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.

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
Wall Street
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
More View more
Real Time News
  • ECB's De Guindos sees potential for higher wages in Autumn talks $EUR
  • #Gold 120min - Working that slope! https://t.co/yKDHSEH8HS https://t.co/VcOB8luHpE
  • Iron drops below $100/ton as China steel cuts weigh on demand
  • Bitcoin price action loses traction below the key psychological level of $48,000. Get your market update from @Tams707 here:https://t.co/wBTwrNugB3 https://t.co/neblnFr2V7
  • the S&P 500 has tested this resistance zone every day this week 4472-4479 $ES $SPY $SPX buyers haven't given up, have continued to offer support with higher lows over the past few days current support at 50% fibo of aug-sept mm https://t.co/CAekc1kALi https://t.co/WcxPZswoaq
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/MtwDvGUpTJ
  • $USD breakout pulling back a bit but so far, that pullback has held support in the prior resistance zone $DXY https://t.co/6jSbjqioiI https://t.co/N1wxzktF0H
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/LBMggNJrmZ
  • ECB's Makhlouf says fears of excessive inflation are exaggerated $EUR
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/7U3ZJR0kDB
Forex News: New Years Celebrations Start a Day Late in Forex Markets

Forex News: New Years Celebrations Start a Day Late in Forex Markets

Benjamin Spier, Technical Strategist

In forex markets, New Years celebrations have started a day late.

Risk correlated currencies all jumped against safe haven counterparts, and other risk-on assets are also trading significantly higher, following news of the US House of Representatives approval of the fiscal cliff deal. The Euro was trading as high as 100 points against the US Dollar in forex markets before reversing some of the gains.

European stock indexes are almost all trading about 2% higher on the euphoria; the FTSE climbed above 6000 for the first time since July 2011. Spanish and Italian 10-year bond yields are each down more than 10 bps, while UK and German benchmark yields have each climbed more than 11 bps higher.

We also heard some slightly positive comments from Italy this morning. PM Monti said his country has overcome the financial crisis and he sees economic recovery at the end of 2013 or the beginning of 2014. Monti recently announced that he will step down and call for elections following the passing of the 2013 budget. Elections are projected to occur in the spring.

In France, the government announced it maintains a 0.8% growth forecast for 2013.

In economic releases, the Euro-zone PMI for manufacturing was slightly lower than a previous estimate. The UK manufacturing PMI beat expectations by indicating expanding activity. Spain annual inflation was reported at 2.9% in December. German inflation will be reported at 13:00 GMT, 1.9% is expected.

EURUSD is now trading around 1.3250 in currency markets. Resistance remains at the 9-month high of 1.3309, and support could be provided by a broken resistance around 1.3158.

EURUSD Daily: January 2, 2013

New_Years_Celebrations_Start_a_Day_Late_in_Forex_Markets__body_eurusd_daily_chart.png, Forex News: New Years Celebrations Start a Day Late in Forex Markets

--- Written by Benjamin Spier, DailyFX Research

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

DISCLOSURES