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
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
Bearish
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
Gold
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
Bearish
Bitcoin
Bullish
More View more
Real Time News
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr https://t.co/8wKhSioCSt
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: -0.13% Silver: -0.36% Oil - US Crude: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HXzJBxsQke
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.08% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇦🇺AUD: -0.29% 🇳🇿NZD: -0.32% 🇬🇧GBP: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tKfJiltKvZ
  • Coming up at half past the hour: my weekly free webinar on trading sentiment. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917711
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.24% US 500: 0.21% France 40: 0.17% Germany 30: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/rF1IZGBHv8
  • LIVE IN 30 MIN: Analyst and Editor @MartinSEssex discusses the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720
  • More OPEC jawboning in light of 18% drop since Jan 7th peak https://t.co/7MFXsf9slz
  • USD/CAD Faces A Risk of Reversal at This Price - USD vs Canadian Dollar Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/01/28/USDCAD-Faces-A-Risk-of-Reversal-at-This-Price-USD-vs-Canadian-Dollar-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/PNkO9VWYyp
  • OPEC could deepen oil production cuts if oil prices and demand drop on spread of Coronavirus, adds that OPEC are discussing extending production cuts until at least June -according to OPEC sources #OOTT
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/rjsOK2dHNF
Opening Comment 05.13

Opening Comment 05.13

2010-05-13 04:14:00
Joel Kruger, Technical Strategist
Share:

As such, all major currencies have been tracking higher on the day, with the Australian Dollar leading the way on the back of its higher yield appeal and some encouraging data results on the domestic front.

Australia’s April employment report has come in impressively strong, and the resilience of the local economy, even in the face of a broader global macro crisis, continues to make the antipodean a very attractive investment. While RBA Lowe was out expressing some concern over the potential contagion from the Eurozone, the central banker remained highly optimistic on his outlook for the Chinese economy.

A WSJ survey of economists has been getting some attention over the past several hours after revealing that 42% polled now feel that the Fed will hold off on raising rates until 2011 or beyond. This compares with only 28% a month earlier, which clearly suggests that the Eurozone debt crisis is factoring in to interest rate expectations. Meanwhile, Brazil FinMin Mantega has been on the wires expressing a different opinion, urging the Fed to raise rates so that the USD will rally. Mantega blames the US for global imbalances and is critical of a notable trend in advanced economies that intentionally weaken their currency to drive exports.

On the data front, Japanese loan growth continued to shrink, while the current account surplus widened and was well better than expected. Elsewhere, UK nationwide consumer confidence was released and although the data came in a point better than expected, it failed to show a recovery from March’s concerning 9 point drop, leaving room for some relative Sterling weakness.

Looking ahead, the ECB monthly report is due at 8:00GMT, followed by some UK data at 8:30GMT, in the form of trade balance (-2.5B expected), and DCLG house prices. US equity futures and commodities track marginally lower in early Thursday trade.

 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

If you wish to receive Joel's reports in a more timely fashion, e-mail instructor@dailyfx.com and you will be added to the "distribution" list.

 

 

If you wish to discus this topic or any other feel free to visit our Forum page

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

DISCLOSURES

News & Analysis at your fingertips.