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. See our updated Privacy Policy here.



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
Please try again
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.22% Silver: -0.74% Oil - US Crude: -0.79% View the performance of all markets via
  • Earnings are starting to lose their default bullish charge after the falter from Facebook and unimpressive afterhours Google response. Still AMZN and AAPL ahead Thursday, but for now focusing on $USDCAD with BOC:
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.31% 🇯🇵JPY: 0.04% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.01% 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.07% View the performance of all markets via
  • Possible way to finance the Biden's Build Back Better agenda
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.25%, while traders in Wall Street are at opposite extremes with 76.29%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar might be stabilizing against ASEAN currencies as inflationary woes resurface ahead of GDP and PCE data. Amazon, Apple and Facebook earnings may also drive sentiment ahead. Get your market update from @ddubrovskyFX here:
  • 🇨🇳 Industrial Profits (YTD) YoY (SEP) Actual: 44.7% Previous: 49.5%
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (SEP) due at 01:30 GMT (15min) Previous: 49.5%
  • The Australian Dollar has had a period of strengthening against most currencies but there might be some challenges ahead. Will the Australia Dollar go higher? Find out here:
  • Australian Dollar up in morning Wed trade after CPI data #RBA preferred trimmed mean reading surprised much higher at 2.1% y/y vs 1.8% anticipated (underlying pressures) Front-end bond yields also up, reflecting fading dovish policy bets $AUDUSD #AUD
Forex News: Euro Continues Rally Despite Indecisive First Day of Budget Talks

Forex News: Euro Continues Rally Despite Indecisive First Day of Budget Talks

Benjamin Spier, Technical Strategist

So, how well did the EU budget talks go in yesterday’s summit? It depends on who you ask. French President Hollande said a fuller picture will emerge today, and the EU leaders can find an agreement either today or tomorrow. German Chancellor Angela Merkel was not as optimistic, as she indicated that another meeting would be necessary. Meanwhile, today UK PM Cameron said that not enough progress has been made so far, and reiterated that unaffordable spending must be cut. Budget negotiations are set to continue today.

Talks about Greece and the next aid tranche are set to continue on Monday. Reuters reported today that the Troika has agreed to a 124% debt to GDP budget target for 2020 instead of 120% as originally agreed. The Euro rallied 15 points against the US Dollar following this announcement, and stopped slightly above 1.2900.

It’s unclear if the single currency was sent higher by the above Greece announcement or by S&P confirming France’s AA+ rating, while holding onto a negative outlook. EURUSD then rose a little further to 1.2910 as the France Business Confidence Indicator slightly beat expectations at 88.

The Euro rose again, thereby reversing a pullback, as the German IFO Business Climate indicator beat expectations and possibly indicated an upcoming rebound in the German economy. Earlier today, German GDP for Q3 was confirmed at 0.2% following a previous flash estimate.

The Euro is now trading slightly below 1.2900 against the US Dollar in forex markets. The key 1.2900 figure might continue to provide resistance, as it is the 23.6% retracement of the rally from July through September. Support could be provided by a previous support area around 1.2824.

There is not much US data in the North America session, as the Thanksgiving weekend continues. The US stock market closes at 18:00 GMT. Canada inflation for October will be released at 13:30 GMT.

EURUSD Daily: November 23, 2012

Euro_Continues_Rally_Despite_Indecisive_First_Day_of_Budget_Talks_body_eurusd_daily_chart.png, Forex News: Euro Continues Rally Despite Indecisive First Day of Budget Talks

--- Written by Benjamin Spier, DailyFX Research

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