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
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
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Overall, with little surprises in the monetary policy announcement, the Euro saw little in the way of notable price action. Get your market update from @JMcQueenFX here:https://t.co/PFl52rx4mE https://t.co/kT5dBmz2Ya
  • $GBPUSD rose above 1.3700 today, hitting its highest level since the spring of 2018. $GBP $USD https://t.co/gfNCg6Abnr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.25% Germany 30: 0.23% US 500: 0.16% Wall Street: 0.07% France 40: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PrYQiwmAJ1
  • ECB President Lagarde: - ECB is "very carefully" monitoring exchange rates - Play an important role in inflation - Reiterates that all instruments can be adjusted and nothing is off the table #ECB $EUR
  • ECB President Lagarde: - "Nothing is off the table" in regard to policy instruments #ECB $EUR
  • ECB President Lagarde: - If and when we have a digital Euro, we will also have banknotes - ECB will make decision in the spring whether to go ahead with digital Euro work - Lots of questions remain, is a complicated issue - Is not "about to come," will be years #ECB $EUR
  • ECB President Lagarde: - An ambitious and coordinated fiscal stance is critical - Fiscal measures should be targeted and temporary - EU aid package must become operational without delay #ECB $EUR
  • ECB President Lagarde: - Risks surrounding Euro-area outlook remain tilted to the downside, but less pronounced - Underlying price pressures are expected to remain subdued - Inflation is likely to increase in the coming months as pandemic's impact fades #ECB $EUR
  • ECB's Lagarde - Downside risks to outlook are less pronounced $EUR
  • 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/5uSWKoLkd6 https://t.co/UqQKBMNuIA
New Jobs Data Causes CAD Collapse

New Jobs Data Causes CAD Collapse

Kathy Lien, Technical Strategist

A surprising and sizable contraction in Canadian job growth caused USDCAD to run higher on Friday, while Chinese data again bailed out the Aussie, spurring AUDUSD on to fresh monthly highs.

With no major US economic reports scheduled for release today, the focus is on Canada. Economists were looking for an improvement in the labor market after an uptick in the employment component of the IVEY PMI release, but instead of creating jobs, Canada quite surprisingly lost 39.4k jobs in the month of July.

This was the second consecutive month of job losses and also the second-largest decline in job growth in more than four years. Canada’s unemployment rate rose back to 7.2% from 7.1% and the participation rate declined to a nine-year low, a level that has been revisited a few times in the past year. Losses in both full- and part-time work also reflect broad-based weakness in the Canadian labor market.

The gradual recovery in the US economy was supposed to support growth in Canada, but persistent trade deficits have restrained economic performance. As a result, the surprise decline in jobs sent the Canadian dollar (CAD) plunging against the US dollar (USD).

While USDCAD is still trapped in a broad, 1.0250-1.0600 range, we feel that the latest disappointment in data could bring the currency pair back up to its August highs.

Meanwhile, the US dollar is trading higher against all of the European currencies and lower against the Japanese yen (JPY) and commodity dollars.

The focus will shift back to the US next week, with retail sales and consumer confidence data scheduled for release. The level of consumer spending will play an important role in how quickly the Federal Reserve plans to taper asset purchases.

The Australian dollar (AUD) continues to be today’s biggest mover, and solid Chinese industrial production numbers have helped drive AUDUSD to fresh month-to-date highs. The upside surprises in Chinese data also squeezed out some of the AUDUSD short positions that have built up in recent months. Resistance for the pair currently comes in at the July highs of 0.9320.

See related: Chinese Data Steals the Show Again

By Kathy Lien of BK Asset Management

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

DISCLOSURES