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
Bullish
Oil - US Crude
Bearish
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
Mixed
GBP/USD
Bullish
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
  • Heads Up:🇯🇵 Coincident Index Final due at 05:00 GMT (15min) Expected: 90.5 Previous: 95.4 https://www.dailyfx.com/economic-calendar#2020-05-25
  • Heads Up:🇯🇵 Leading Economic Index Final due at 05:00 GMT (15min) Expected: 83.8 Previous: 91.9 https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.11%, while traders in US 500 are at opposite extremes with 78.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/iDDH4lPCbr
  • New Zealand: PM Ardern announces limit for social gatherings will increase to 100 people effective May 29 and will consider moving to Alert Level 1 no later than June 22.
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.13% 🇬🇧GBP: 0.11% 🇳🇿NZD: 0.02% 🇯🇵JPY: -0.08% 🇨🇭CHF: -0.08% 🇪🇺EUR: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/keYyC5HU2W
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.70% France 40: 0.59% US 500: 0.48% Wall Street: 0.47% FTSE 100: 0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xOwZKCllxo
  • The British Pound has depreciated against all of its major counterparts so far in May, and the weakness may persist as GBP/USD takes out the April low (1.2164). Get your $GBPUSD technical analysis from @DavidJSong here: https://t.co/y1EYdCA1W3 https://t.co/2ZNDE4Gucx
  • Japan: Finance Minister Aso says that jobless rate is expected to go up a little in May while speaking in parliament and states that the bottom hasn't fallen out of the economy. - BBG
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • Wall Street Futures Update: S&P 500: +0.32% Dow Jones: +0.35% NASDAQ 100: +0.38% (delayed) - BBG
Euro Trading Choppy Against Onslaught of Negative Data

Euro Trading Choppy Against Onslaught of Negative Data

2012-07-31 10:52:00
Benjamin Spier, Technical Strategist
Share:

Today’s European session has had little chatter but a lot of negative economic indicators. EURUSD has swung above and below 1.2300 since the initial rally following European Central Bank President Draghi’s pro-Euro comments on Thursday. Following those comments, there have been talks of a plan for the ECB and EFSF to buy Spanish and Italian debt in primary and secondary markets, in an attempt to lower borrowing costs for both struggling economies. However, this plan has yet to be officially confirmed, likely hinging on German approval of the bond buying program.

Meanwhile, Euro-zone unemployment reached an all time high at 11.2% and inflation remained lower, both are likely results of the debt crisis’ pressure on the European economy. German retail sales also disappointed investors by coming in lower for a third straight month, and German unemployment rose as expected.

The Euro has floated up and down in today’s session, currently only trading slightly higher against the US Dollar. Support could be provided by 1.2234, the 50% expansion from May’s high to June’s low, while resistance might be found at the psychological 1.2300 line.

The European Central Bank will meet on Thursday to decide the interest rate for August, and the bank is more likely to take action after today’s data. The 0.25% rate cut in July was not seen by currency investors as significant enough to boost the Euro, and the single currency sold off against the US dollar following last month’s rate decision.

EURUSD 15-minute: July 31, 2012

Euro_Trading_Choppy_Against_Onslaught_of_Negative_Data_body_eurusd_daily_chart.png, Euro Trading Choppy Against Onslaught of Negative Data

--- Written by Benjamin Spier, DailyFX Research

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

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

DISCLOSURES

News & Analysis at your fingertips.