Market sentiment analysis:
- Market confidence has returned as the chances of a US-China trade agreement rise, concerns about a hard Brexit recede and the latest US jobs data lift optimism.
- That could give a further lift to the riskier currencies such as GBP, EUR and AUD, at the expense of the traditional safe havens.
Demand for riskier currencies could rise further
The currencies that traders regard as risky, like the British Pound, Euro and Australian Dollar could benefit further from an improvement in market sentiment as the US and China near a “phase one” trade deal, the chances of a no-deal Brexit recede and the latest US jobs data are well received.
GBP/USD Price Chart, Hourly Timeframe (October 25 – November 5, 2019)
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.
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
