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
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
Oil - US Crude
Mixed
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
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
  • RT @FxWestwater: #Bitcoin (BTC) Plunges on Tesla Bitcoin Suspension, $AUDUSD Spars USD Strength Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/05/12/Bitcoin-BTC-Plunges-on-Tesla-Bitcoin-Suspension-AUDUSD-Spars-USD-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co…
  • The Euro's technical posture against the US Dollar, Japanese Yen and Australian Dollar shows potential for near-term directional shifts. Here are the EUR/USD, EUR/AUD and EUR/JPY levels to watch. Get your $EUR market update from @FxWestwater here:https://t.co/7rW8FGPBUt https://t.co/jOxYD3Tyfe
  • Bank of England's Haldane sees UK inflation above the 2% target by year end - BBG
  • The Japanese Yen may fall against its major peers, but there is room for a near-term climb that wouldn’t necessarily overturn a bearish technical bias. USD/JPY is eyeing support. Get your market update from @ddubrovskyFX here:https://t.co/AEnQCXnwAL https://t.co/FChTU7JZBB
  • #TSLA shares also down about 1% in afterhours https://t.co/UNZ9f1EdEc
  • Elon Musk: - Tesla has suspended vehicle purchases using #Bitcoin - There are concerns about the environmental effects of Bitcoin mining
  • Bitcoin in retreat following Elon Musk's tweet about Tesla's suspension of accepting Bitcoin as payment and the environmental impacts of mining $BTCUSD #BTC #Bitcoin https://t.co/A23d7xlXH4
  • Today, I wrote about how Ethereum Continues to Outshine Bitcoin Performance. Check out my latest analysis on cryptos via @DailyFX at the link below: https://www.dailyfx.com/forex/market_alert/2021/05/12/ethereum-eth-continues-to-outshine-bitcoin-btc-performance.html $ETH $BTC #Bitcoin https://t.co/ucYAMX27sg
  • Colonial Pipeline: It will take "several days" to restore normal supply #OOTT #CrudeOil $CL_F
  • Gold remains locked in a descending channel but price has begun to recover and could break higher. Get your $XAUUSD market update from @PeterHanksFX here:https://t.co/TOGIFZlhER https://t.co/lkS2vxx862
Lackluster U.S. GDP to Keep EUR/USD Rate Afloat

Lackluster U.S. GDP to Keep EUR/USD Rate Afloat

David Song, Strategist

Trading the News: U.S. Gross Domestic Product (GDP)

Updates to the 2Q U.S. Gross Domestic Product (GDP) report may produce headwinds for the dollar as the growth rate is now expected to increase 4.0% versus an initial forecast for a 4.1% print.

Image of DailyFX economic calendar

A marked downward revision in the GDP figure may impact the monetary policy outlook as signs of a less robust economy rattles bets for an extended hiking-cycle, and Chairman Jerome Powell & Co. may continue to project a neutral Fed Funds rate of 2.75% to 3.00% as measures for inflation show ‘no clear sign of an acceleration above 2 percent.’

With that said, the Federal Open Market Committee (FOMC) may deliver a dovish rate-hike at the next quarterly meeting in September, but a positive development may keep the Fed on track to implement four rate-hikes in 2018 as the central bank largely achieves its dual mandate for full-employment and price stability. Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups.

Impact that the U.S. GDP report has had on EUR/USD during the previous quarter

Period

Data Released

Estimate

Actual

Pips Change

(1 Hour post event )

Pips Change

(End of Day post event)

1Q P

2018

05/30/2018 12:30:00 GMT

2.3%

2.2%

-7

+29

Preliminary 1Q 2018 U.S. Gross Domestic Product (GDP)

EUR/USD 10-Minute Chart

Image of eurusd 5-minute chart

Adjustments to the 1Q U.S. Gross Domestic Product (GDP) report showed the economy growing 2.2% versus an initial forecast of 2.3%, with the core Personal Consumption Expenditure (PCE), the Fed’s preferred gauge for inflation, highlighting similar dynamic as the index narrowed to 2.3% from 2.5%. The measure for Personal Consumption also failed to meet market expectations as the figure printed at 1.0% amid projections for a 1.2% clip.

Nevertheless, the revisions sparked a limited reaction in EUR/USD, with the exchange rate appreciating during the North American trade to close the day at 1.1661. Review the DailyFX Advanced Guide for Trading the News to learn our 8 step strategy.

EUR/USD Daily Chart

Image of eurusd daily chart
  • There appears to be a broader shift in EUR/USD behavior as both price and the Relative Strength Index (RSI) break out the bearish trends from earlier this year, and the rebound from the 2018-low (1.1301) may continue to gather pace as the exchange rate snap the monthly opening range.
  • The close above 1.1640 (23.6% expansion) to 1.1680 (50% retracement) region raise the risk for a move back towards 1.1810 (61.8% retracement), which largely lines up with the July-high (1.1791), with the next region of interest comes in around 1.1960 (38.2% retracement) to 1.1970 (23.6% expansion).

For more in-depth analysis, check out the Q3 Forecast for EUR/USD

Additional Trading Resources

New to the currency market? Want a better understanding of the different approaches for trading? Start by downloading and reviewing the DailyFX Beginners Guide!

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader series on how to effectively use leverage along with other best practices that any trader can follow.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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

DISCLOSURES