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  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here:
Jamie's Pick: 06/29/12

Jamie's Pick: 06/29/12

Jamie Saettele, CMT, Sr. Technical Strategist

I didn’t expect the rally we saw today but such moves are often a surprise. As mentioned yesterday, “the only thing keeping me from getting aggressive on the short side is that weekly seasonality tendencies favor a Friday high with the Monday low in place. I am short the AUDUSD but not as short as I want to be.” Phew. Here we are at new highs for not just the week but the month (monthly seasonality does it again…6/1 low to 6/29 high). This move does nothing to alter the bigger picture (bearish risk trends). In fact, the move may be a blessing to bears that were worried about the market getting away from them on the downside.

Think back to early June. Bulls capitulated after the awful NFP release on June 1 and the USD hasn’t traded higher since! The current situation is the exact opposite. CME volume (see charts below) is suggestive of capitulation by bears as ‘Europe is saved’ for the 20th or so time in the last 3 years. I’m not buying it.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.