Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

EUR/USD and GBP/USD move up as USD/JPY drops back

A weaker dollar continues to lift EUR/USD and GBP/USD while putting USD/JPY on the back foot.

EUR/USD renews its upward move

EUR/USD continues to hold above $1.22 and is still on an upward path.

It recovered from Friday’s losses, below $1.215, that seemed to point towards a renewed downward move. With this bounce, buyers are firmly in charge once again. Above $1.225, the $1.235 area comes into view.

GBP/USD eyes new three-year highs

The smooth move higher with GBP/USD continues, as the price returns to its late-February peak.

A breakout to new three-year highs seems likely as it targets $1.4345 and the early-2018 highs. Sellers have certainly lost control of the market, and so far there is little sign of a renewed move lower that could put a dent in the gains made since late April.

USD/JPY turns lower again

While USD/JPY was able to reach ¥110.00, bullish momentum has since faded and a drop back towards ¥108.50 now looks possible.

A recovery back above ¥110.00 puts the buyers in charge, and would mark a resumption of gains towards ¥110.35 and higher.

This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.

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