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. 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.

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 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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