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
  • South African rand up 20c against the dollar. Riot aftermath anticipated in upcoming economic data. Get your $USDZAR market update from @WVenketas here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.64%, while traders in France 40 are at opposite extremes with 78.69%. See the summary chart below and full details and charts on DailyFX:
  • US Treasury Sec. Yellen: - Treasury will be unable to invest fully in "G Fund" for federal retirees beginning on Monday
  • US Treasury Sec. Yellen: - The Treasury has begun additional steps on debt limit - I am urging Congress to act quickly on the debt ceiling
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.02% Wall Street: 0.01% France 40: -0.30% FTSE 100: -0.35% Germany 30: -0.42% View the performance of all markets via
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/CAD
  • DXY broke upward sloping channel, 200-day next. May be on its way to trading to the yearly low at 89.2. Get your market update from @PaulRobinsonFX here:
  • USD/JPY attempting to muscle its way higher off session lows with help from these Waller comments (see thread below) $USDJPY $USD #Forex
  • Fed's Waller: - Fed could taper at a faster rate than previous taper - I was in favor of tapering MBS before Treasuries; majority of Committee did not agree
  • Fed's Waller: - We should taper early and quickly to pave way for potential rate hikes in 2022 - Inflation expectations are well anchored
Rotation from Commodity Bloc to European FX Accelerating

Rotation from Commodity Bloc to European FX Accelerating

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- German IFO survey for November improves all around, signaling improving economy.

- Commodity currencies remain under pressure after RBA’s Stevens hints at intervention.

- Both EUR and GBP benefiting from speculation central banks on hold for next few months.

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

Rotation_from_Commodity_Bloc_to_European_FX_Accelerating_body_Picture_1.png, Rotation from Commodity Bloc to European FX Accelerating

A scan of this morning’s best and worst performers via the Strong/Weak app shows that all three commodity currencies – the Australian, Canadian, and New Zealand Dollars – are the worst performers over the past rolling 24-hour period. This theme has been developing since the end of the US session on Wednesday as a result of the Federal Reserve’s October meeting Minutes.

Yesterday, we discussed the potential for a breakout higher in EURAUD. Today, our focus turns to GBPCAD, the second-strongest GBP-cross on Friday. While the Australian and New Zealand Dollars are losing ground more quickly, Friday’s trading conditions will present more liquidity in the Canadian Dollar than its commodity bloc counterparts (those markets will have been closed for the week); and with significant event risk on the docket for Canada, heightened volatility should be expected.


GBPCADH4 Chart: September 27 to Present

Rotation_from_Commodity_Bloc_to_European_FX_Accelerating_body_x0000_i1028.png, Rotation from Commodity Bloc to European FX Accelerating

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

- The GBPCAD remains in an uptrend since late-September.

- The recent breakout from the triangle formed against the October highs has already achieved the 100% extension target of C$1.7096.

- While the move higher in the near-term may be reaching overbought conditions on various indicators (Slow Stochastics (5,3,3), RSI (21)) on lower timeframes (H1, H4), channel resistance is not in play until 1.7150/70 today.

- With momentum firmly to the upside – from m15 to H4, full bullish time frame continuity exists (8-EMA>21-EMA>55-EMA) – this morning’s incoming Canadian data could spur the continuation higher into the final channel target of 1.7150/70 for Friday.

- Currency Analyst David Song sees risk to Canadian Dollar today specifically as the October Consumer Price Index could miss estimates.

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


Rotation_from_Commodity_Bloc_to_European_FX_Accelerating_body_x0000_i1029.png, Rotation from Commodity Bloc to European FX Accelerating


There are no data on the British Pound economic calendar for Friday, November 22, 2013.


There are no data on the Swiss Franc economic calendar for Friday, November 22, 2013.

--- 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, please fill out this form

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