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.

EUR/USD and GBP/USD fall, while USD/JPY drifts sideways

Poor economic data is driving the euro and sterling lower, as investors move back to a risk-off mindset.

EUR/USD pushes lower on PMI news

The EUR/USD decline continues here, and indeed may be gathering pace.

The weakness over the past 24 hours has seen the price push below $1.0815, the lows over the last week, creating a more bearish view, the price having spent the past five sessions trying without success to clear resistance around $1.088. Below $1.0775, the price heads towards the late-March lows at $1.086.

GBP/USD takes a bearish turn

GBP/USD's two bounces over the past 24 hours towards $1.237 have been rebuffed, and it looks like the price is turning sharply lower as a result.

The next target is Tuesday’s low at $1.225, and then $1.2185 comes into play. Overall, the bearish impression is still firmly in place, with the price having drifted lower since the middle of the month.

USD/JPY stuck in narrow range

Volatility has been contained here, as the USD/JPY price is mostly moving in small daily ranges.

However, it is showing reluctance to challenge the ¥108.00 area on the upside, and dips towards ¥107.40 have found buyers. A break of this tight range is needed to establish a new direction.

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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