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.

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
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
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.57% 🇬🇧GBP: 0.45% 🇦🇺AUD: 0.45% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.17% 🇯🇵JPY: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OyXArspzGL
  • USD/CAD continues to retreat, now trading below 1.27 $USD $CAD https://t.co/cgmNxBHsjo
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.44% Oil - US Crude: 0.27% Gold: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/38weW9olX9
  • Waiting for Kodak to claim it is the most shorted stock in the world. If blockchain and vaccine pivots don't work, maybe this will be the ticket.
  • US to order 100 million more doses of Pfizer and Moderna vaccines to fight supply shortages - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F22xKzHTZh
  • Mircosoft Earnings 2Q Revenues: $43.08 B, EST. $40.20 B EPS: $2.03 act. vs $1.64 est. $MSFT 246.46 +7.19%
  • So among those joining the fight against the short sellers, is there a hierarchy of virtue such as those buying shares seen as true believers versus those buying up OTM calls as more moral support?
  • Bitcoin Breakdown: Has Everyone Went to Gamestop? https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/01/26/Bitcoin-Breakdown-BTC-BTCUSD-Has-Everyone-Went-to-Gamestop.html #Bitcoin https://t.co/KUbaLi5h1u
  • 🇰🇷 Consumer Confidence (JAN) Actual: 95.4 Expected: 93.6 Previous: 89.8 https://www.dailyfx.com/economic-calendar#2021-01-26
Euro Fakes Higher as Weidmann Says ECB Refrains from Forex Intervention

Euro Fakes Higher as Weidmann Says ECB Refrains from Forex Intervention

Benjamin Spier, Technical Strategist

Did the markets temporarily forget this morning that Bundesbank head Jens Weidmann is a notorious hawk?

Towards the beginning of Friday’s European session, ECB member Weidmann confidently said that the central bank won’t cut the interest rate just to weaken the Euro, and he said that the ECB will refrain from manipulating the Euro. He added that the Euro reflects improved confidence and growth outlook.

The Euro picked up forty points and rose towards 1.3400 against the US Dollar following the comments, as traders seemed to take his comments as indicative of ECB policy. However, Weidmann consistently opposes the rest of the ECB when it comes to dovish monetary action. He publicly criticized the OMT bond purchase program that was approved in the second half of 2012. Therefore, it is hard to determine how much Weidmann’s comments today reflect general ECB opinion versus his own view.

These doubts soon seemed to catch up with the markets, as EUR/USD erased all those gains and found its way towards 1.3325, where it is trading at the time of this writing.

ECB President Draghi spoke at the G20 summit today about currencies, saying that there is too much FX chatter. He reiterated that the Euro is at a long term average. His comments reflected the comments from his press conference earlier this month, except he added that Q4 Euro-zone economic growth was worse than he expected. However, Draghi had previously predicted weakness in Q4 2012 and Q1 of this year.

Outgoing Bank of Japan Governor Shirakawa defended the BoJ’s monetary policy and said it aims to beat deflation. He also said that the weaker Yen reflects lower risk in the global economy.

The G20 summit will continue into Saturday, and Forex traders should remain weary of any joint comments or agreements on currency intervention that go past the rhetoric released by the G7 earlier this weak. The Yen seems the most vulnerable to talks of currency intervention, as any commitments to stop currency intervention on a national level could bring strength to Yen trading.

In economic releases, GBP/USD fell below 1.5500 for the first time in six months on a surprising decline in January retail sales.

EURUSD Daily: February 15, 2013

Euro_Fakes_Higher_as_Weidmann_Says_ECB_Refrains_from_Forex_Intervention_body_eurusd_daily_chart.png, Euro Fakes Higher as Weidmann Says ECB Refrains from Forex Intervention

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

DISCLOSURES