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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • The price of #gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June. Get your $XAUUSD market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/wFVEtNsKiN
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
  • So long as the market's keep going up, there is less reason for the administration not to take more drastic action to pursue options to leverage near-term growth through policies like protectionism https://t.co/HPUmh5v83V
  • Heads Up:🇺🇸 Consumer Credit Change due at 19:00 GMT (15min) Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • President Trump says the EU charges US seafood tariffs it doesn't charge Canada, threatens EU auto tariff if the EU does not lower lobster levy Just when things were settling down somewhat, it seems we now have the possibility of a US-EU trade war $DAX $SPY
  • Trump threatens auto tariffs on the EU in response to the levy on lobsters - BBG
Euro Fell, US Dollar May Rise if Asia Stocks Look Past Wall Street

Euro Fell, US Dollar May Rise if Asia Stocks Look Past Wall Street

2020-04-22 23:00:00
Daniel Dubrovsky, Analyst
Share:

Euro, EUR/USD, US Dollar, Wall Street, Australian Dollar – Asia Pacific Market Open

Euro Sinks as US Dollar Gains, Australian Dollar Benefits from Wall Street Rise

The Euro was one of the worst-performing G10 currencies on Wednesday. EUR/USD sold off ahead of today’s summit between European Union leaders where members will be discussing the next steps in handling the coronavirus pandemic. In particular, there may have been some pessimism over a US$2.2 trillion plan to support regional economic growth.

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

This window of opportunity allowed the haven-linked US Dollar to trim most of its losses during a relatively optimistic day in global equities. The S&P 500 and Dow Jones closed 2.29% and 1.99% to the upside respectively, bringing a halt to two days of consecutive losses. This upbeat mood benefited the growth-linked Australian Dollar while also boosting the similarly-behaving New Zealand Dollar.

Investors may have been intrigued by comments from US Treasury Secretary Steven Mnuchin who hinted that most of the economy could open up “by the time we get later in the summer”. A stabilization in crude oil prices – after a substantial collapse in energy prices - may have also helped to curb downside momentum in stocks over the past 24 hours.

Thursday’s Asia Pacific Trading Session

During the final hour of trading on Wall Street, there was a notable pullback in equities that have left S&P 500 futures pointing cautiously lower heading into Thursday’s Asia Pacific trading session. There may still be some hesitation from traders to commit to a broadly upbeat tone during the earnings season. In afterhours trade, Alcoa suspended its outlook for aluminum this year. This is as CSX withdrew its forecast.

Another relatively lackluster economic data docket places the focus for foreign exchange markets on risk trends. If regional equities like the Nikkei 225 or ASX 200 struggle following Wall Street higher, we may see the US Dollar extend gains. This may also see traders attempting to buy into near term equity declines which from a contrarian standpoint can signal a resumption in risk aversion.

Starts in:
Live now:
Jun 10
( 00:06 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

From a technical perspective, EUR/USD may extend losses down the road as falling resistance from last month’s top guides the pair lower. The Euro also took out rising support from late March – blue line below – and seems to be eyeing the next barrier below at 1.0777. A turn higher and push through falling resistance may open the door to testing current April highs.

EUR/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 3% -1% 0%
Weekly 9% -5% -1%
What does it mean for price action?
Get My Guide

EUR/USD 4-Hour Chart

Euro Fell, US Dollar May Rise if Asia Stocks Look Past Wall Street

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

News & Analysis at your fingertips.