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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/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
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇮🇩 Inflation Rate YoY (FEB) due at 04:00 GMT (15min) Expected: 1.38% Previous: 1.55% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.75% Gold: 0.92% Silver: 0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SDuwP1gB7E
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.72% 🇳🇿NZD: 0.65% 🇬🇧GBP: 0.49% 🇪🇺EUR: 0.12% 🇨🇭CHF: 0.05% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/maFKPUDES5
  • Dramatic-looking Bearish Engulfing candle pattern with negative RSI divergence on the weekly #AUDUSD chart. A turn may be brewing. https://t.co/25jfu7eHaB
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/2Xfmpbd24B
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in GBP/JPY are at opposite extremes with 66.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/pXjqRmdicy
  • Australian Dollar Unfazed by Chinese PMI as RBA Meeting Shifts Into View - https://www.dailyfx.com/forex/market_alert/2021/03/01/Australian-Dollar-Unfazed-by-Chinese-PMI-as-RBA-Meeting-Shifts-Into-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/mR4b8YAVIe
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/k2YkjBeSdW
  • RT @FxWestwater: Australian Dollar, APAC Markets Focus on Bond Yields to Start March Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/01/Australian-Dollar-APAC-Markets-Focus-on-Bond-Yields-to-Start-March.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co/py…
  • 🇦🇺 Investment Lending for Homes (JAN) Actual: 9.4% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
Forex News: Dollar Holds Support as S&P Turns Lower on NYSE Open

Forex News: Dollar Holds Support as S&P Turns Lower on NYSE Open

David Rodriguez, Head of Product

Article Summary: The New York Stock Exchange opened for trading for the first time this week, and early declines led to gains in the safe-haven US Dollar. The Greenback continues to hold important support, but the next moves may prove pivotal ahead of Friday’s US Nonfarm Payrolls report.

The US Dollar (ticker: USDOLLAR) traded lower as the NYSE opened its floor for trading for the first time since Friday, and bearish momentum for the USD favors further losses through short-term trading.

A disappointing Chicago PMI Manufacturing data release set the tone for a more subdued NYSE session, and indeed the S&P 500 continued declines starting through the earlier London trading session via futures prices.

Fair Value of US S&P 500 Futures Price Declines After Setting Highs in London Session

Forex_News_Dollar_Holds_Support_as_SP_Turns_Lower_on_NYSE_Open_body_Picture_2.png, Forex News: Dollar Holds Support as S&P Turns Lower on NYSE Open

Source: FXCM Trading Station Desktop

We underlined the fact that the Dow Jones FXCM Dollar Index traded near pivotal support levels ahead of today’s NYSE open, and indeed the USDOLLAR continues to hold key lows.

Yet questions remain on whether the Dollar can remain resilient ahead of key economic data releases. The US Department of Labor has now confirmed that the highly-anticipated US Nonfarm Payrolls report will be released as scheduled at 12:30 GMT on Friday, November 2.

The DailyFX Forex Economic Calendar has been updated to reflect cancelations due to Hurricane Sandy.

Dow Jones FXCM Dollar Index Continues to Hold Key Support at 9900

Forex_News_Dollar_Holds_Support_as_SP_Turns_Lower_on_NYSE_Open_body_Picture_1.png, Forex News: Dollar Holds Support as S&P Turns Lower on NYSE Open

Source: FXCM Trading Station Desktop

It will be critical to watch for surprises out of October’s labor market report—especially as forex markets gauge the likelihood of further US Federal Reserve monetary policy easing through coming months. Disappointments could further cement the case for Fed easing and keep our overall bearish US Dollar forecast intact.

The fact remains that FX market volatility levels trade near multi-year lows, and the safe-haven US Dollar tends to do poorly amidst slow market conditions. Yet the very recent turn lower in the S&P 500 suggests that the Greenback may continue to hold support—at least until potentially pivotal US Nonfarm Payrolls data due Friday.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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

DISCLOSURES