Market sentiment analysis:
- Trader sentiment figures are pointing to further gains for the USD against many other major currencies, including the EUR, JPY, CHF and AUD.
- However, the outlook is mixed for GBP as EU officials react skeptically to the latest Brexit proposals from the UK Prime Minister.
IG Client Sentiment data bullish for USD
The latest retail trader positioning data suggest further gains for the US Dollar despite the House of Representatives’ impeachment probe into the US President and an angry response by Donald Trump to the enquiry and reports that he used additional diplomatic channels to go after his political rivals.
EURUSD Price Chart, Two-Hour Timeframe (September 13 – October 1, 2019)
Chart by IG (You can click on it for a larger image)
However, the outlook is mixed for the British Pound as UK Prime Minister Boris Johnson’s latest Brexit plan to avoid a hard border between the Irish Republic and Northern Ireland is met with a skeptical response by the EU.
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 data and at the IG Client Sentiment reports that accompany it.
Resources to help you trade the markets:
Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:
- Analytical and educational webinars hosted several times per day,
- Trading guides to help you improve your trading performance,
- A guide specifically for those who are new to forex,
- And you can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex
