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USD Pummeled by Dovish Fed, Brexit Mayhem Continues – US Market Open


USD: The US Greenback is on the backfoot this morning, down zero.7% with bulls caught off-guard by Fed Chair Powell’s somewhat cautious stance. Whereas the Chair highlighted that the US financial system is robust, he did nevertheless, point out that the US may face headwinds going into subsequent 12 months concerning slowing demand and fading fiscal stimulus. Latest dovish commentary from Fed’s Clarida and Kaplan who each sees some proof that the slowing of worldwide financial system is changing into a headwind, has seen US yields drop with the 10yr breaking under three.1%, consequently exacerbating USD losses.

Speculative positioning through CFTC present that US Greenback lengthy positioning is considerably crowded with bullish bets valued at $30bln (Highest since Jan 2016), suggesting that upside could also be considerably restricted. As talked about earlier, USD bearish views greatest expressed through USDJPY shorts.

GBP: After yesterday’s turbulent session which noticed GBP pounded following a sequence of excessive profile resignations. The Pound has regained a firmer footing to climb again above 1.28. PM Might’s management was given a much-needed increase after Setting Secretary Michael Gove acknowledged that he wouldn’t resign. Nonetheless, strain stays on Theresa Might as no-confidence letters pile into the 1922 committee. Whereas it’s publicly recognized that 23 letters have been despatched in, the ERG indicate the quantity is near the 48 letters wanted to name for a no-confidence vote in Theresa Might. Speak has circulated vote could happen on Tuesday (What occurs In a No-Confidence vote)

USD Pummeled by Dovish Fed, Brexit Mayhem Continues - US Market Open

Information as of 14200GMT

DailyFX Financial Calendar: Friday, November 15, 2018 – North American Releases

USD Pummeled by Dovish Fed, Brexit Mayhem Continues - US Market Open

DailyFX Webinar Calendar: Friday, November 16, 2018

USD Pummeled by Dovish Fed, Brexit Mayhem Continues - US Market Open

4 Issues Merchants are Studying

EURUSD Value: ECB Draghi Hints That Uncertainties Might Crimp Coverage” by Nick Cawley, Market Analyst

How Does a Management Problem to a UK Prime Minister Work?by Justin McQueen, Market Analyst

Brexit Information: Sterling Stays at Threat of UK Authorities Breakup” by Nick Cawley, Market Analyst

USD Outlook: Indicators Rising for a Potential Prime Amid Crowded Positioning” by Justin McQueen, Market Analyst

— Written by Justin McQueen, Market Analyst

To contact Justin, electronic mail him at Justin.mcqueen@ig.com

Observe Justin on Twitter @JMcQueenFX

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