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
Bearish
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/TwrOBFgIwj
  • Gold prices were crushed this week as yields continued to climb. But with a big spot of support coming in, can buyers bring a bounce ahead of NFP? Get your market update from @JStanleyFX here: https://t.co/E1TTXVJGUm https://t.co/pD4TeAY3ZP
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/PiLYJDVvtY
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/453MLny2lu
  • The haven-linked US Dollar may be in a position to benefit in the short-run as economic recovery bets support longer-dated Treasury yields, making them more competitive with stocks. Get your market update from @ddubrovskyFX here: https://t.co/BickxlcuZi https://t.co/OdARp4Z1mh
  • The Dow Jones and Nasdaq 100 look to be on diverging technical paths as volatility spikes. Meanwhile, the S&P 500 teeters on support as it splits the difference between its sister indices. Get your market update from @PeterHanksFX here: https://t.co/0gULgIN2kw https://t.co/dzuxyjkXmx
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/yTYG7ote3R
  • The reflation trade is helping to push the oil-linked Canadian Dollar higher as the post-Covid economic outlook clears. The Loonie is reliant on the global economy’s recovery. Get your market update from @FxWestwater here: https://t.co/CYUiH0PCca https://t.co/my6clW7pxY
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/q8Ds7wYrKA
  • 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: https://t.co/yOUVEEqhc5 https://t.co/qtAmyhFU9A
Dollar Aims Higher on Greece Jitters, Eurogroup Meeting on Tap Ahead

Dollar Aims Higher on Greece Jitters, Eurogroup Meeting on Tap Ahead

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Aims Higher as S&P 500 Stock Index Futures Point to Risk Aversion
  • Greek Government Impasse Overshadows China’s Weekend Interest Rate Cut
  • Eurozone Finance Ministers’ Meeting, Italian and Spanish Debt Sales Key Ahead

The US Dollar pushed higher to start the trading week as stocks fell in overnight trade, driving demand for the go-to haven currency. The MSCI Asia Pacific regional benchmark equity index fell 0.6 percent as Greek lawmakers failed to come up with an agreement on a ruling coalition at meeting over the weekend. Traders are concerned that a lingering impasse will push Athens to fall short of its obligations under the terms of the EU/IMF bailout, paving the way for Greece’s ejection from the Eurozone and possibly even the overall EU.

This would be an unprecedented development with effectively unpredictable practical implications for financial markets, fueling a broadly defensive tone and overshadowing risk-supportive news of a Chinese rate cut. Beijing announced over the weekend that reserve requirement ratios (RRRs) will be cut 50bps to 20 percent effective May 18. The move could have been expected to boost risk appetite and drive stocks-linked currencies higher on hopes of better-supported growth in the world’s second-largest economy were it not for Greek-related headwinds.

Looking ahead, S&P 500stock index futures are pointing sharply lower, hinting risk aversion is likely to continue driving the greenback higher against most of its leading counterparts. The spotlight is on a meeting of Eurozone Finance Ministers in Brussels, with traders on the lookout for any clues about a possible way forward beyond the Greek stalemate. Italy and Spain are also due to issue debt, with markets keeping a close eye on average yield and bid-to-cover readings to gauge the extent to which Athens-born jitters are spilling over elsewhere.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

NZD

Performance Services Index (APR)

56.7

-

54.2 (R+)

22:45

NZD

Retail Sales Ex Inflation (QoQ) (1Q)

-1.5%

-0.5%

1.8% (R-)

23:50

JPY

Loans & Discounts Corp (YoY)

-0.4%

-

0.2%

23:50

JPY

Domestic CGPI (MoM) (APR)

0.3%

0.1%

0.5% (R-)

23:50

JPY

Domestic CGPI (YoY) (APR)

-0.2%

-0.3%

0.5% (R-)

1:30

AUD

Owner-Occup. Value of Loans (MoM) (MAR)

-0.3%

-

-4.1% (R-)

1:30

AUD

Home Loans (MoM) (MAR)

0.3%

-2.0%

-2.5%

1:30

AUD

Investment Lending (MAR)

-1.0%

-

4.3% (R-)

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

German Wholesale Price Index (MoM) (APR)

-

0.9%

Low

6:00

EUR

German Wholesale Price Index (YoY) (APR)

-

2.2%

Low

6:45

EUR

France Current Account (€) (MAR)

-

-5.3B

Low

7:15

CHF

Producer & Import Prices (MoM) (APR)

0.2%

0.3%

Low

7:15

CHF

Producer & Import Prices (YoY) (APR)

-2.1%

-2.0%

Low

8:00

EUR

Italian CPI (NIC incl. tobacco) (MoM) (APR F)

0.5%

0.5%

Low

8:00

EUR

Italian CPI (NIC incl. tobacco) (YoY) (APR F)

3.3%

3.3%

Low

8:00

EUR

Italian CPI – EU Harmonized (MoM) (APR F)

0.9%

0.9%

Low

8:00

EUR

Italian CPI – EU Harmonized (YoY) (APR F)

3.8%

3.8%

Low

8:30

EUR

Spain to Sell 364-518 Day Bills

-

-

Medium

8:30

EUR

Italian General Government Debt (€) (MAR)

-

1928.2B

Medium

9:00

EUR

Italy to Sell 2015-2025 Bonds

-

-

Medium

9:00

EUR

Euro-Zone Industrial Production (YoY) (MAR)

-1.4%

-1.8%

Medium

9:00

EUR

Euro-Zone Industrial Production (MoM) (MAR)

0.4%

0.5%

Medium

15:00

EUR

Euro Zone Finance Ministers Meet in Brussels

-

-

High

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2821

1.2948

GBPUSD

1.6003

1.6128

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

To contact Ilya, e-mail ispivak@dailyfx.com. Follow me 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