Market Themes and Movers
GBP: The UK Parliament failed to pass any of the eight indicative votes last night, leaving the Brexit in disarray. Added to this, UK PM Theresa May said that she would resign if MPs passes her Withdrawal bill at the third time, although it remains unclear if the Speaker of the House will allow her to put forward her Brexit option again. Sterling faded lower during the session as sentiment waned, but GBP still seems to have an underlying bid which refuses to go away.
EUR: The single-currency remains weak against the US dollar with EURUSD touching a two-and-a-half week low of 1.12240. The latest Euro-Zone business and consumer confidence survey showed consumer confidence continuing its recent falls, weakening the Euro in its wake.
USD: US dollar traders will enter the fray with the greenback pushing higher, despite US Treasury bond yields being at, or close to, levels last seen at the end of 2017. USD strength also weighed on gold and oil which fell by 0.45% and 1.1% respectively. Heavyweight US data releases today and tomorrow will be watched closely to see if the greenback can continue to hold recent gains.
DailyFX Economic Calendar: For real-time economic data releases.
The closely watched 3m – 10year UST yield curve remains inverted, fuelling market talk of a recession in 2020. With expectations of another rate hike already priced-out of the market, the US dollar is performing well especially as talk grows of interest rate cuts later this year, aided in part by a weak EUR and GBP.
Chart of the Day – US Treasury Yields (March 28, 2019)
DailyFX Economic Calendar: For updated and timely economic releases.
EURUSD Daily Price Chart – Lower Highs Dominate – (March 28, 2019)
Retail sentiment is an important tool for any trader to help gauge market sentiment and positioning. We provide updated daily and weekly positional changes on a wide range of currencies and asset classes to help decision making.
Market Movers with Updated News and Analysis:
- Gold & Silver Price Charts Starting to Roll Over.
- Top 5 FX Events: March German CPI & EURJPY Price Outlook.
- GBPUSD Price Resilience Being Tested After Brexit Vote Shambles.
- Gold Price and Yen to Benefit if Market Sentiment Deteriorates Further.
- Analyst Picks – AUDUSD (Bearish) & USDCAD (Bullish) – Paul Robinson.
— Written by Nick Cawley, Market Analyst
To contact Nick, email him at Nicholas.Cawley@ig.com
Follow Nick on Twitter @nickcawley1