Today's Highlights

  • Yen and US Dollar weaken

  • Brexit debate sets direction for Pound

  • UK housing prices fall


Current Market Overview

The Australian and New Zealand Dollars are the strongest performers for today, as the markets seem to be happy with positive developments in the US-China trade negotiations. The idea of a 60-day extension to the trade truce is certainly welcomed.

Yen and US Dollar weaken

Data from both Japan and Germany showed both countries narrowly avoided technical recession at the end of last year. Nevertheless, such positive sentiment has not been reflected in the markets. For now, the Yen is the weakest currency for today, followed by the US Dollar.

Brexit debate sets direction for Pound

The direction of the Pound will be determined by the Brexit debate in the House of Commons today. More on that later…

UK housing prices fall

The latest UK house price survey from the Royal Institution of Chartered Surveyors (RICS) balanced dropped to -22 in January, below the expectation of -20. It seems that both buyers and seller activity continues to slip. London and the South East are leading price weakening at a national level. Because of the drop in sales, the lettings market is faring better, however, with demand rising. So, some good news for overseas property buyers in the UK…

The data diary for today

Eurozone Gross Domestic Product (GDP) and employment data will be the focus during European trading.

Later in the day, US Retail Sales, Producer Price Indices, Jobless Claims and Business Inventories will be released. Near neighbours, Canada, will also release their manufacturing sales data and New Housing Price Index.

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Editors’ Picks

EUR/USD: Inverted hammer on daily chart highlights 50-day SMA, 38.2% Fibo.

EUR/USD takes the bids to 1.1050 during early Friday. The pair formed an ‘inverted hammer” candle while following the daily chart, which in turn favors the upside towards 1.1110/13 resistance-confluence.


GBP/USD: 3-week-old resistance-line questions 100-DMA breakout

Successful trading beyond 100-day simple moving average (DMA) fails to lend much strength to the GBP/USD pair as it struggles around 1.2520 during Friday morning. A rising trend-line since August-end, seems to challenge buyers.


USD/JPY: Bears eyeing break below 107.45

USD/JPY trades modestly flat, with the bias leaning to the downside, as we wind down into the close for the week following a data-heavy number of sessions which have left more questions unanswered and the outlook murky. 


Markets unmoved by Fed cut and pause

The Federal Reserve’s latest twist in monetary policy, reducing the fed funds for a second time in two months and then pausing for instructions has left markets without a clear direction on interest rates. Equites ended mixed.

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Gold holds on to recovery gains amid trade/political pessimism

In addition to bouncing off multi-month-old rising trend-line, Gold gains support form recently downbeat trade/political headlines while taking the bids to $1,500 during Friday’s Asian session.

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