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
  • (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:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • All eyes on the Fed on Wednesday as investors weigh on chances of a taper announcement. Get your weekly equities forecast from @HathornSabin here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

Justin McQueen, Strategist

USD, EUR/USD Analysis & News

  • A Year On Since the COVID Crash
  • GBP Bulls Hit 1.40
  • Are the ECB Tolerating Euro Strength?

QUICK TAKE: A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength?

Equities: What a difference a year makes. This time last year marked the end of the longest bull market in history. The onset of the coronavirus crisis had been met with a tsunami of stimulus from global central banks and governments, most of which remains in place and will continue to do so for the foreseeable future. The chart below shows the performance of global equities since Feb 19th 2020.

A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

In terms of today’s price action, markets have been a touch firmer with PMI’s on the whole relatively encouraging. That said, the S&P 500 has been catching my eye recently with frequent tests of 3885-3900 finding support. However, markets are going through a seasonally weak period (since Feb 17th), while today’s US equity option expiries will see forced buying of stocks to dissipate in the next few sessions, therefore increasing the focus on the aforementioned area, while the 20DMA is also a key level to watch, should the S&P pullback.

S&P 500 Chart: Hourly Time Frame

A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

Euro Stoxx 50 Sector Breakdown

Outperformers: Financials (1.3%),Basic Materials (0.3%), Technology (0.9%)

Laggards: Healthcare (-0.6%), Energy (-0.1%), Utilities (0.1%)

US Futures: S&P 500 (0.2%), DJIA (0.2%), Nasdaq 100 (0.2%)

Intra-day FX Performance

A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

FX: GBP bulls continue to take charge as GBP/USD breaks 1.40 for the first time since April 2018. The narrative behind the GBP bull case remains unchanged with a successful vaccine program and reduced political uncertainty with Brexit now behind us. That said, this morning’s data has been mixed overall with soft retail sales and better than expected PMI data shrugged off. Going forward, while the current narrative remains in play for GBP, given the substantial rise since the beginning of the year and with the psychological 1.40 barrier being taken out, I wouldn’t be surprised to see some profit taking occur, particularly as GBP crosses trade at overbought levels.

USD: The greenback has come under pressure throughout much of the morning with USD majors breaking key levels and thus the greenback is back at weekly lows. The Euro had largely been playing catch up with the recent strong performance in GBP as EURUSD climbed back above 1.21. Yesterday’s ECB minutes signalled that the central bank may be more comfortable with a higher Euro as members highlighted the impact of exchange rate movements on inflation might be overestimated in standard models. Keep in mind, that the trade-weighted index has pulled back from its recent highs.

EUR TWI Trading Around July Levels

A Year on Since the COVID Crash, Are the ECB Tolerating Euro Strength? - US Market Open

Looking ahead: With little else scheduled on the economic calendar. Market attention will turn to next week.

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