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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via
  • Gold Setting Up Potential Bullish Breakout - #GOLD chart
  • Gold Setting Up for Possible Bullish Breakout $Gold
  • 🇺🇸 Pending Home Sales YoY (JUN) Actual: -1.9% Previous: 13.1%
  • Please join us at 11:00 EST/15:00 GMT for a webinar on how to identify price trends with trader sentiment. Register here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.79%, while traders in Wall Street are at opposite extremes with 72.77%. See the summary chart below and full details and charts on DailyFX:
Stock Markets May Struggle Even If Coronavirus Fears Subside

Stock Markets May Struggle Even If Coronavirus Fears Subside

Ilya Spivak, Head Strategist, APAC


  • Charts warned that stock markets were vulnerable before coronavirus outbreak
  • Assorted risks more worrying with slow growth, limited scope for policy support
  • US Dollar may benefit as uneasy backdrop, low rates boost demand for liquidity

Technical cues warning of ebbing upward momentum – a frequent precursor to topping – were flagged across multiple major stock indexes recently. These signals have proven to be prescient. Equity benchmarks in the US, Eurozone, Japan, Australia, mainland China and Hong Kong have since plunged.

The coronavirus outbreak emanating from China’s Wuhan province has been pegged as the nominal catalyst for the selloff. A rapidly growing docket of cases reported at home and abroad along with Beijing’s sweeping containment efforts have stoked worries about the epidemic’s impact on global growth.

Chart of stock markets dropping amid coronavirus outbreak fears

Chart created with TradingView

This is, to be sure, a fair concern. And yet, the appearance of those topping cues preceded the virus’ emergence as a driving narrative. That suggests that it may amount to a trigger for forces that were already conspiring to sour sentiment rather than a standalone catalyst inspiring recent turmoil.


The markets’ anti-stress defenses looked diminished at the start of 2020. Global growth appeared to steady a bit in the fourth quarter and the flow of incoming economic data brightened relative to baseline forecasts. Nevertheless, activity growth remains near the lowest levels in three years.

Chart of global economic growth near 3-year low, according to PMI survey data

As noted last week, this is “problematic in that it would not take too much stress to bring recession back into view. That makes assorted risks like the US presidential election, the lingering threat of a no-deal Brexit, violent escalation in the Middle East, and now the coronavirus, appear relatively [more potent].”

Meanwhile, “comments from bigwigs at the World Economic Forum in Davos, Switzerland...flagged worries about the dual risk posed by fiscal dysfunction and central bank impotence whenever the next downturn invariably arrives.” The ECB conspicuously launched a comprehensive review of its mandate in tandem.

Finally – as pointed out soon thereafter – “late-2019 successes appear priced in. Building on the ‘phase-one’ US-China trade deal, [which tellingly landed with a thud], seems unlikely for at least a year and failing to secure an EU/UK trade deal before 2021 may yet [make for a messy divorce].


All this means that containing the Wuhan virus is unlikely to give stock markets a lasting lift. It is unclear if it will be enough to smother the nascent upturn in the global business cycle. If it is not, it will nevertheless diminish the markets’ immune system further, making the next bump in the road more dangerous.

The ultra-loose setting of worldwide monetary policy means the opportunity cost of owning liquidity – i.e. cash – looks rather low. Against this backdrop, defensively-minded investors may continue to push capital into the US Dollar, which accounts for a commanding 88 percent share of global FX market turnover.


--- Written by Ilya Spivak, Currency Strategist for

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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