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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

EUR/USD makes small gains as GBP/USD drops and USD/JPY briefly hits new high

While the euro has managed to make some gains against the dollar, the pound is still struggling. USD/JPY has briefly touched a new higher high.

EUR/USD edges higher

A small EUR/USD bounce in early trading is only to be expected after the losses of the past two sessions, but intraday bounces have been the cue for more selling of late, and it would not be surprising if this turned out the same way.

Dollar strength continues to carry all before it, putting further pressure on the currency pair; even a rally towards $1.1375 would be an impressive achievement for buyers in this environment.

GBP/USD heads lower

Renewed talk of Bank of England (BoE) rate hikes has done nothing to lift GBP/USD, as the pair heads back to the lows of mid-month.

Low stochastics are a feature, not a bug, of such powerful downward moves, and point towards continued losses for the pair. Buyers will need to scale the heights of $1.345 and then $1.35 to provide a more short-term bullish view.

USD/JPY stalls at ¥115

A new intraday higher high did not last long overnight, as global risk appetite soured, but overall USD/JPY appears to have found renewed upside momentum.

Rising trendline support from early October continues to provide a foundation for further gains, although the sellers appear to be mounting a spirited defence of ¥115.

This information has been prepared by IG, a trading name of IG Markets 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. See full non-independent research disclaimer and quarterly summary.

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