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.

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
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Bearish
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
  • Technical Levels: #Dollar, #Sterling, #Loonie, #Gold, #Bitcoin, #Oil and more! (Webinar Archive) - https://t.co/0ztuS6u8z7
  • Poll: With volatility deflating across the financial system, left to wonder what phase of the market cycle we are in currently. What stage do you think we are in right now? (https://www.dailyfx.com/forex/fundamental/article/special_report/2019/02/05/Market-cycle-phases.html)
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.28% 🇦🇺AUD: 0.20% 🇨🇦CAD: 0.19% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/rKGivnA7az
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.37% France 40: 0.32% Germany 30: 0.09% US 500: -0.19% Wall Street: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/QYj0laANXU
  • ECB's Villeroy says stimulus will be at least as prolonged as Fed's
  • This week opens to anticipation for Wednesday's FOMC decision, but conditions may charge short-term volatility. DailyFX Chief Strategist @JohnKicklighter discuss for Monday! https://t.co/iOgZWpiFE5
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Silver: 0.11% Gold: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lDnyXGE5LI
  • Heads Up:🇧🇷 Business Confidence (JUN) due at 14:30 GMT (15min) Previous: 58.5 https://www.dailyfx.com/economic-calendar#2021-06-14
  • Gold has rallied nearly 1.0 percent over the past half hour, retracing approximately two-thirds of the day's full bearish move that nearly return to the 200-day simple moving average at 1841
  • IG Client Sentiment Update: Our data shows the vast majority of traders in EUR/CHF are long at 75.94%, while traders in France 40 are at opposite extremes with 76.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RoniFgxpjs
DXY Index Finds Little Follow-Through After Weekly Gap Open

DXY Index Finds Little Follow-Through After Weekly Gap Open

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- The US Senate and House need to reconcile the differences between their tax bills before anything can be signed into law; the last day of the session is December 14.

- Upcoming US data this week may offer a 'sell the rally' opportunity in the greenback ahead of next week's FOMC meeting.

- Retail trader sentiment suggests mixed trading conditions in the US Dollar through the first full week of December.

Upcoming Webinars for Week of December 3 to December 8, 2017

Wednesday at 6:00 EST/11:00 GMT: Mid-Week Trading Q&A

Thursday at 7:30 EST/12:30 GMT: Central Bank Weekly

Friday at 8:15 EDT/13:15 GMT: Live Event Coverage: US NFP (NOV)

See the full DailyFX Webinar Calendar for other upcoming strategy sessions

The US Dollar started the week on strong footing on the back of more progress in the Republican-controlled effort to implement a sweeping overhaul of the US taxcode. The greenback saw prices gap open higher versus the British Pound, Euro, and Japanese Yen, thanks to the hope that the legislative reform would ultimately result in higher deficit spending, and thus, inflation down the line.

Yet with signs emerging that the House and Senate tax bills won't be reconciled before the current Congressional session ends on December 14, the DXY Index hasn't been able to find much follow-through on the weekly gap open higher; it was a bridge to nowhere. The longer it takes for the tax bill to be passed into law, the less likely there will be a near-term impact on growth or inflation data.

Accordingly, with the US Dollar desperately waiting on tax reform developments, there are several pieces of data this week that could reinvigorate the greenback on their own. Notably, one of the two data series used to help guide expectations for the monthly Nonfarm Payrolls report is due out today in the form of the November US ISM Non-Manufacturing/Services Composite.

The November USD ISM Non-Manufacturing/Services headline reading is expected at 59 versus a prior reading of 60.1. The relatively similar headline reading expected this Wednesday is indicative of currently favorable business conditions that are easing off the strong burst in sentiment that has been so prevalent in US markets.

The US Dollar should show heightened sensitivity to this report given the economy’s tendency to follow the performance of the service sector, which accounts for approximately two-thirds of jobs in the United States. Look for the data, in conjunction with the ADP Employment report, to shape expectations for Friday’s Nonfarm Payrolls report.

See the above video for technical considerations in the DXY Index, EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD, and EUR/GBP.

Read more: FX Markets Turn to RBA, BOC, and US NFP in First Full Week of December

--- Written by Christopher Vecchio, CFA, Senior 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