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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Optimism $GBP https://t.co/UjSo3Dpthr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.44%, while traders in NZD/USD are at opposite extremes with 70.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n7ePyLk3EB
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.13% Gold: -0.34% Silver: -1.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1fgVHj1F6Z
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇳🇿NZD: 0.01% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.17% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2CA80kFhl2
  • Coming up at half past the hour. Do join me if you can, using the link below https://t.co/RAiCJNLuSC
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.18% FTSE 100: 0.49% France 40: 0.40% US 500: 0.22% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Jb7LZOruhP
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/3Wp3IOFbCl
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/xPg6iYu5XF
  • USD/JPY IG Client Sentiment: Our data shows traders are now at their most net-long USD/JPY since Mar 08 when USD/JPY traded near 103.93. A contrarian view of crowd sentiment points to USD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/svVkPPHfph
USD Keeps Gaining Ahead of Important FOMC Rate Decision

USD Keeps Gaining Ahead of Important FOMC Rate Decision

2013-07-31 16:12:00
Kevin Jin,
Share:

THE TAKEAWAY: Eurozone July CPI Core comes in below expectations > US 2Q GDP vastly beats expectations

Today highlights significant event risk in the USD. There have already been two noteworthy data prints today which have helped propel the USD higher. The first was the ADP Employment Change which showed a +200K gain during July, compared to the Bloomberg News survey consensus of +180K. The other significant release was US 2Q GDP, which came in at +1.7%, immensely higher than the +1.0% Bloomberg News survey consensus. However, 1Q US GDP was revised down from +1.8% to +1.1%. While these figures are mostly encouraging, the GDP Price Index meaningfully missed Bloomberg News survey expectations: +0.7% 2Q actual; +1.0% expected. Recall that the Fed has spoken about a stronger defense of the +2.0% inflation target, which would imply prolonged dovish policy.

All the aforementioned data points will be factored into the Fed’s policy statement today at 18:00 GMT / 14:00 EDT. It will be interesting to observe what the Fed says about inflation and the recent progress in labor conditions.

The complete list of economic data today can be found here.

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) gains +40 (+0.37%) to $10828 at the time of writing.

AUDUSD 15-minute Chart: July 31, 2013

USD_Keeps_Gaining_Ahead_of_Important_FOMC_Rate_Decision_body_Picture_4.png, USD Keeps Gaining Ahead of Important FOMC Rate Decision

Charts Created using Marketscopeprepared by Kevin Jin

The AUDUSD is the largest loser again today, declining -1.15% at the time of writing. The pair is trading below the psychologically important $0.9000 at the time of writing, a level untouched since July 12. The AUDUSD has not closed below 0.9000 since September 2010.

GBPUSD 15-minute Chart: July 31, 2013

USD_Keeps_Gaining_Ahead_of_Important_FOMC_Rate_Decision_body_Picture_3.png, USD Keeps Gaining Ahead of Important FOMC Rate Decision

Charts Created using Marketscopeprepared by Kevin Jin

The GBPUSD is modestly lower by -0.35% at the time of writing. Price quickly broke lower at New York Open, roughly coinciding with the release of positive economic data. However the cable did rebound about +50 pips about an hour after the US GDP release.

EURUSD 15-minute Chart: July 31, 2013

USD_Keeps_Gaining_Ahead_of_Important_FOMC_Rate_Decision_body_Picture_2.png, USD Keeps Gaining Ahead of Important FOMC Rate Decision

Charts Created using Marketscopeprepared by Kevin Jin

The EURUSD is one of the strongest performing majors today, gaining +0.20% at the time of writing. The pair is trading up to $1.3300 through London Close, nearing the highs created during the early London session.

USDJPY 15-minute Chart: July 31, 2013

USD_Keeps_Gaining_Ahead_of_Important_FOMC_Rate_Decision_body_Picture_1.png, USD Keeps Gaining Ahead of Important FOMC Rate Decision

Charts Created using Marketscopeprepared by Kevin Jin

The USDJPY is modestly higher by +0.40% at the time of writing. The pair has moved nearly 100 pips today with an explosive gain near New York Open.

--- Written by Kevin Jin, DailyFX Research

Trading the EUR/USD? Watch this

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

DISCLOSURES