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
EUR/USD
Bearish
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
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • It took some time for USD/MXN to respond to weakness in equity markets, but this week it came to life as U.S. weakness spread across global markets. Get your $USDMXN technical analysis from @PaulRobinsonFX here:https://t.co/G8b6w1wCzH https://t.co/zEtpARMkMg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in EUR/GBP are at opposite extremes with 65.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/WGk95Bnjx5
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.45% Oil - US Crude: -0.63% Silver: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RvLy6xA9Is
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: -0.06% 🇯🇵JPY: -0.15% 🇬🇧GBP: -0.22% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.38% 🇪🇺EUR: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MZIiNOFxXu
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/DHufbBKbDu
  • Canadian PM Trudeau says Canada purchasing 20 million vaccine doses from Astrazeneca -BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.26% France 40: 0.03% Wall Street: 0.02% FTSE 100: -0.06% Germany 30: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jByk8LUAt6
  • UK Government Official says either outcome is possible on Brexit
  • UK Government Official says if gaps in fisheries and level playing field are bridged, the EU's more constructive attitude will need to be translated into more realistic positions in the days to come
  • Big headline that says the EU has informed the UK that it must commit to some key demands in next week's trade talks if there is progress before the October deadlines. That said, I don't think this is a particularly new refrain between those two. It's the clock that matters
US Dollar Technicals Find Little Clarity After Fed, BOE, & ECB

US Dollar Technicals Find Little Clarity After Fed, BOE, & ECB

2017-12-15 15:15:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Talking Points:

- The US Dollar sold off after the Wednesday FOMC meeting as expected, but there has been little follow through thanks to weakness in the British Pound and the Euro brought on by the BOE and ECB, respectively.

- USD/CAD's range still demands patience despite swings to both resistance and support in the past two weeks.

- Retail trader sentiment continues to suggest a mix trading environment for the US Dollar this week.

Upcoming Webinars for Week of December 17 to 22, 2017

Monday at 7:30 EST/12:30 GMT: FX Week Ahead: Strategy for Major Event Risk

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

Thursday at 7:30 EST/12:30 GMT: Live Data Coverage: ECB Rate Decision

See the full DailyFX Webinar Calendar for other upcoming strategy sessions

While the past week of price action in the US Dollar has largely met our expectations - looking for strength after the November NFP report before selling into the Decemer FOMC meeting - unfortunately little clarity has been revealed as a result. It's evident that market participants still don't believe the Fed will hike rates three times next year, as rates markets are barely pricing in two during the 2018 calendar year.

Over the next two weeks, particularly around the holidays, it seems more likely than not that the Federal Reserve will not be a major influence on price action, and instead cede that ground to headlines regarding the progress of tax reform legislation out of Washington, D.C.

Even though yesterday, December 14, was the last fully-scheduled day for Congress on the calendar when we started the month, Republicans have vowed to get the legislation passed before Christmas. The news wire will be a potent source of event risk as the calendar dies down between now and December 25.

Putting these developments and headlines in context of other events - mainly the Bank of England and European Central Bank meetings yesterday - we're left with a DXY Index, a EUR/USD, and a GBP/USD that are all left directionless in the near-term. The technical pictures show that momentum has stalled, suggesting that it may be appropriate for traders to switch to more range-driven trading strategies through the holidays.

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

Read more: US Dollar Slips Despite Rate Hike and Signal For Three More in 2018

--- 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