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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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FX Brief Traders Are Still Passing The Buck

Article By: ,  Financial Analyst
July 11, 2019 1:21 AM

FX Brief: Traders Are Still 'Passing The Buck'


  • USD is the weakest major again following a dovish testimony from Powell. Now he has set the stage for a rate cut this month, the Greenback is paring gains made after Powell walked back earlier dovish comments.
  • USD/JPY is the weakest pair we track, hitting a 4-day low and shedding a further -0.43% after closing -0.41% lower yesterday. USD/CHF has also rolled over after hitting key resistance levels and has extended its decline to a 5-day low. Even GBP/USD has managed to lift itself to a 3-day high although we’re closely watching a key resistance level. Elsewhere for GBP, several crosses appear set to break to new lows.
  • With S&P500 hitting 3k, Asian equities tracked Wall Street higher with Chinese stocks taking the lead and index futures also in the black.

Up Next:

  • Final readings for German and French CPI are not expected to deviate too much form the prior releases, but you never know. Both reads disappointed last month so unless there’s a notable upwards revision, it may not prove to be a huge driver.
  • However, US CPI is the main event for traders today. Given we’ve effectively had the green light for a Fed cut this month (and calls for further cuts this year now piling up) then we’d expect a weak print from US CPI to weigh down on USD, in the current ‘chuck your dollars away’ environment.  




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