The latest ramp-up by the US in the trade disputes with China and more recently the EU has sent market participants to the sidelines with risk-off trades favored by those interested in trading. Sterling remains weak against the US dollar, but this isn’t helping the FTSE 100 which is down around 1%. EURGBP remains stuck in a rut, and likely to remain there, while GBP-crosses against NZD and CAD still have potential upside movement.
IG Client Sentiment data show that traders are 26.8% net-long of the FTSE 100 with recent positional changes giving us a stronger bullish contrarian signal.
Other trading topics covered include –
- The latest EU Summit meeting on June 28-29 will discuss any progress made in Brexit negotiations and the outlook doesn’t look good for the UK as it stands.
- UK markets remain risk-off with the FTSE 100 down over 1% while Sterling drifts lower against both the USD and EUR.
- If you missed this webinar and would like to know about future events, you can see the full DailyFX webinar schedule here.
DailyFX has a vast amount of updated resources to help traders make more informed decisions. These include a fully updated Economic Calendar, Educational and Trading Guides and the constantly updated IG Client Sentiment Indicator.
— Written by Nick Cawley, Analyst
To contact Nick, email him at email@example.com
Follow Nick on Twitter @nickcawley1