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
Wall Street
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
  • What is your forex trading style? Take the quiz and find out:
  • Join @IlyaSpivak at 22:00 EST/2:00 GMT for his cross-market weekly outlook webinar. Register here:
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out
  • *Reminder: Weekly Strategy Webinar Monday morning at 8:30am ET - Mid-Week Market Update on Wednesday at 9:30am ET -
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here:
  • (AUD Weekly Tech) Australian Dollar May Wilt, Downtrends Resume: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Further your forex knowledge and gain insights from our expert analysts on EUR with our free guide, available today:
  • Scoping out next week for trading the market, there are a range of high profile influences including September PMIs, Evergrande and a range of central bank decisions. Top listing on my docket is the #FOMC with my scenarios below. Full analysis:
Carney Sparks Rally by GBP-crosses, Leg Down for USDOLLAR

Carney Sparks Rally by GBP-crosses, Leg Down for USDOLLAR

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- GBPUSD jumps nearly +1% on Carney rate hike commentary.

- USDOLLAR Index weighed by GBPUSD, not by AUDUSD.

- See the DailyFX economic calendar for Tuesday, July 14, 2015.

Among developed economies right now, there are only two that have central banks that are considering to tighten their respective monetary policies: the Bank of England and the Federal Reserve. As the market gears up for Fed Chair Janet Yellen's semi-annual testimony to Congress tomorrow and Thursday, it's BoE Governor Mark Carney who is making waves will comments on the path of future policy this morning - much to the British Pound's liking.

At his own hearing before a Treasury select committee, Governor Carney suggested that households should adjust for the "expectation of upward movement of rates." This doesn't necessarily mean that rate rises will be quick or by great margins; he added that he sees "no scenario where rates would move towards historic levels.”

Markets are taking kindly to the comments that the BoE, while not entertaining a series of extended rate hikes, will be one of the first central banks to normalize policy in the post-crisis era. On the back of the comments, the Credit Suisse overnight index swaps (OIS) priced in an addition +4-bps over the next 12-months, to +41.0-bps in total. Similarly, the likelihood of a rate increae over the next 12-months increased from 67.2% yesterday to 70.2% today, the implied probability per the Sterling 90-day options contract; the chance of a March 2016 rate hike increased to 62.7% from 58.7%.

We've previously made the case for long GBP positions (namely via GBPCAD and GBPNZD), and it there may still be opportunity given the catalyst at hand: rate expectations around the timing of the BoE's first rate hike are starting to shift forward.

See the above video for technical considerations in EURUSD, AUDUSD, USDCAD, GBPUSD, EURGBP, and the USDOLLAR Index.

Read more: USDOLLAR’s Bullish Triangle Still Viable after Greek Deal

--- Written by Christopher Vecchio, Currency Strategist

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.