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A little bit thin on the ground today in terms of meaningful and impacting economic releases, however, overnight we did have some positive data out of Australia and that was reflected on the price as we saw the AUDUSD cross trade higher. Taking a look at the Dollar index (USDollar) chart we can see the weakness in the U.S. Dollar continues again today as we trade lower and away from the highs.
US DOLLAR – Daily
Brexit woes continue to hamper the GBPUSD rate, despite the softer U.S. Dollar, Sterling continues to remain flat despite the news of a Brexit extension, showing that the market had this virtually priced in already.
The weekly pivot for GBPUSD at 1.3074 is still acting as a form of resistance and the supporting trendline is also still propping the Cable rate up but I can imagine without some form of stimulus we will continue to see this pair grind along.
GBPUSD – 4 Hour
Forex Majors Summary
Oil has snapped its rally today as Russia & OPEC stating that they are both watching the Oil price very closely and Russia are against the uncontrollable increase of oil prices. Furthermore, Russia & OPEC have agreed to sit down and talk and are ready for Cooperation. These factors have led to Oil trading lower after a choppy morning’s trading. Currently, we are down $0.32 a barrel or -0.48% on the day.
Metals continue to trade higher today on the back of the softer U.S. Dollar and continued risk-off sentiment. Currently, Gold is currently up $5.71 an ounce or +0.44% and Silver is up $0.01 an ounce or +0.08%.
USOUSD – Daily
A mixed day for Global Indices with both European & U.S. Indices trading lower but APAC indices managing to push into positive territory.
European Indices caught a bid in early trading but as the day went on we have seen that really fall apart and we have traded down in excess of half a percent from the highs today.
The story is much the same in the United States, with the major indices opening lower, following the lead from Europe and currently sitting around lows.
Global Indices Summary
Cryptocurrencies seeing a bit of a slide today after a few days on the front foot. None seeing a sell-off to significant (in the crypto world at least) but Bitcoin Cash leading the pack, down 3.42% on the day.
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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