EUR/USD, GBP/USD and USD/JPY all in retreat

Risk-off dominates FX markets once again, with the dollar in favour over the euro and sterling, and the yen rising against the greenback.

EUR/USD on the back foot ahead of ECB meeting

The prospect of the European Central Bank (ECB) easing has helped intensify the downside in EUR/USD today, as the broader pullback of the past few days intensifies.

It has been relatively orderly thus far, with lower highs and lower lows in place over the past three days. A move below $1.125 would likely open the way to $1.11, while a more bullish short-term view requires the price to clear $1.135.

GBP/USD continues to drop as dollar revives

The sharp rebuff on Monday at $1.32 for GBP/USD has been followed up by steady declines which have taken the price back to the early March zone of support around $1.276.

Yesterday’s bounce to $1.2975 brought out the sellers, establishing a firm lower high, and further declines target $1.27 and then $1.2589. The pair needs to clear $1.295 to provide a more bullish view.

USD/JPY resumes its downward move

The brief rebound from the Monday lows for USD/JPY appears to be at an end.

Unlike other markets, this one did close its gap from the beginning of the week, but that merely provided a selling opportunity up at ¥105.60 and then lower highs since then. Fresh losses below ¥103.00 target ¥101.20.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Start trading forex today

Trade the largest and most volatile financial market in the world.

  • Spreads start at just 0.6 points on EUR/USD
  • Analyse market movements with our essential selection of charts
  • Speculate from a range of platforms, including on mobile

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.