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
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
  • EU says UK is in "clear departure" from "constructive approach" - BBG.
  • EU says UK is violating its obligations under N.I. protocol. $EUR $GBP
  • The US Dollar remains strong but is trading lower than yesterday's multi-week highs. The $DXY tested the 91.00 level today ahead of the ISM Services print but traded lower after the print noted a slowing of activity in February. $USD https://t.co/o4l1Ir70lK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32ozAOnK2x
  • Heads Up:🇺🇸 Fed Evans Speech due at 18:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.20% Gold: -1.26% Silver: -1.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pZdvB2KyPb
  • Gold trading near the bottom of a would-be long-term bull-flag while Silver price trading on March trend-line, so far holding well. Get your market update from @PaulRobinsonFX here:https://t.co/6KsevTAw1D https://t.co/T3h7eH6MLr
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇬🇧GBP: 0.07% 🇪🇺EUR: -0.17% 🇯🇵JPY: -0.24% 🇳🇿NZD: -0.38% 🇨🇭CHF: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BAV1mHNKmw
US Dollar and Yen Down as Stocks Rise, Crude Oil Down on OPEC+

US Dollar and Yen Down as Stocks Rise, Crude Oil Down on OPEC+

Ilya Spivak, Head Strategist, APAC

STOCKS, COVID VACCINE, US DOLLAR, YEN, OPEC+, CRUDE OIL - TALKING POINTS:

  • S&P 500 futures gapped higher, setting a risk-on tone that hurt USD and JPY
  • Crude oil prices down after OPEC+ failed to agree to prolong production caps
  • Chinese PMI data headlines the economic data docket in Asia-Pacific trade
Advertisement

A risk-on bias is prevailing at the start of the trading week. Bellwether S&P 500 futures gapped higher at the open, signaling a broadly upbeat lead as liquidity rebuilds following last week’s drain courtesy of the Thanksgiving holiday that shuttered US markets.

The anti-risk US Dollar and Japanese Yen are performing true to form given investors’ chipper mood: both currencies are on the defensive against their major G10 FX counterparts. At the opposite end of the sentiment spectrum, the cyclically-minded Australian and New Zealand Dollars are narrowly outperforming.

US Dollar and Yen Down as Stocks Rise, Crude Oil Down on OPEC+

Chart created with TradingView

A constellation of now-familiar narratives appears to be driving optimism. Donald Trump has begrudgingly agreed to begin the formal transition to the incoming Biden administration, former Fed Chair Janet Yellen was named as the incoming Treasury secretary, and Covid vaccine news seems encouraging.

Crude oil prices are notable exception from the otherwise cheery backdrop. The WTI benchmark gapped lower at the open. That is after OPEC+ officials failed to reach agreement on delaying a planned output hike in January, when a scheme capping production starts to be unwound.

US Dollar and Yen Down as Stocks Rise, Crude Oil Down on OPEC+

Chart created with TradingView

A full meeting of energy ministers from OPEC member states along with like-minded top producers – notably, Russia – is due to begin on Monday. The gathering will run through December 1. If the terms of an accord are not ironed out, output may rise by 1.9 million barrels per day as the calendar turns to 2021.

Elsewhere on the docket, November’s official Chinese PMI data is due to cross the wires. The pace of activity growth in the manufacturing sector is expected to tick higher while services side slows a bit. An upside surprise echoing recent outperformance relative to forecasts may buoy risk appetite further.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Ilya Spivak
Improve your trading with IG Client Sentiment Data
Get My Guide

FX TRADING RESOURCES

--- Written by Ilya Spivak, Head APAC Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES