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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The recent surge in the Treasury market has pushed the benchmark 10Y yield back above the S&P 500 dividend yield https://t.co/x28BFkmjNv
  • S&P 500 on the verge of getting separation from March trend-line. Nasdaq 100 below March trend-line, triggering H&S pattern. Get your #equities market update from @PaulRobinsonFX here:https://t.co/quhMgBpoiq https://t.co/n0jtTnVNwl
  • Japanese Gov't recommends 2-week extension of Tokyo virus emergency - BBG $JPY
  • While the rise in yields is weighing on risk trends, carry trade didn't seem to take the hit. In fact, the charge in US yields seems to have far outweighed the de-risking from $USDJPY's perspective: https://t.co/KpOpgopOep
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.81% 🇯🇵JPY: -0.90% 🇨🇭CHF: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8Tvotykz9y
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: -0.69% Silver: -2.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/faJTbi16VK
  • AUD/USD now off daily lows, remains much weaker as a result of broad US Dollar strength $AUDUSD https://t.co/OkdKWbepAR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XXOjh5LmaB
  • Silver price action stalls between Moving Averages. Platinum prices currently confined by Fibonacci Support. Get your market update from @Tams707 here:https://t.co/Nbl8FDmfps https://t.co/VyuZzP8w2q
  • US Markets at the Close $NDX 12464.0 -1.73% $SPX 3768.49 -1.34% $DJI 30924.14 -1.11%
EUR/USD Bottom Found? Euro and British Pound Outpace US Dollar

EUR/USD Bottom Found? Euro and British Pound Outpace US Dollar

Daniel Dubrovsky, Strategist

Euro, British Pound, US Dollar, EUR/USD – Asia Pacific Market Open

  • Euro and British Pound gain as US Dollar sees selling pressure
  • Gauge of U.S. business activity shrunk as Fed rate cut bets rose
  • EUR/USD risks reversing near-term downtrend with confirmation

Euro and British Pound Gain as US Dollar Sees Selling Pressure on Dismal Data

European major currencies such as the Euro and British Pound outperformed against the US Dollar on Friday. Generally, the haven-linked Greenback has been on a climb amid the outbreak of the coronavirus which is threatening global growth. The United States was thrown into the spotlight after a gauge of business activity unexpectedly contracted according to preliminary estimates for February. Wuhan virus woes were brought up.

Downside outlooks are slowly making their way into forecasts. For example, Apple announced this past week that they may miss near-term revenue targets as a result. The markets are now almost fully baking in two rate cuts from the Federal Reserve by the end of this year. Given the US Dollar’s relatively high yield advantage amongst the majors, signs that it could decline is a downside risk for USD in the immediate sense.

During the European session, cautiously upbeat Eurozone and UK PMIs also boosted EUR/USD and GBP/USD respectively. The anti-risk Japanese Yen aimed little higher as the S&P 500 and Dow Jones closed -1.05% and -0.78% to the downside respectively. It was revealed that the Fed’s balance sheet slightly contracted this past week and more of the same is a downside risk for general market mood.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Daniel Dubrovsky
Traits of Successful Traders
Get My Guide

Monday’s Asia Pacific Trading Session – US Dollar, Japan Holiday

With that in mind, Asia Pacific equities may follow the downbeat mood on Wall Street as the new week gets rolling. Japanese markets are offline for the Emperor’s Birthday which makes for slightly less-liquid conditions. While the USD could decline if markets continue betting on a more-dovish Fed, prolonged risk aversion may eventually offer upside boost to the currency given its status as the world’s reserve fiat unit.

Starts in:
Live now:
Mar 10
( 01:03 GMT )
Recommended by Daniel Dubrovsky
What Do Other Traders Buy/Sell Bets Say About Price Trends?
Register for webinar
Join now
Webinar has ended

Euro Technical Analysis

EUR/USD turned higher following bullish signals from trader positioning – as expected. That has pushed the Euro above near-term falling resistance from the beginning of this month. A further upside close may shift the immediate outlook to bullish. However, the medium-term downtrend may be kept intact by falling resistance from the end of last year. A close under 1.0778 entails a resumption of the downtrend.

EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 3% -13% -6%
Weekly 20% -24% -7%
What does it mean for price action?
Get My Guide

EUR/USD Daily Chart

EUR/USD Bottom Found? Euro and British Pound Outpace US Dollar

Chart Created Using TradingView

--- 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