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
Oil - US Crude
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
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:https://t.co/7G7pWntiyY https://t.co/w56ra8ZG9y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.58%, while traders in Wall Street are at opposite extremes with 73.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/o0D0Ngucod
  • USD/JPY attempts to retrace the decline following the semi-annual testimony with Fed Chairman Jerome Powell amid a rebound in longer-dated US Treasury yields. Get your market update from @DavidJSong here:https://t.co/Uos1L1Z4wG https://t.co/pZhubVlhjs
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.02% Gold: -0.15% Silver: -0.83% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4gIoNck16b
  • The US Dollar is broadly stronger on the session with the latest flash PMI report from @IHSMarkit underscoring inflation pressures ahead of next week's Fed announcement. $DXY facing psychological resistance at the 93.00-handle, though. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/23/us-dollar-firms-as-pmi-data-echoes-inflation-risk-cue-the-fed.html https://t.co/SzMzzxoYzN
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.04% 🇪🇺EUR: -0.05% 🇬🇧GBP: -0.10% 🇨🇭CHF: -0.18% 🇦🇺AUD: -0.18% 🇯🇵JPY: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/RykiRciAsZ
  • ECB's Weidmann: - New ECB goal does not mean there will be markedly higher inflation
  • ECB's Weidmann: - I expect inflation rates in Germany to rise to 5% by the end of 2021 - Governing council believes that expansive monetary policy is acceptable at the moment
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.74% Wall Street: 0.51% Germany 30: -0.03% France 40: -0.08% FTSE 100: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iXJHlexTlA
  • USD/MXN trades directionless, oscillating between small gains and losses, near the 20.15 area. Get your $USDMXN market update from @DColmanFX here:https://t.co/FFr3rlGh6n https://t.co/7tniccl9S8
Euro at Risk on German IFO But S&P 500 Futures Warn of Risk Rebound

Euro at Risk on German IFO But S&P 500 Futures Warn of Risk Rebound

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Euro at Risk as German IFO Threatens to Put Business Confidence at 2-Year Low
  • S&P 500 Stock Index Futures Hint Risky Assets May Recovery into the Week-End
  • EU FinMin Summit May Produce Clues on Next Batch of Crisis-Fighting Measures

The German IFO gauge of business confidence takes top billing on the economic calendar in European hours. Expectations call for the headline Business Climate measure to decline for a second month in June, hitting the lowest level in 27 months. Near-term correlation studies suggest interest rate expectations are increasingly edging out risk appetite trends as the main driver of Euro price action. This hints that signs of deepening recession are likely to weigh on the single currency as ECB easing expectations build.

The outcome may also prove negative for sentiment at large considering a recession in the currency bloc represents the most significant headwind for global output this year, punishing stocks-linked FX including the Australian and New Zealand Dollars. With that in mind, S&P 500 stock index futures are pointing cautiously higher in late Asian trade, warning that profit-taking may take hold of price action into the end of the trading week and pull risky assets higher despite negative news-flow.

Meanwhile, EU Finance Ministerscontinue a two-day meeting in Brussels. Coming on the heels of the G20 summit earlier this week where the region’s officials faced heavy pressure from global leaders to step up debt crisis containment efforts, the sit-down may see the emergence of some preliminary policy ideas. Concrete initiatives are likely to wait until the EU leaders’ summit next week, but traders will nonetheless continue to pay close attention to sideline commentary for early clues.

The US Dollar was little changed against its top counterparts in overnight trade as currency markets consolidated after a sharp flare-up of risk aversion over the preceding 24 hours. The greenback added 1.2 percent yesterday as global economic growth fears swelled following signs of deepening weakness in China, the Eurozone and the United States against a backdrop of fading hopes for Federal Reserve stimulus. Ben Bernanke and company opted to withhold an expansion of QE at a meeting of the FOMC rate-setting committee earlier in the week. Moody’s decision to downgrade the credit ratings of 15 of the world’s largest banks reinforced the dour mood.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Net Migration s.a. (May)

160

-

-800 (R+)

1:35

CNY

MNI Flash Business Sentiment Survey (JUN)

51.92

-

54.40

3:00

NZD

Credit Card Spending s.a. (MoM) (MAY)

0.4%

-

0.2%

3:00

NZD

Credit Card Spending (YoY) (MAY)

3.9%

-

3.7%

5:00

JPY

Supermarket Sales (YoY) (MAY)

-1.7%

-

-1.9%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:45

EUR

French Wages (QoQ) (1Q F)

0.8%

0.9%

Low

8:00

EUR

Italian Consumer Confidence Ind. Sa (JUN)

86

86.5

Low

8:00

CHF

KOF Institute June Economic Forecast

-

-

Low

8:00

EUR

German IFO - Business Climate (JUN)

105.6

106.9

Medium

8:00

EUR

German IFO - Current Assessment (JUN)

112.0

113.3

Medium

8:00

EUR

German IFO - Expectations (JUN)

99.8

100.9

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2417

1.2655

GBPUSD

1.5535

1.5691

--- 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