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
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
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • What is the best time to trade #forex? Find out: https://t.co/NbM2tJK9cl #tradingstyle https://t.co/AmtstPZEYs
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.73% Gold: 0.34% Silver: 0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EEsApAkMmS
  • Euro Outlook Dour Even as Germany Narrowly Avoids Recession - https://www.dailyfx.com/forex/market_alert/2019/11/14/Euro.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #Germany #GDP
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.19% 🇯🇵JPY: 0.10% 🇪🇺EUR: 0.03% 🇬🇧GBP: -0.13% 🇳🇿NZD: -0.29% 🇦🇺AUD: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0JS1Y5wJNc
  • #Euro Outlook: #EURUSD Decline May Accelerate Ahead of GDP Data https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2019/11/14/Euro-Outlook-EURUSD-Decline-May-Accelerate-Ahead-of-GDP-Data.html
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: -0.03% Wall Street: -0.04% France 40: -0.06% Germany 30: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eNZVkci3zp
  • This piece will analyze key technical developments in $EURNOK, GBP/SEK, GBP/NOK and $USDSEK as each pair approaches key technical levels.Get your market update from @ZabelinDimitri here:https://t.co/IQ75REEYZg https://t.co/44OZE9oOGF
  • 🇪🇺 EUR German Gross Domestic Product w.d.a. (YoY) (3Q P), Actual: 0.5% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇪🇺 EUR German Gross Domestic Product n.s.a. (YoY) (3Q P), Actual: 1.0% Expected: 0.8% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2019-11-14
  • 🇪🇺 EUR German Gross Domestic Product s.a. (QoQ) (3Q P), Actual: 0.1% Expected: -0.1% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2019-11-14
USD Graphic Rewind: Dollar Index Posts Higher Close As Euro Fails By 1.40

USD Graphic Rewind: Dollar Index Posts Higher Close As Euro Fails By 1.40

2011-03-08 06:58:00
Jonathan Granby,
Share:
USD_Graphic_Rewind_body_dxy3.png, USD Graphic Rewind: Dollar Index Posts Higher Close As Euro Fails By 1.40

The dollar index managed to reverse early losses and climb off the lowest levels since early November 2010. The index managed to post its first higher daily close in the last four days but is unlikely to shift the structure. The index remains all but set to test 2010 lows at 75.62 before putting in any kind of meaningful bounce. However, price action at present is being dominated by Eur/Usd’s repeated attempts to establish itself above the psychological resistance at 1.40. So far unsuccessful if the euro fails to overcome this barrier if a top is formed and the euro begins to move lower in coming sessions and days then we will see the index move higher ahead of testing those lows. However, if the euro does manage to post a close above 1.40 it exposes highs at 1.4280 which will certainly see the index move down to 2010 lows, if not lower.

On a fundamental basis we remain astounded by the relative USD weakness, versus the euro in particular. Traders continue to shrug off serious debt concerns in the EMU, as well as a lack of traction to the recovery in peripheral economies. Traders are purely focused on the possibility of interest rate hikes, which may come as soon as April, and the German recovery, not the EMU as a whole We believe this is a perverse and short-sighted approach since the underlying fundamentals supporting the EMU are wobbly at best. On the other hand, the US economy continues to gain traction, the jobs market is making slow, but steady, progress and on the whole the recovery is in good shape. Nonetheless, the buck can’t catch a meaningful bid against the euro as speculative trade drives price action. As such, maintaining our slightly more medium/long-term view of things we remain bullish on the buck as the still not resolved issues in the EMU will come back to weigh on investors soon. And the widening gulf between core EMU nations and the periphery threatens to cause political as well as economic turmoil.

Written by Jonathan Granby, DailyFX Research Team

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

DISCLOSURES

News & Analysis at your fingertips.