Market sentiment talking points:
– The dominant theme in the markets at present is the weakness of EURUSD as the Dollar benefits from high yields while the Euro suffers from poor economic data.
– Another important theme is the continuing weakness of the British Pound.
– In this webinar I looked at the factors affecting market sentiment today, and how they might pan out in the future.
Check out the IG Client Sentiment data to help you trade profitably.
Iran nuclear deal in focus
The US Dollar is in demand currently on high US Treasury yields while the Euro is suffering from weak economic data, leading to declines in EUR/USD that look set to continue. While the US/China trade dispute remains a continuing concern, doubts about the Iran nuclear deal have become an important factor too, strengthening the price of oil.
That is helping the Canadian Dollar keep up with its US counterpart while the British Pound continues to drop as a May UK rate rise becomes less and less likely as the UK economy continues to struggle. Elsewhere, the expected decision by the RBA to leave Australian interest rates unchanged has had little impact on the Australian Dollar.
Resources to help you trade the forex 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, and one specifically for those who are new to forex. 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
