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Monday has kicked the week off with U.S. Dollar on the backfoot with all the G10 currencies gaining against it, with the Scandinavian currencies and the Euro leading the charge, despite a slightly better print from the Month-on-Month Factory orders number.
Despite the softer U.S. Dollar today. Sterling has failed to capitalise on this as the Brexit stalemate really looms over the pair.
On Friday we saw this pair trade through the supporting trendline, however, we have seen it pop higher and we are currently still sitting above it. However, as Brexit talks between political parties are ongoing and European leaders remain divided on a potential longer Brexit extension, whether we remain above it is yet to be seen. The weekly pivot for GBPUSD is at 1.3074 and we can see this stopped the pair in its tracks in early trading.
GBPUSD – 4 Hour
Forex Majors Summary
The bullish trend continues again today for Oil as we push higher still, currently up 1.92% on the day or $1.25. a barrel. Technically, we are seeing a little bit of resistance from prior lows upcoming, we will see if this slows the oil bull run down at all.
Metals catching a bid today on the back of a lower U.S. Dollar and more risk-off markets. Currently, Gold is currently up $8.31 an ounce or +0.66% and Silver is up $0.13 an ounce or +0.89%.
USOUSD – Daily
A mixed day across the board for Global Indices. For European Indices, we opened the week lower and then throughout the session we have seen the major indices trade back to a neutral with the FTSE pushing into positive territory, however, the other European indices lagging somewhat, still fractionally in the red.
The story is much the same in the United States, with the major indices pretty trading lower initially after the open before rebounding somewhat but still sitting somewhat in the red.
Global Indices Summary
Cryptocurrencies are a bit mixed today, after trading higher early into the session we have seen them slide lower as the day goes on. Almost all the digital currencies are still printing in the green currently, with the exception of XRP which is currently down -1.33%.
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By Alex Simcock
This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.
Sources: GO Markets MetaTrader 5, Datawrapper, Tradingview, CoinMarketCap, Bloomberg, Twitter