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
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.00%, while traders in France 40 are at opposite extremes with 78.18%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7UYDmvffGJ
  • Heads Up:🇨🇳 New Yuan Loans (MAR) due at 08:00 GMT (15min) Expected: CNY2450B Previous: CNY1360B https://www.dailyfx.com/economic-calendar#2021-04-12
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: -0.30% Silver: -0.61% Oil - US Crude: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zdtlSWnvQN
  • Build you crude oil strategy with some basic key insights. Hone your trading skills here: https://t.co/ekflhEeXRX https://t.co/ASQshPqL0M
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.09% 🇬🇧GBP: 0.08% 🇳🇿NZD: 0.01% 🇪🇺EUR: -0.15% 🇨🇭CHF: -0.19% 🇨🇦CAD: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ONjmG96bBI
  • Euro Price Outlook: EUR/USD at Risk as US Treasury Yields Aim Higher - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/04/12/Euro-Price-Outlook-EURUSD-at-Risk-as-US-Treasury-Yields-Aim-Higher.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD https://t.co/F5xV0LfjbZ
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.11% France 40: 0.07% US 500: -0.18% Wall Street: -0.21% FTSE 100: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/BYsOrQ3vtn
  • Crude Oil Prices Struggle Even as Powell Highlights Strong Recovery https://www.dailyfx.com/forex/market_alert/2021/04/12/Crude-Oil-Prices-Steady-as-Powell-Highlights-a-Strong-Recovery.html https://t.co/r8i6QncAeH
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/M5ByVTQRO5
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/pOqRcsvRuG
US Dollar Turns on Support as US-China Trade News Sours Markets

US Dollar Turns on Support as US-China Trade News Sours Markets

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • US Dollar gains as stocks wobble on US-China trade news
  • President Trump made it clear his disdain to a partial deal
  • APAC markets may trade in sour mood as AUD/USD falls

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

US Dollar Gains as Stocks Swing on Trade News

The highly-liquid US Dollar (and the world’s reserve currency) rose against most of its major counterparts on Monday as local stocks ended the session in the red amid the latest round of trade news. Reports from senior Chinese officials showed that the list of topics willing to be discussed had narrowed, though Beijing was ready to make a deal on parts both sides had agreed on.

While US President Donald Trump commented on Monday that a trade deal is a “good probability”, he made it clear that a partial deal is “not what we prefer at all”. These updates are critical as financial markets await the next round of discussions towards the end of this week. Adding to the complications later in the trading session were orders from the US to blacklist eight Chinese companies for human rights violations.

Monday’s Asia Pacific Trading Session

Risk appetite appears lackluster for the time being. The S&P 500, after being up as much as 0.7 percent earlier, closed 0.45% to the downside on Monday. With that in mind, that could begin Tuesday’s Asia Pacific trading session in a sour mood as Chinese financial markets reopen after the National Day holiday. This may weaken the pro-risk Australian Dollar as it also looks to local business conditions data. The anti-risk Yen may gain.

US Dollar Technical Analysis

Taking a closer look at the DXY Dollar Index daily chart, the currency turned higher as it failed to breach near-term rising support going back to the middle of September – blue line below. This has placed the focus on immediate resistance which appears to be a psychological barrier between 99.08 and 99.37. On the other hand, a turn lower exposes the rising channel of support from June – red parallel lines below.

DXY Daily Chart

Chart showing DXY

Chart Created Using TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, 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