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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
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
Wall Street
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out:
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
Forex News: Euro Slides as ECB Members Send Mixed Messages on Banking Union

Forex News: Euro Slides as ECB Members Send Mixed Messages on Banking Union

2012-11-16 10:46:00
Benjamin Spier, Technical Strategist

The action in today’s European session was confusing, as the Euro and Sterling made movements in various directions without significant economic releases or chatter to provide reason for all the movement. Sterling moved higher 30 points as the Asian shift was ending and Europe was opening, before erasing those gains later in the session; meanwhile, Euro has dropped 30 points towards 1.2725 without an obvious catalyst.

The little chatter there was today was started by the Bundesbank’s Weidmann. He said that a banking union itself can be stabilizing, yet a banking union as a solution to the crisis is wrong. Weidmann also cautioned against an over-hasty banking union.

In the days leading up to the announcement of the ECB’s OMT plan, Weidmann was seen as a lone contrarian in the ECB, so much so that even Merkel occasionally made comments that contradicted Weidmann, so too his comments today did not affect currency market activity. Furthermore, shortly following Weidmann’s comments, ECB member Costa said that the banking union is the key piece that is missing.

Also this morning, Swiss National Bank’s Thomas Jordan said that the central bank will continue to apply the Franc ceiling, as a stronger currency hurts the local Swiss economy. He also said that the SNB’s FX reserves expose the bank to substantial FX risk.

In Asia, the Japanese lower house of parliament was dissolved today in preparation of the upcoming elections. PM Noda’s Democratic Party is trailing opposition leader Abe’s LDP in opinion polls. Abe reiterated his call today for bold monetary easing and said he would consider changing BoJ laws. USDJPY has paired back a small part of the recent 200 point rally, but the pair currently remains above 81.00 in forex trading.

In Euro trading, support might now be provided by a 2-month low of 1.2659, and resistance could be provided by a former support around 1.2824.

EURUSD Daily: November 16, 2012

_Euro_Slides_as_ECB_Members_Send_Mixed_Messages_on_Banking_Union_body_eurusd_daily_chart.png, Forex News: Euro Slides as ECB Members Send Mixed Messages on Banking Union

--- Written by Benjamin Spier, DailyFX Research

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