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
More View more
Real Time News
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here: https://t.co/JTuP7CLlyi https://t.co/tOvqn3Gdpc
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/s5dn4ZKnku
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:https://t.co/zn56iTFBxM https://t.co/FbepD4RaFg
EUR Falters at Resistance, USD in Demand - US Market Open

EUR Falters at Resistance, USD in Demand - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – EUR and GBP Weakness Spurs USD Demand

USD: The US Dollar is firmer against its major counterparts, up 0.25% as month-end and Fed QT underpin. Given the light economic calendar for today’s session eyes will be on the G20 summit over the weekend with much of the focus on the outcome from the President Trump and Xi meeting. Risk assets were given a slight boost after Trade Representative Lighthizer saw no reason why the meeting would not be a success.

EUR: Given yesterday’s drop in German inflation, risks had been tilted to the downside for today’s Eurozone inflation figures, which confirmed as much. The headline figure fell 0.2ppts to 2%, while the core reading fell below expectations to 1.0%. Expectations of a “vigorous” pick up in core inflation voiced by ECB President Draghi back in September is still yet to be seen and given the sizeable drop in oil prices over the past 2-months, the inflation outlook has deteriorated. Consequently, the Euro has once again failed at the 1.14 hurdle, support at 1.1355-60 holding for now.

CAD: The Canadian Dollar briefly fell below 1.33 against the greenback after a relatively tepid GDP report. A quarterly rate of 0.5% dragged the annualised figure to 2.0% (in-line with forecasts), however, the monthly rate surprisingly dipped into negative territory, which in turn saw CAD on the backfoot.

EUR Falters at Resistance, USD in Demand - US Market Open

Data as of 1355GMT

DailyFX Economic Calendar: Friday, November 30, 2018 – North American Releases

EUR Falters at Resistance, USD in Demand - US Market Open

DailyFX Webinar Calendar: Friday, November 30, 2018

EUR Falters at Resistance, USD in Demand - US Market Open

IG CLIENT SENTIMENT Chart of the Day

EUR Falters at Resistance, USD in Demand - US Market Open

USDCAD: Data shows 32.6% of traders are net-long with the ratio of traders short to long at 2.07 to 1. In fact, traders have remained net-short since Oct 09 when USDCAD traded near 1.28217; price has moved 3.6% higher since then. The number of traders net-long is 14.3% lower than yesterday and 5.7% lower from last week, while the number of traders net-short is 15.6% lower than yesterday and 8.0% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDCAD prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed USDCAD trading bias.

Five Things Traders are Reading

  1. Charts for Next Week – AUD/USD, EUR/CAD, AUD/NZD, S&P 500 & More” by Paul Robinson, Market Analyst
  2. Brexit Impact on GBP: How the Pound Might Move After Parliamentary Voteby Martin Essex, MSTA , Analyst and Editor
  3. USD to Rise as Today Marks Another Fed Balance Sheet Unwind” by Justin McQueen, Market Analyst
  4. EURUSD Drops on Soft Inflation and Month-End” by Justin McQueen, Market Analyst
  5. Sterling (GBP) Range Bound, UK PM May’s Brexit Plan Continues to Unravel” by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.comFollow Justin on Twitter @JMcQueenFX

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

DISCLOSURES