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.

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
More View more
Real Time News
  • #Coronavirus update on 2 U.S. companies just crossed the wires: United Airlines (-0.62% afterhours): - Withdraws 2020 forecast with 100% decline in near-term demand to China Mastercard (-2.94% afterhours): - Sees lower revenue growth in the first quarter
  • RT @KyleR_IG: * MASTERCARD SEES LOWER REVENUE GROWTH ON CORONAVIRUS IMPACT Corporate warnings coming in thick and fast today.
  • The iShares #Malaysia ETF closed at its lowest since Aug 2004 and the Malaysian #Ringgit weakened to August 2019 lows in the aftermath of Prime Minister Mahathir Mohamad resigning yesterday, adding further uncertainty amid a deteriorating outlook due to the #Coronavirius $USDMYR https://t.co/uFfxtlMDAo
  • Recession risk is back on the rise and largely attributable to expected economic impact from the #coronavirus outbreak. Get your market update from @RichDvorakFX here:https://t.co/NhzJHEqwj6 https://t.co/nWjrHlR6Ud
  • Do you analyze different chart time frames before entering a trade? Multiple time frame analysis is a charting technique that professional traders use to reveal what may not have been noticed otherwise. Learn how you can utilize this technique here: https://t.co/mhPZ2IBK0V https://t.co/wbFbGPVgld
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.76% 🇪🇺EUR: 0.05% 🇨🇭CHF: -0.08% 🇬🇧GBP: -0.21% 🇦🇺AUD: -0.33% 🇨🇦CAD: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Q6PiOGnZzO
  • Poll: Perhaps a little exploitative of the concern rippling through the market after such a severe single-day drop - compounded as it comes after such extended quiet - by $SPX and other risk assets; but do you think the markets just put in a top (via US indices):
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 1.09% Silver: 0.87% Oil - US Crude: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/HfGEb3JLmW
  • The speculative fireworks today seemed to add more weight to the US 10yr/3mth Treasury yield curve inversion. Reminds me of the sudden charge on August 1st. Search interest in 'recession' surged alongside that event https://t.co/prgRHd3ela
Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

2013-10-31 10:15:00
Christopher Vecchio, CFA, Sr. Currency Strategist

Talking Points:

- The European currencies remain marginally weaker against USD post-FOMC.

- Light calendar for both Euro, Pound offer little for data-driven reversals.

- Euro-Zone Unemployment Rate back at all-time high.

To keep up with the European data and news as the week goes forward, be sure to sign up for my distribution list.

Intraday Price Perspective

Euro_Worst_Performer_Past_24-hours_after_Fed_Weakening_Euro-Zone_CPI_body_x0000_i1029.png, Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

Approaching the midway point of the European trading session, the European currencies have remained out of favor in the wake of the Fed’s policy decision. While QE3 was kept on hold, the tone of the report wasn’t as dovish as the market may have anticipated, which has led to a modest USD-positive reaction the past 24-hours.

In fact, a look at the Strong/Weak app shows that the EURUSD has been the worst performing currency pair over the past rolling 24-hour period (D1), with the m15, H1, and H4 timeframes indicating that weakness continues to persist. The recent Euro-Zone inflation and labor market data have helped accelerate Euro selling in the near-term.


EURUSD H1 Chart: October 6 to Present

Euro_Worst_Performer_Past_24-hours_after_Fed_Weakening_Euro-Zone_CPI_body_x0000_i1030.png, Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

Want to automate your trading or trade baskets of currencies? Try Mirror Trader.

The EURUSD lost support near 1.3740 yesterday after the Fed meeting, and the subsequent rebounds in price as seen on the H1 chart and lower timeframes show former support turning resistance. For now, a top near 1.3830 may have developed.

Price has traded through the 38.2% retracement from the October 16 to 25 high/low range at 1.3694, though near-term support comes in at 1.3652 (50% retracement). 1.3650/7000 contained the EURUSD from October 17 to 22, and a breach below this range would suggest a more considerable selloff is gathering pace.

Here's a look at the data out of Europe this morning that's influencing price action:


Euro_Worst_Performer_Past_24-hours_after_Fed_Weakening_Euro-Zone_CPI_body_Picture_1.png, Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

The past week has been characterized by a light flow of data out of the Euro-Zone, and while that continues today, there are a few “medium” or “high” importance events that are worth paying attention to. Earlier, September German Retail Sales missed expectations, but data leading up this release suggested that broad Euro-Zone growth may have slowed into the end of the 3Q’13, so the figures weren’t much of a surprise.

What was a surprise, contributing to the Euro’s continued weakness this morning, was the plunge in the regional inflation rate back to its November 2009 low, and the Euro-Zone Unemployment Rate returning to its all-time high in September.

The weak growth data arrived at the ideal time to take advantage of EUR-weakness, considering that the EURUSD had been the worst performing currency pair over the past 24-hours.

Read more: Europe’s Relative Calm Boosting Interest in the Euro


Euro_Worst_Performer_Past_24-hours_after_Fed_Weakening_Euro-Zone_CPI_body_x0000_i1028.png, Euro Worst Performer Past 24-hours after Fed, Weakening Euro-Zone CPI

British economic data was light today, as it’s been the psat several days, although the downtick in the GfK Consumer Confidence Survey for October is unwelcomed. It is important to consider that the German GfK Consumer Confidence Survey for October, released today as well, showed a small downtick.

Both of Western Europe’s growth engines, especially in 2013 – Germany and the United Kingdom – are showing signs that the October US fiscal fight may have been more damaging to global confidence than initially suspected.

Read more: UK Growth Rate Accelerating but GBP/USD Profit Taking May Begin


There is no data on the Swiss Franc economic calendar for Thursday, October 31, 2013.

Read more: US Dollar: Next Leg of Collapse Rests in FOMC’s Hands

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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


News & Analysis at your fingertips.