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.

Free Trading Guides
EUR/USD
Bullish
GBP/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
USD/JPY
Bearish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • European Opening Calls From IG: #FTSE 7425 +0.58% #DAX 13747 +0.48% #CAC 6094 +0.61% #AEX 628 +0.46% #MIB 25382 +0.63% #IBEX 10042 +0.36% #STOXX 3856 +0.49%
  • The $GBP recovered some lost ground against the US Dollar but a break of key support on the way lower from 12-year resistance points to a bearish bias. Get your market update from @IlyaSpivak here: https://t.co/RxfVeYlGxi https://t.co/82P6gZJeDy
  • $USDCAD may extend declines while $EURUSD turns higher based on trader positioning signals. What is the outlook for the Canadian Dollar and #Euro incorporating IG Client Sentiment? #CAD - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/19/USDCAD-Outlook-Bearish-EURUSD-Forecast-Bullish-on-Positioning.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ZiW77qolR2
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/LTuJok49Ac
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.98%, while traders in France 40 are at opposite extremes with 81.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/d3YBidnCIl
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.10% 🇨🇦CAD: 0.10% 🇳🇿NZD: 0.09% 🇬🇧GBP: 0.03% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/T3eOx2Lw1X
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: 0.63% Germany 30: 0.62% Wall Street: 0.28% US 500: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7P5zkqlgMm
  • The #Euro may retrace higher before resuming a selloff that brought the single currency to the lowest level in close to three years against the US Dollar. Get your market update from @IlyaSpivak here: https://t.co/6tE2Xibkiw https://t.co/vfFbt3Q7NT
  • LIVE NOW: In this session, Currency Analyst @ZabelinDimitri will analyze the cross-asset impact of geopolitical risks affecting markets in the week ahead. https://www.dailyfx.com/webinars/146770987
  • The $USD gained versus SGD and IDR despite a “risk-on” tone in markets, boosted by strong declines in the Euro. What is the week ahead for USD/SGD, USD/IDR, USD/PHP and USD/MYR? Get your market update from @ddubrovskyFX here: https://t.co/3zCSbkEQ2c https://t.co/edBGpLGUPg
FOREX: Dollar Trend in the Balance as Markets Look to US Jobs Report

FOREX: Dollar Trend in the Balance as Markets Look to US Jobs Report

2011-02-04 07:24:00
Ilya Spivak, Sr. Currency Strategist
Share:

Key Overnight Developments

  • Aussie Dollar Soars as RBA Upgrades Growth, Inflation Outlook
  • Euro, Pound Range-Bound as Markets Brace for US Jobs Report

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.3550

1.3766

GBPUSD

1.6079

1.6236

The Euro and the British Pound held to narrow ranges in overnight trade as currency markets consolidated ahead of the upcoming US jobs report. We favor a bearishbias for EURUSD and GBPUSD.

Asia Session Highlights

CCY

GMT

EVENT

ACT

EXP

PREV

NZD

21:45

New Zealand Net Migration s.a. (DEC)

750

-

620

AUD

0:30

RBA Quarterly Monetary Policy Statement

-

-

-

The Australian Dollar outperformed after the Reserve Bank of Australiaraised its 2011 economic growth and inflation forecasts to 4.25 percent and 3 percent respectively in its Quarterly Monetary Policy Statement. The central bank was previously expecting the economy to add 3.75 percent while inflation averaged 2.75 percent.

Most importantly, the upgrade comes in spite of damage from record-level flooding in Queensland – which the government reckons will trim 0.5 percent from GDP this year – as well as looming slowdown in China, hinting the outlook rate hikes may be more robust than previously expected notwithstanding the dovish tone of the last policy meeting. The Aussie rose as much as 0.4 percent on average against the major currencies.

Euro Session: What to Expect

CCY

GMT

EVENT

EXP

PREV

IMPACT

GBP

-

New Car Registrations (YoY) (JAN)

-

-18.0%

Low

CHF

8:00

Foreign Currency Reserves (JAN) (JAN)

-

202.6B

Low

GBP

8:00

Halifax House Price (3MoY) (JAN)

-3.0%

-1.6%

Low

GBP

8:00

Halifax Plc House Prices s.a. (MoM) (JAN)

-0.3%

-1.3%

Low

EUR

10:00

Italian CPI (NIC incl. tobacco) (MoM) (JAN P)

0.3%

0.4%

Low

EUR

10:00

Italian CPI (NIC incl. tobacco) (YoY) (JAN P)

2.0%

1.9%

Low

EUR

10:00

Italian CPI - EU Harmonized (MoM) (JAN P)

-1.3%

0.4%

Low

EUR

10:00

Italian CPI - EU Harmonized (YoY) (JAN P)

2.2%

2.1%

Low

With no significant event risk on tap in Europe, traders are likely to look ahead toward the US employment report due to cross the wires late into the session. Expectations call for the economy to add 146,000 jobs in January, marking the largest increase in three months. The Unemployment Rate is expected to nudge higher to 9.5 percent as previously disheartened workers step off the sidelines and renew their job search, putting them back into the labor force calculations.

Perhaps the most significant question from a trading perspective will be whether this release is interpreted along the lines of economic fundamentals or risk sentiment. In the former scenario, the outcome ought to stoke optimism about the pace of economic recovery, boosting the outlook for interest rates and driving the US Dollar higher. In the latter, improving labor conditions in the world’s largest consumer market may be seen as good news for the global recovery at large and drive stocks, growth-sensitive commodities and risk-linked currencies higher at the expense of the greenback via its profile as a safe haven asset.

For real time news and analysis, please visit http://www.dailyfx.com/real_time_news

To receive future articles by email, please contact Ilya at ispivak@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.