Market Sentiment: Havens in Demand, GBP Up on Court Ruling

Market sentiment analysis:

  • Trader sentiment has taken a turn for the worse, boosting safe havens such as the Japanese Yen, the Swiss Franc and Gold.
  • However, stock markets remain firm and the British Pound has gained from the news that the UK Supreme Court has ruled that Prime Minister Boris Johnson’s suspension of the UK Parliament was unlawful.

Risk off in the currency markets

Trading sentiment is deteriorating in the currency markets, boosting demand for the traditional safe havens such as the Japanese Yen, the Swiss Franc and Gold. However, many of the major stock-market indexes remain near their highs and Sterling has been lifted by a UK Supreme Court ruling that Prime Minister Boris Johnson’s suspension of the Westminster Parliament in the runup to Brexit was unlawful.

GBPUSD Price Chart, Five-Minute Timeframe (September 24, 2019)

Latest GBPUSD price chart.

Chart by IG (You can click on it for a larger image)

In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the new IG Client Sentiment page on the revamped DailyFX website, at the new IG Client Sentiment reports that accompany it and at the DailyFX Trading Global Markets Decoded podcasts.

Resources to help you trade the markets:

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

— Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex



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