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
Bullish
Oil - US Crude
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
Wall Street
Bullish
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
Mixed
GBP/USD
Bullish
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
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
EUR-, USD-pairs Anxiously Await ECB Today, US NFPs Tomorrow

EUR-, USD-pairs Anxiously Await ECB Today, US NFPs Tomorrow

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD trades near rising TL from August lows ahead of ECB.

- AUDUSD, USDCAD consolidate amid trending markets.

- See the September forex seasonality report.

The end of the first week of the month is usually exciting, with a central bank decision or two complemented by the monthly US labor market report, bookending several days of important economic data from around the globe. Yet the excitement and hooplah surrounding the European Central Bank meeting today and the August US Nonfarm Payrolls report tomorrow seem to be lacking something...

...and that something may be active participation in markets. Such is typical for this time of year, particularly in Europe where much of the business world summers along the French Riviera or the Amalfi Coast through the end of August. With markets around the globe closed for various reasons over the next few days (China celebrating the 70 anniversary of the end of WWII; Labor Day in the United States; and Labour Day in Canada), traders may be hesitant to deploy normal positions before 'true' liquidity comes back online.

As such, it's unlikely that today's ECB meeting provokes too great of an incentive for traders to come into the market, knowing well that the US NFP report tomorrow could easily wipe out positions taken today. The market should have the next two days digested by the start of 'normal' trading next week when full participation (or at least the beginning stages of returning to it) arrives.

What we're looking for today from the ECB will be along the forward guidance front rather than actual policy action. In the interim period since the last meeting that provided updates to the central bank's growth and inflation forecasts: the Euro has strengthened against a basket of its major counterparts; and energy prices have resumed their slide. These factors culminate in any environment that could see the ECB reduce its inflation forecasts for 2015 and beyond, offering a dovish blush to an otherwise neutral policy meeting. Accordingly, we'll be looking for ECB President Mario Draghi to reaffirm the central bank's promise to keep its QE program in place through at least September 2016.

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

Read more: AUD/USD Down Under $0.7000 as HY, EM FX Pressure Remains

--- 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