results look very promising.

The EU/UK trade negotiation mood music seems to have changed over the weekend with positive noises now being heard. UK PM Boris Johnson is said to be set to intervene this week and talk with President of the European Commission Ursula von der Leyen to get a deal over the line, but with the usual caveat of not agreeing to a deal at any price. If both sides can somehow find a middle ground after years of wrangling and rancor, then a deal is looking much more likely than it has so far. Sterling traders seem to have a more positive take this morning, pushing EUR/GBP back below 0.8900 and towards multi-week support, while GBPUSD is back above 1.3350, a level last seen at the start of September.

GBP Forecast
GBP Forecast
Recommended by Nick Cawley
Download our Q4 Sterling Forecast
Get My Guide

GBP/USD Daily Price Chart (February – November 23, 2020)

British Pound (GBP) Latest - Brexit Talk and Positive Covid Vaccine News Pump Sterling Higher
GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 17% 13% 15%
Weekly 6% -11% -3%
Learn How to Use Sentiment in Your Trading Strategy
Get My Guide

IG client sentiment data show35.56% of traders are net-long with the ratio of traders short to long at 1.81 to 1.Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed GBP/USD trading bias.

AstraZeneca/Oxford University Vaccine News

Results released today by AstraZeneca show that their Covid-19 vaccine is highly effective in preventing the disease. Results from the phase three trial showed that the vaccine was 70% effective when two full doses were given one month apart, while this number rose to 90% when a half dose was given at the start and a full dose is given one month later. While these efficacy figures do not quite match test results from Moderna and Pfizer, the AstraZeneca vaccine is substantially cheaper and does not need to be transported in refrigerators, making distribution easier. The UK government has already ordered one hundred million doses of the vaccine which, if approved, could see an inoculation program rolled out at the start of next year.

The FTSE 100 is in positive territory this morning, despite Sterling’s strength and is within 100 points of making a fresh five-month high. The daily chart remains positive with the 20-day simple moving average moving higher through the 50- and 200-day sma. Short-term support is likely around 6,300 - 6,310, while a break of 6,464 will see a new multi-month high printed.

FTSE 100 Daily Price Chart (February - November 23, 2020)

British Pound (GBP) Latest - Brexit Talk and Positive Covid Vaccine News Pump Sterling Higher
Equities Forecast
Equities Forecast
Recommended by Nick Cawley
Get Your Free Equities Forecast
Get My Guide

Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre

What is your view on Sterling and the FTSE – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES