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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. 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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Risk appetite bolsters EUR/USD, GBP/USD and USD/JPY

The euro, sterling and USD/JPY are all rallying this morning, as trade war and election news both provide reason for optimism.

Yen Source: Bloomberg
Forex Japanese yen United States dollar USD/JPY Euro Pound sterling
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD continues to rally

Dip buyers reign supreme for EUR/USD, as the price pushes on above the 200-day simple moving average (SMA) and begins to move through $1.1175 resistance.

Further gains target $1.124, and with a solid uptrend in place on the intraday chart, dips towards the 50-hour SMA at $1.1129 may provide fresh buying opportunities. The price will need to move back below $1.11 to provide a firmer bearish view.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD surges on election news

Having surged overnight, GBP/USD is now at its highest level in 18 months.

We can expect some of this move to be reversed in coming days, but the firmly bullish impression remains in place even with a drop back towards $1.32.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY looks to break higher

Away from Brexit news, the signing of a US-China trade deal now seems very close, and this has allowed USD/JPY to revive its flagging rally.

The price is back towards the ¥109.55 area that has marked resistance for months, but it looks like we will see further gains that take us on towards ¥110.35. The price looks a touch overextended intraday, but dips towards ¥109.00 may well see fresh buying pressure develop.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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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. Clients can lose more than they deposit. All trading involves risk.

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