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.



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
Oil - US Crude
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.02%, while traders in Wall Street are at opposite extremes with 74.05%. See the summary chart below and full details and charts on DailyFX:
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min)
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here:
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.61% Gold: 0.26% Oil - US Crude: -0.88% View the performance of all markets via
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇳🇿NZD: 0.27% 🇦🇺AUD: 0.24% 🇯🇵JPY: 0.05% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.13% View the performance of all markets via
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.43% US 500: -0.70% France 40: -1.89% FTSE 100: -2.07% Germany 30: -2.19% View the performance of all markets via
  • ZEW economic sentiment soars in May. #zew #euro #eurusd @DailyFX
  • 💶 ZEW Economic Sentiment Index (MAY) Actual: 84 Previous: 66.3
  • 🇩🇪 ZEW Current Conditions (MAY) Actual: -40.1 Expected: -41.3 Previous: -48.8
  • 🇩🇪 ZEW Economic Sentiment Index (MAY) Actual: 84.4 Expected: 72 Previous: 70.7
US Dollar Weakness Continues, but USD/JPY Proving Resilient

US Dollar Weakness Continues, but USD/JPY Proving Resilient

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Technical structure for DXY Index remains bearish, but fundamentally, the US Dollar may be closer to a bottom.

- Data ahead of the June US NFP report tomorrow has disappointed; ADP and the ISM Services Employment subindex both were weaker.

- The retail crowd remains net-short AUD/USD, EUR/USD, GBP/USD, although a flip to net-short may be on the horizon in USD/JPY - a bullish sign.

See the full DailyFX Webinar Calendar for all upcoming strategy sessions.

Ahead of the June US Nonfarm Payrolls report tomorrow, the US Dollar continues to weaken as leading labor market indicators have turned up somewhat disappointing. The June US ADP Employment report, which moves contemporaneously with the headline NFP figure, missed expectations at +158K earlier, while the June US ISM Services report showed a slower pace of jobs growth in the economy's largest sector.

Overall, the data fit in with the trend of generally disappointing figures for the US economy. The US Citi Economic Surprise Index, a measure of data momentum, currently sits near its lowest level in six years.

Beyond the data, it seems that "Murphy's Law" applies here: what can go wrong has gone wrong. Monetary policy? Markets don't believe the Fed even as it sends strong signals about another rate hike this year; markets are pricing in March 2018 as the most likely period for the next rate hike. Fiscal policy? Legislation for neither healthcare reform nor tax reform looks like it will materialize any time soon.

Amid these developments, one USD-pair has stood clear from the others: USD/JPY. Even as the British Pound and the Euro have rallied back versus the US Dollar, the Japanese Yen remains sidelined. The source may be rising US Treasury yields.

Over the past three weeks, while the US 10-year yield has increased by around 20-bps, USD/JPY has rallied about +450-pips. Concurrently, Gold, which tracks both the Yen and US yields, has broken through support from the January, March, and May 2017 swing lows. Now that expectations for the June NFP report have been tempered after today's disappointing ADP and ISM Services data, any positive aspects of the labor report could be amplified (beating downtrodden expectations) and in turn, push US yields - and USD/JPY - higher yet.

See the above video for technical considerations in EUR/USD, GBP/USD, USD/JPY, Gold, US Treasury yields, Crude Oil, and the DXY Index.

Read more: Webinar: Central Bank Weekly: US Dollar Awaits NFPs; Hawks Circle at BOE, ECB

--- Written by Christopher Vecchio, Senior 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

View our long-term forecasts in the DailyFX Trading Guides.

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