News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • 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: https://t.co/7t4BzmLg8w https://t.co/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
FX Markets Look to Pockets of Event Risk During US Holiday Week

FX Markets Look to Pockets of Event Risk During US Holiday Week

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- There are two ‘high’ importance releases for the US Dollar this week, despite the fact that all US markets will be closed on Thursday and Friday is a half-day.

- Elsewhere, there are no ‘high’ importance data releases from the Asian-Pacific currencies in the coming days, while there are two ‘high’ importance release out of Europe.

- Retail trader positioning suggests a less favorable environment for the US Dollar, particularly against the European currencies.

Join me on Mondays at 7:30 EST/12:30 GMT for the FX Week Ahead webinar, where we discuss top event risk over the coming days and strategies for trading FX markets around the events listed below.

FX markets are starting to quiet down already as traders prepare for the mid-week liquidity drain around the US Thanksgiving holiday. The US Dollar, which has struggled in November, may just find some reprieve: traders prefer to square their books before stepping away for an extended period of time. Illiquid trading conditions will be present for tail end of the week, but before then, there are a handful of data releases worth paying attention to.

11/22 Wednesday | 12:30 GMT | GBP Chancellor of the Exchequer Delivers Budget to Parliament

UK Chancellor of the Exchequer Phillip Hammond will deliver the Budget on Wednesday, formerly known as the “Autumn Statement.” Dodged by Tory party infighting and speculation that his ‘pro-Remain’ stance has impacted his effectiveness as a leader, Chancellor Hammond will use this opportunity to assert the May government’s vision of the UK economy as it grapples with the realities of the impending economic fallout from Brexit. Last year, the Autumn Statement proved to be an unexpected source of optimism that provoked a British Pound rally.

Pairs to Watch: EUR/GBP, GBP/JPY, GBP/USD

11/22 Wednesday | 13:30 GMT | USD Durable Goods Orders (OCT P)

Durable Goods Orders are an important barometer for US consumption, which constitutes roughly 70% of GDP. Typically, consumers hold off on buying durable goods during poor economy conditions; thus, improved orders suggest confidence among American consumers with respect to their future financial security. The preliminary October print is expected to show an increase of +0.3% over the prior month after the +2.0% increase in September. The data won’t likely help US growth expectations for Q4’17, which have recently increased (per the Atlanta Fed GDPNow forecast) to +3.4% annualized.

Pairs to Watch: EUR/USD, USD/JPY, DXY Index, Gold

11/22 Wednesday | 19:00 GMT | USD November FOMC Meeting Minutes

The Federal Reserve’s October 31 to November 1 policy meeting was a placeholder for the US Dollar: policymakers were staying the course for a rate hike in December. The FOMC’s decision to signal to markets that it intended on fulfilling its preset course for interest rates – as laid out initially in the December 2016 summary of economic projections (SEP) – by raising rates a total of three times in 2017 and another three times in 2018 reaffirmed what market participants already knew: there was a 100% chance of a 25-bps rate hike next month, according to Fed funds futures contracts. If anything, the minutes may contain some asymmetric risk for the US Dollar as any extended conversation about inflation will probably be USD-negative.

Pairs to Watch: EUR/USD, USD/JPY, DXY Index, Gold

11/23 Thursday | 09:30 GMT | GBP Gross Domestic Product (3Q P)

The second look at Q3’17 UK GDP is expected to show the UK economy grew by +1.5% annualized, the same rate reported at the initial release. The middling headline figure may be evident of the overhanging uncertainty the Brexit negotiations have wrought. A combination of stunted wage growth and rising inflation has crimped consumer expenditure, the prime growth driver in the UK. In effect, there is a state of mini-stagflation going on right now: save the labor market (which is doing quite well, thus the UK is not in a state of ‘true’ stagflation), inflation continues to run above +3% and headline GDP is below +2%.

The initial UK GDP reading is published around 25 days after the end of the quarter and is based on 44% of actual data. The second estimate (due Wednesday) is released around seven and a half weeks after the end of the quarter and is based on around 80% of actual data. The third estimate is released 90 days after the quarter’s end and is based on around 91% of actual data.

Pairs to Watch: EUR/GBP, GBP/JPY, GBP/USD

Read more: Euro Looks to Hold onto Gains During US Holiday Week

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher, email him at cvecchio@dailyfx.com.

Follow him in the DailyFX Real Time News feed and Twitter at @CVecchioFX.

To receive this analyst’s reports, sign up for his distribution list.

Don’t trade FX but want to learn more? Read the DailyFX Trading Guides.

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

DISCLOSURES