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
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
Oil - US Crude
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
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $EURGBP has strengthened today, rising back above the 0.8700 level for the first time in a week. The pair is trading near the highs set in mid April and late February. $EUR $GBP https://t.co/RSkMhvLQEQ
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇦🇺AUD: 0.29% 🇨🇦CAD: 0.10% 🇬🇧GBP: 0.06% 🇨🇭CHF: 0.06% 🇯🇵JPY: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OODkBySEaS
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.66% Wall Street: 0.42% FTSE 100: -0.13% France 40: -0.28% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0PTPoUF2Jz
  • #Gold has slipped to its lowest level since Tuesday today. After meeting resistance around 1,795 this morning, the precious metal fell back to trade near the 1,770 level. $XAU $GLD https://t.co/tOiSk0n6t5
  • Biden’s proposed tax hike sees investors unload profitable assets. Bitcoin intensifies losses, falls below $50,000. Get your $btc market update from @Daniela here:https://t.co/pkHFvFotbz https://t.co/1R7T4HpfQX
  • With the US data beating expectations, we have all of the major developed world economies reporting April PMIs with a significant improvement in economic activity for the current month. Seems only black swans and regulations can stop the train now... https://t.co/HpOW5ul5YW
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Gold: -0.24% Silver: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ck2iRms5Hp
  • Heads Up:💶 ECB President Lagarde Speech due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-23
  • $EURUSD is currently trading back above the 1.2060 level today, around its highest point since early March. This is the third time of the week that the pair has tested the 1.2060 level. $EUR $USD https://t.co/HUbjgKOhCR
  • 🇺🇸 New Home Sales MoM (MAR) Actual: 20.7% Expected: 12% Previous: -16.2% https://www.dailyfx.com/economic-calendar#2021-04-23
Euro and British Pound Fell on Soft Data, EUR/USD Eyes Support

Euro and British Pound Fell on Soft Data, EUR/USD Eyes Support

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

  • GBP/USD and EUR/USD declined on softer European PMI surveys
  • US Dollar capitalized, also gaining on stronger local economic data
  • Hong Kong Bill may fuel volatility, Japanese Yen could appreciate

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

British Pound and Euro Declined Against the US Dollar

The British Pound was the worst-performing major currency on Friday, sinking as worse-than-expected UK economic data crossed the wires. Markit manufacturing PMI clocked in at 48.3 versus 48.9 anticipated, showing a larger-than-expected contraction in industrial activity. The Euro also came under selling pressure in the aftermath of similar measurements on the service-side of German, French and Eurozone statistics.

Weakness in major European currencies ended up supporting the US Dollar as government bond yields in the United Kingdom and Germany declined. During the Wall Street session, higher-than-expected US Markit manufacturing PMI added fuel to the Greenback’s ascent. The survey printed at 52.2 for preliminary November readings, up from 51.3 in October. An outcome greater than 50 indicates expansion in activity.

Fading 2020 Fed rate cut bets were brushed aside by the S&P 500 as the focus for medium-term price action remained on US-China trade war news. Stocks closed higher in the aftermath of commentary from President Donald Trump who said that a China trade deal was “very close”. The latter wants to see the US begin unwinding tariffs imposed against it.

Monday’s Asia Pacific Trading Session

A lack of major economic event risk greets the start of Monday’s Asia Pacific trading session. That places the focus for currencies on market mood. Lately, a fundamental story that has major implications for US-China trade talks is the Hong Kong Human Rights and Democracy Act. This bill was passed with a supposed veto-proof majority in Congress.

China has expressed its displeasure with the measurement and a consequence of this bill coming into could be economic countermeasures. This could come in the form of tariffs against the US, potentially derailing trade talks. Such an outcome risks denting market mood, fueling the anti-risk Japanese Yen at the expense of the sentiment-linked Australian and New Zealand Dollars.

Euro Technical Analysis

EUR/USD turned sharply lower on Friday as prices failed to breach the key psychological barrier between 1.1075 and 1.1109. This leaves the Euro facing towards near-term support which is a narrow range between 1.0989 and 1.1002. A daily close under this area could resume the near-term downtrend from the beginning of this month, overturning the Morning Star bullish candlestick pattern.

Chart of the Day – EUR/USD

Euro and British Pound Fell on Soft Data, EUR/USD Eyes Support

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