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
Bearish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
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
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
More View more
Real Time News
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/EXYkozlj21
  • 🇯🇵 Foreign Bond Investment (17/APR) Actual: ¥906.5B Previous: ¥1715.5B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Heads Up:🇯🇵 Foreign Bond Investment (17/APR) due at 23:50 GMT (15min) Previous: ¥1714.4B https://www.dailyfx.com/economic-calendar#2021-04-21
  • Fitch Ratings: Australia-China Trade risks are mitigated by co-dependencies -BBG
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/Ul5GRGiYXb
  • Australia nixes two Belt and Road related deals with China - Reuters
  • A good proxy for risk-on sentiment, AUD/JPY has pushed higher during trade. Of note, the pair bounced off the 50d SMA $AUDJPY https://t.co/r8KS1aoL23
  • If you missed today's webinar here is the recording alongside my silver price outlook - https://www.dailyfx.com/forex/market_alert/2021/04/21/Silver-Price-Forecast-XAGUSD-Ponders-Breakout-Alongside-Gold-Gains.html
  • SEC said to examine fund disclosure after Archegos blowup - BBG
  • Bitcoin is down almost 3%, and remains below the 50d SMA for the 3rd day running #BTC #Bitcoin $BTCUSD https://t.co/aqfKLbDPeF
Putting USD Correction into Perspective Post-GDP, Pre-NFPs

Putting USD Correction into Perspective Post-GDP, Pre-NFPs

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD trades down to former resistance turned support, daily 8-EMA.

- USDJPY breakout gathers pace - easiest path forward for USD.

- See the DailyFX Economic Calendar for Tuesday, May 5, 2015.

May seasonality calls for US Dollar gains, but Friday's NFP release will be the ultimate determinant of the buck's direction. The lingering net-long US Dollar position held by speculators in the futures market alongside disappointing US economic data from Q1'15 leave the greenback in a vulnerable place, particularly if the April jobs report disappoints: the strength of the labor market was truly the engine of the US Dollar appreciation since last July (vis-a-vis rising interest rate expectations).

Accordingly, without a strong April Nonfarm Payrolls report, the view that the economic weakness see last quarter was more permanent and less transitory could be embraced, which would most likely lead to investors reducing Fed rate hike expectations further, and dampening the probability of the May seasonal rebound in the process.

See the above video for technical considerations in EURUSD, GBPUSD, AUDUSD, and USDJPY.

Read more: May Forex Seasonality Foresees Dollar Rebound After April Selloff

--- 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