CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Dollar on the rise for EUR/USD, GBP/USD, and USD/JPY

US dollar strength continues to play out across EUR/USD, GBP/USD and USD/JPY despite positive news on US stimulus package.

​EUR/USD continues its decline, as dollar strengthens

EUR/USD has continued its decline this morning, with the pair dropping into a fresh three-month low today. That sell-off is part of a dramatic period of weakness over the course of March thus far.

Further downside does look likely before long, with a rise through the $1.1932 level required to bring a wider pullback into play. Until then, another move lower is on the cards.

GBP/USD stabilises after decline through support

GBP/USD is consolidating after a sharp decline towards the back end of last week. That stabilisation comes off the back of a drop below $1.383, bringing an end to the uptrend to form a head and shoulders formation.

A break up through the $1.4017 swing-high brings an end to this current bearish picture, with further downside looking likely until then.

USD/JPY continues to outperform

USD/JPY has been on an impressive rise over the course of the past fortnight, with the pair rising into an eight-month high on Friday.

That ongoing uptrend continues to remain the dominant driver of price action, with a break below the ¥108.09 swing-low required to bring about speculation of a short-term pullback. Until then, further strength looks likely to play out as we move forward.

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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