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USD rebound continues lead by GBP weakness move

USD rebound continues with the US treasury bond yield and rise up to 4 years high despite of US stock in lowering retrace overnight. Market starts pricing for some hawkish tone for tomorrow’s FOMC meeting despite the forecast rate keeping unchanged at 1.5%. USD might still be on the downside position ahead of FOMC meeting tomorrow, but the overall bearish trend for USD remains unchanged.

GBP weakness lead the move for USD rebound with the market worrying about Theresa May’s political future as well as the remaining uncertainty on upcoming Brexit negotiations talk. Today BOE’s Carney speech might have some intraday impact for GBP, overall GBP and GBP cross will face more downside pressures after the recent sharply gains with lack of fundamental support.

USDJPY also facing a downside pressure despite the rebounding on USD index, it is because the market still worries for BOJ earlier exits as well as the price actions showing more downside risk after breaking the 110 handle and the increasing of option positioning as well.

Today Eurozone Confidence data, GDP and German CPI as well as the US New Home Sales and stock/bond market move will dominate the intraday action.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.