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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • S&P 500 Surges as VIX 'Fear-Gauge' Implodes Post-Jobs Report (via @DailyFX) $ES_F $SPX $SPY $VIX #Stocks #StockMarket #Trading #Analysis #Volatility #NFP https://t.co/laVWdqMgDG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.05% US 500: 0.03% FTSE 100: -0.48% France 40: -0.51% Germany 30: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/k8WwORiUth
  • US COVID-19 cases increase at 1.2%, same as previous week's average - BBG
  • The price of #gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June. Get your $XAUUSD market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/wFVEtNsKiN
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
  • So long as the market's keep going up, there is less reason for the administration not to take more drastic action to pursue options to leverage near-term growth through policies like protectionism https://t.co/HPUmh5v83V
AUD/USD Dodges Dour Data

AUD/USD Dodges Dour Data

2013-08-08 13:08:00
Boris Schlossberg, Technical Strategist
Share:

More depressing data from Australia increases the likelihood of yet another RBA rate cut, but this time, AUDUSD was bailed out by strong Chinese imports, and AUDUSD managed to hit fresh weekly highs overnight.

The Australian dollar (AUD) dipped on weaker-than-expected employment data, but then quickly recovered, causing AUDUSD to hit fresh weekly highs after Chinese trade data showed a significant pick-up in import demand. The data for July showed that Australia lost -10.K jobs in the month versus an expected 6.0K gain.

The labor data was disappointing on all fronts, as full-time employment contracted by -6.7K versus -4.4K expected, and part-time employment declined by -3.5K versus a prior gain of 14.8K. The unemployment rate dipped slightly, to 5.7% from 5.8%, but that was only because the participation rate declined as well, to 65.1 from 65.3.

Overall, this was just another in a series of depressing data points from down under that clearly showed conditions on the ground continue to deteriorate. If the employment situation in Australia does not improve, the prospects for yet another rate cut by the Reserve Bank of Australia (RBA) will increase markedly, and the Aussie is likely to feel further downside pressure.

This time, however, AUDUSD quickly shrugged off the dour labor news and rose through the .9050 level after Chinese trade data surprised the market. China reported a much-smaller-than-expected surplus of 17.82 billion versus 26.90 billion forecast, but investors were buoyed by the surprisingly robust jump in imports, which increased by 10.9% versus an expected gain of only 1%.

As the Chinese economy begins its long transition from production-led growth to consumption-led growth, the import numbers take on a much greater importance, and today's data raised hopes that demand in China may not be as fragile as initially thought.

Of course, many analysts remain skeptical of Chinese data, but tomorrow's torrent of releases could confirm today's report and provide further support for the Aussie.

EUR/USD Gears up for a Challenge

Elsewhere, price action was very quiet, with no major releases out of Europe. German trade balance beat slightly to the upside by printing at 15.7 billion vs. 15.2 billion projected, but despite clear evidence of a pick-up in Eurozone economic activity, the European Central Bank (ECB) reduced its estimates for growth in 2013 to -0.6% from -0.4% and lowered the 2014 projection to 0.9% from 1.0%.

The euro (EUR) however, ignored the downgrade, as investors are becoming more convinced about the rebound in the region, and EURUSD climbed through the 1.3350 level as it now gears up to challenge the key 1.3415 swing high from several months back.

The Lone US Data Point for Today

In North America today, the economic calendar remains barren with only jobless claims on the docket. Price action is likely to be subdued while we are deep in the dog days of summer and many global investors are on the beaches instead of at their trading desks.

By Boris Schlossberg of BK Asset Management

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

DISCLOSURES

News & Analysis at your fingertips.