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
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
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
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Tune in to @nickcawley1 's #webinar at 6:30 AM ET/10:30 AM GMT to prepare for key UK events and markets in the week ahead. Register here: https://t.co/xewSeU71Mj https://t.co/tYvXalUcPJ
  • 🇿🇦 ABSA Manufacturing PMI (JUL) Actual: 51.2 Previous: 53.9 https://www.dailyfx.com/economic-calendar#2020-08-03
  • Heads Up:🇿🇦 ABSA Manufacturing PMI (JUL) due at 09:00 GMT (15min) Previous: 53.9 https://www.dailyfx.com/economic-calendar#2020-08-03
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final (JUL) Actual: 53.3 Expected: 53.6 Previous: 50.1 https://www.dailyfx.com/economic-calendar#2020-08-03
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final (JUL) due at 08:30 GMT (15min) Expected: 53.6 Previous: 50.1 https://www.dailyfx.com/economic-calendar#2020-08-03
  • 💶 Markit Manufacturing PMI Final (JUL) Actual: 51.8 Expected: 51.1 Previous: 47.4 https://www.dailyfx.com/economic-calendar#2020-08-03
  • 🇩🇪 Markit Manufacturing PMI Final (JUL) Actual: 51 Expected: 50 Previous: 45.2 https://www.dailyfx.com/economic-calendar#2020-08-03
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/Z4WgszEBoh
  • 🇮🇹 Markit/ADACI Manufacturing PMI (JUL) Actual: 51.9 Expected: 51.2 Previous: 47.5 https://www.dailyfx.com/economic-calendar#2020-08-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.31%, while traders in US 500 are at opposite extremes with 79.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n9V97YGVVi
USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

2019-03-17 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

  • US and Canadian Dollars sink on softer economic data
  • S&P 500 cleared key resistance, aiming for record highs
  • Anti-risk Japanese Yen may weaken as Asia stocks rise

Find out what the #1 mistake that traders make is and how you can fix it!

Key FX Developments Friday

The US and Canadian Dollars were the worst-performing major currencies on Friday. Albeit, it was not by that much. Declines were due to softer-than-expected data. In the US, industrial production clocked in at 0.1% m/m in February versus 0.4% expected. In Canada, existing home sales slumped 9.1% m/m in the same month, much more severe than the 4.0% contraction expected and the sharpest since January 2018.

Weaker industrial production out of the US follows data tending to underperform relative to economists’ expectations since February. Front-end government bond yields in both the United States and Canada declined, signaling increasingly dovish monetary policy expectations (see immediate chart below). This seemed to also have an impact on equities.

USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

Chart Created in TradingView

S&P 500 Technical Analysis

Yes, the S&P 500 rose 0.50% as it achieved its highest close since October 2018, but more importantly it just barely cleared critical resistance on the chart below at 2824. I am using futures as they offer a more liquid view with afterhours-trade. Confirming another close to the upside opens the door to testing record-highs set back in September before the notorious 20% correction that wiped out its upside progress last year.

Negative RSI divergence does show that upside momentum is fading, risking a turn lower in the near-term. That places support as a horizontal range between 2726.50 and 2743.75, which is the furthest the index got after the break under the rising wedge bearish reversal pattern. Clearing this area opens the door to testing 2695.50 thereafter.

S&P 500 Daily Chart

USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

Chart Created in TradingView

Monday’s Asia Pacific Trading Session

Aside from a slew of Japanese economic data, which often has a minimal impact on USD/JPY, the docket is relatively light. This places the focus on risk trends. Asia Pacific benchmark stock indexes may echo the gains seen on Wall Street, especially as markets price in more dovish central banks. This week contains the Federal Reserve and Bank of England rate decisions. If this is the case early into the week, we may see the anti-risk Japanese Yen weaken while the pro-risk Australian and New Zealand Dollars push higher.

US Trading Session Economic Events

USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

Asia Pacific Trading Session Economic Events

USD, CAD Fall. S&P 500 Uptrend Aims for Record High. Yen at Risk

** All times listed in GMT. See the full economic calendar here

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES

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.