CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
Cookie policy
Our websites use cookies to offer you a better browsing experience by enabling, optimising, and analysing site operations, as well as to provide personalised ad content and allow you to connect to social media. By choosing “Accept all” you consent to the use of cookies and the related processing of personal data. Select “Manage consent” to manage your consent preferences. You can change your preferences or retract your consent at any time via the cookie policy page. Please view our cookie policy and our privacy policy.
CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider.
CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
Sterling soared, rising from 1.2813 to 1.2981 around 13:00 GMT when Bloomberg reported Germany is ready to accept a less detailed agreement on Brexit. GBPUSD opened in New York as the worst-performing currency since the previous day’s close; it now owns the title of the best-performing currency, thanks to this morning’s 1.35% gain.
However, there is still plenty of room to the top before the downtrend line from April (currently at 1.3090) is in danger of being broken.
The Bank of Canada didn’t surprise anyone when it left the overnight rate unchanged at 1.5%. The statement said interest rates would gradually move higher guided by incoming data with the bank admitting that it's closely monitoring the Nafta negotiations. USDCAD had drifted down to the bottom of its overnight range after better than expected trade data. The move reversed itself after the BoC statement. USDCAD traders are focused on the renewed US/Canada trade talks that have restarted in Washington.
Prime Minister Trudeau is adamant that any agreement has to include a cultural exemption clause and a third-party dispute mechanism. He didn’t say anything about protecting the dairy supply management program, which President Trump is rabidly against.
The US dollar opened with losses across the board due to emerging market issues and trade tensions. It couldn’t add to the gains in early trading. The greenback has lost ground against the majors with the exception being the Japanese yen. It has stayed rangebound inside a narrow 111.40-70 band. The US trade gap widened to minus $50.1 billion, as forecast. The deficit with China was a record high, which is sure to get Trump’s notice.
Wall Street opened with losses led by a 1.36% drop in the NASDAQ. Traders are focused on the Facebook/Twitter hearings in the US Capital. Trade tensions and EM contagion fears are also weighing on prices.
None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice nor a recommendation.
Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.
Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.