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
Mixed
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
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
USD/JPY
Bullish
More View more
Real Time News
  • RT @FxWestwater: #Gold Price Forecast: XAU Eyes US Retail Sales After CPI Boosts Fed Rate Bets Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/05/13/Gold-Price-Forecast-XAU-Eyes-US-Retail-Sales-After-CPI-Boosts-Fed-Rate-Bets.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/…
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/Awzq41ivHb
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.52% Gold: 0.35% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Htj3uZR1g5
  • BoJ's Kuroda: - ETF buying is an unusual measure for a central bank to take - BBG
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.21% 🇨🇦CAD: 0.19% 🇯🇵JPY: 0.13% 🇬🇧GBP: 0.12% 🇪🇺EUR: 0.11% 🇨🇭CHF: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8JU9UqUVzl
  • BoJ's Kuroda: - Mergers are an option for regional banks facing tougher operating conditions - BBG $USDJPY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.23%, while traders in GBP/USD are at opposite extremes with 64.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L6KG8KlynJ
  • (APAC Stocks Briefing) Dow Jones, Nasdaq 100, Nikkei 225, ASX 200 Outlook Vulnerable After 2008 High US CPI #DowJones #NASDAQ #Nikkei #ASX200 #CPI #Fed https://www.dailyfx.com/forex/market_alert/2021/05/13/Dow-Jones-Nasdaq-100-Nikkei-225-ASX-200-Outlook-Vulnerable-After-2008-High-US-CPI.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/KpkCUa9GNQ
  • The British Pound gained aggressively, placing the focus on levels that may send GBP/USD and GBP/JPY lower, with EUR/GBP still open to a turn higher. Will Sterling’s advance continue? Get your $GBP market update from @ddubrovskyFX here:https://t.co/PHoCHVc20M https://t.co/2nh9kXtEG7
  • Yuan reference rate set at 6.4612 versus USD - BBG
USDOLLAR Breaks October Downtrend, GBP's GDP Rally Fizzles

USDOLLAR Breaks October Downtrend, GBP's GDP Rally Fizzles

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- GBPUSD back within July downtrend after GDP rally fizzles.

- USDOLLAR moves out of downtrend from October highs.

- October Forex Seasonality Foretells End of Seasonal USD Weakness

The end of the year has typically proven to be a bullish time for the US Dollar during the QE era of monetary policy (2008 to present), but this October got off to a rough start for the greenback.

The buck topped out in the first trading week of the month, and seemingly cataclysmic headlines regarding geopolitics, Ebola, and diminished easing from central banks (why this last point makes it to this same list, ask the market not me) promised to derail the seasonally bullish period.

Yet the US Dollar has proven resilient over the past week, having now broken out of its downtrend from the October 3 and 10 highs. The fledgling breakout coincides with failure today by GBPUSD to climb out of its downtrend from the July highs; indeed, even the good UK GDP data only provided a temporary pop.

Whereas the US Dollar may be on the verge of strength anew, the British Pound offers a less clear picture, at least technically. EURGBP and GBPUSD may have been trending for the past several months (EURGBP since August 2013, GBPUSD since July 2014), but the consolidation in October necessarily suggests that traders wait until the range breaks for a higher probability setup, irrespective of direction.

Read more: EUR/USD Pivots at Last Week’s Low - Surprise PMIs End EZ Data Drought

--- Written by Christopher Vecchio, Currency Strategist

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.

DISCLOSURES