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
Oil - US Crude
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
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • 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:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out 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:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here:
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:
Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPI

Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPI

Christopher Vecchio, CFA, Senior Strategist

Fundamental Headlines

- Job Growth below Estimates Shapes Election-Year Sparring – Bloomberg

- Jobs Pose Challenge S&P 500 has Overcome Nine Times – Bloomberg

- Iran Rules Out Conditions to Talk – Reuters

- China Inflation Exceeds Forecast – WSJ

- Path for Romney Getting Clearer – WSJ

European Session Summary

Risk-aversion was mildly evident in the Asian and European sessions providing follow-through from Friday’s price action after the disappointing U.S. jobs report. The lack of volatility in the overnight is not surprising, however, considering that most major European markets remain closed for the holiday weekend. As such, full liquidity isn’t expected to return to the market until tomorrow, and thus we expect to see somewhat of the first ‘true’ European reaction to the U.S. jobs print on Tuesday.

Even though Europe was closed, there was still important data out to start the week that definitely shapes risk trends going forward. The Chinese consumer price index reading for March disappointed to the upside, raising concerns over the evolving economic conundrum in Chinese: how can the People’s Bank of China stoke growth without fueling price pressures? While the Chinese economy remains far from stagflation, policymakers are handicapped for the time being and are less likely to ease going forward.

Why does Chinese policy matter? In terms of the FX markets, the Chinese growth pictures not only lends to broader risk-sentiment trends but to the macro-fundamentals influencing the Australian economy as well. China is Australia’s largest trading partner accounting for just over 13 percent of trade, by most metrics. This underscores the reality that Chinese demand for metals – Australia’s largest output sector – provides substantial support for the Australian economy.

The Australian economy is already facing significant downside pressures, and a decline in demand for the country’s base metals would be devastating. If price pressures are rising in China as growth slows (this is seemingly occurring), PBoC officials won’t be able to loosen monetary policy; this in turn could hurt Chinese demand for foreign goods. Between the disappointing US nonfarm payrolls report and the Chinese CPI reading, one thing is clear: global policymakers are seemingly handicapped at present and the case to loosen monetary policy further is a weak one.

If both the Fed and the PBoC remain on the sidelines, not only is it likely that the U.S. Dollar will appreciate but the Australian Dollar will depreciate as well; and this suggests, given historical correlations, that risk-correlated assets, such as the S&P 500, could be headed for a rough few weeks.

EURJPY 5-min Chart: April 9, 2012

Japanese_Yen_US_Dollar_Gain_as_Markets_Digest_NFPs_Chinese_CPI_body_Picture_10.png, Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPI

Charts Created using Marketscope – Prepared by Christopher Vecchio

Overall, the Japanese Yen was the best performing major currency, gaining 0.38 percent against the U.S. Dollar. The European and the commodity currencies were struggling overall, with the Euro leading losses, depreciating by 0.21 percent. With European markets closed, the majors were tethered to tight ranges against the U.S. Dollar; but for the Yen, all of the other majors traded within ¼ of a percent against the Greenback.

24-Hour Price Action

Japanese_Yen_US_Dollar_Gain_as_Markets_Digest_NFPs_Chinese_CPI_body_Picture_1.png, Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPIJapanese_Yen_US_Dollar_Gain_as_Markets_Digest_NFPs_Chinese_CPI_body_Picture_7.png, Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPI

Key Levels: 13:50 GMT

Japanese_Yen_US_Dollar_Gain_as_Markets_Digest_NFPs_Chinese_CPI_body_Picture_4.png, Japanese Yen, US Dollar Gain as Markets Digest NFPs, Chinese CPI

Thus far, on Monday, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is trading slightly lower, at 9998.93 at the time this report was written, after opening at 10001.20. The index has traded mostly higher, with the high at 10022.80 and the low at 9991.00.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to

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