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
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
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/vkLRsG8KEn
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your $AUD market update from @ddubrovskyFX here:https://t.co/JoaUMTv80S https://t.co/Hl4I8Gl7Ez
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/6lPNDoWZAw
  • The gold price rebound keeps XAU/USD within the confines of the August downtrend. From a trading standpoint. Get your $XAUUSD market update from @MBForex here:https://t.co/B3Jct6mIBD https://t.co/gHAtO2jcrp
  • Gold recovered from a steep sell-off this morning to finish the day just lightly lower $XAU $USD https://t.co/lkcyL8gts9
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.05% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.25% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.64% 🇨🇦CAD: -0.75% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UVTYrLMwRS
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.54% Gold: -0.87% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3BoduI6beG
  • Earnings season is underway and key tech leaders are set to report next week. Get your #Dowjones market update from @PeterHanksFX here:https://t.co/vAesS48lgG https://t.co/es8tChHx3y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cFre7YkQsc
  • The heaviest concentration for potential market volatility in scheduled events next week seems to me to be Tuesday-Wednesday: https://t.co/DyDASx24zL
US Dollar Gains on Haven Demand in Asia, Bernanke in Focus Ahead

US Dollar Gains on Haven Demand in Asia, Bernanke in Focus Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Dollar, Yen Rise as US Jobs and Chinese CPI Data Spark Risk Aversion
  • Emerging QE3 Hopes May Weigh on Dollar, Bernanke Speech in Focus

The US Dollar and Japanese Yen rose against their major counterparts to start the trading week as stocks declined, boosting demand for the go-to safe haven currencies. The MSCI Asia Pacific regional benchmark index slid 0.6 percent as investors reacted to Friday’s disappointing US employment report that showed the world’s top economy added just 120,000 jobs in March, falling short of the 205,000 increase expected.

A larger-than-forecast increase in Chinese CPI also contributed to the sour mood. The annual inflation rate accelerated to 3.6 percent, topping forecasts for a print at 3.4 percent and hinting Beijing will not be quick to offer additional stimulus as the economy’s crucial export sector faces headwinds from a burgeoning recession in the Eurozone.

Looking ahead, top European markets are closed for the Easter Monday holiday but early indications point to continued risk aversion as Wall Street comes online. S&P 500 stock index futures are down nearly a full percentage point, suggesting selling pressure will carry forward as North American traders get their first real chance to react to Friday’s jobs numbers (only futures markets were open in the immediate aftermath of the announcement, and only very briefly).

While the risk-off mood proved supportive for the greenback in Asian trade, it is unclear how the Dollar will fare going forward if the outcome meaningfully rekindles QE3 expectations. Near-term correlation studies suggest the benchmark currency has become increasingly correlated with 2-year Treasury yields recently, a development that makes sense in the context of upgraded Fed rhetoric on the prospects for recovery that emerged in officials’ public commentary and with the March FOMC policy meeting. This means that if yields decline as traders mull the possibility of new efforts monetary stimulus efforts, the Dollar may follow suit.

With relatively little on the US economic calendar, markets are likely to look scheduled comments from Fed Chairman Ben Bernanke to get their bearings. The central bank chief will be speaking at the 2012 Financial Markets Conference in Georgia, and while the topic of conversation is expected to a lecture on "Fostering Financial Stability", some mention of Friday’s jobs report may certainly make an appearance. With that in mind, traders will be keen to dissect Bernanke’s commentary for any clues as to whether the announcement has made QE3 any more of a possibility.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Current Account Total (¥) (FEB)

1177.8B

1120.0B

-437.3B

23:50

JPY

Adjusted Current Account Total (¥) (FEB)

854.1B

650.0B

135.2B (R+)

23:50

JPY

Current Account Balance (YoY) (FEB)

-30.7%

-34.1%

-180.0%

23:50

JPY

Trade Balance - BOP Basis (¥) (FEB)

102.1B

104.3B

-1381.6B

1:30

CNY

Producer Price Index (YoY) (MAR)

-0.3%

-0.3%

0.0%

1:30

CNY

Consumer Price Index (YoY) (MAR)

3.6%

3.4%

3.2%

4:30

JPY

Bankruptcies (YoY) (MAR)

-1.9%

-

5.2%

5:00

JPY

Eco Watchers Survey: Current (MAR)

54.8

46.5

45.9

5:00

JPY

Eco Watchers Survey: Outlook (MAR)

49.7

-

50.1

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

No Data

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.3028

1.3126

GBPUSD

1.5832

1.5931

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

DISCLOSURES