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.

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
EUR/USD
Bullish
Oil - US Crude
Bearish
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/yLt0ldtMsV
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/ZwwuTzTeac
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/4DGXwA8vqs
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/mAMhWbV6Jy
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/E9ZmJvqO0z
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/fqxw1AoKc1
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here: https://t.co/B3Jct6mIBD https://t.co/xTGIM2hRBv
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here: https://t.co/S8UoHzOwFN https://t.co/qI6UZdggvM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/6wxX6oQurn
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
Guest Commentary:New S&P Downgrade Rumors Rock EUR/GBP

Guest Commentary:New S&P Downgrade Rumors Rock EUR/GBP

Boris Schlossberg, Technical Strategist

The euro soared against the British pound in early trading following rumors that Standard & Poor’s (S&P) may downgrade UK sovereign debt, instantly raising new concerns about the British economy.

Rumors of an S&P downgrade of UK sovereign debt sent EURGBP soaring in Asian trading, as the cross hit a high of 8700 before finally easing. Last December, the ratings agency affirmed the UK's AAA status but revised the outlook to negative. Standard & Poor’s refused to confirm speculation that the UK rating may be lowered further, but the currency markets reacted nevertheless, pushing the pound lower to 1.5418.

Most of the flows, however, were in EURGBP, which gained nearly 30 points during what is typically a very quiet session. The EURUSD also gained strongly, breaking out above the 1.3400 level and hitting a high of 1.3434 before retracing a bit.

In a complete turn of events, the euro is now acting as a "safe haven" part of the cross as traders become increasingly concerned about UK economic conditions after the country dipped into recessionary territory for the third time since the credit crunch of 2008.

Today, the markets will get a glimpse of the UK jobless data as well as the latest Bank of England (BoE) meeting minutes, and both reports should provide some added transparency about economic conditions on the ground. The claimant count is expected to come in at -5.3K versus -12.1K the period prior. However, an increase in UK joblessness could spur even more selling in sterling and push EURGBP through the 8700 level as the day proceeds.

More: See the complete Economic Calendar

By Boris Schlossberg of BK Asset Management

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

DISCLOSURES