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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • 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/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
Major Currencies Tread Water as Markets Await BOE, ECB Outcomes

Major Currencies Tread Water as Markets Await BOE, ECB Outcomes

Ilya Spivak, Head Strategist, APAC

Talking Points

  • Eurozone, UK PMIs to Reinforce ECB and BOE Policy Easing Expectations
  • Thin Liquidity May Amplify Volatility, But Conviction Likely to be Lacking

The US Dollar (ticker: USDollar) oscillated in narrow ranges against the major currencies in overnight trade, with markets settling into consolidation mode as liquidity drained ahead of tomorrow’s US market holiday and traders reserved directional conviction before Thursday’s heavy event risk. The European Central Bank and the Bank of England are both due to deliver their monthly policy announcements, with additional easing expected on both fronts.

Final revisions of service-sector and composite Eurozone PMI readings headline the economic calendar. Expectations call for the metric to confirm that cross-sector economic activity in the single currency area shrank for the fifth consecutive month in June. The pace of contraction is expected to match May’s result, amounting to the fastest retrenchment in three years. UK Services PMI is forecast to show the non-manufacturing sector expanded, but at the slowest rate in seven months.

On balance, the slide in third-quarter UK and Eurozone GDP growth expectations (as tracked by a Bloomberg survey of economists) over the past two months suggests traders ought not to be surprised by sluggish performance itself. The focus snow looks to be on what policymakers are prepared to do about the downturn, meaning today’s releases are unlikely to yield much in terms of trend development until the aforementioned rate decisions come across the wires. With that said, thin liquidity conditions can amplify otherwise shallow moves, so it seems wise not to read conviction into any emerging volatility for the time being.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

23:01

GBP

BRC Shop Price Index (YoY) (JUN)

1.1%

-

1.5%

23:30

AUD

AiG Performance of Service Index (JUN)

48.8

-

43.5

1:30

AUD

Retail Sales s.a. (MoM) (MAY)

0.5%

0.2%

0.1% (R+)

2:30

CNY

HSBC Services PMI (JUN)

52.3

-

54.7

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

Italian PMI Services (JUN)

42.5

42.8

Low

7:50

EUR

French PMI Services (JUN F)

47.3

47.3

Low

7:55

EUR

German PMI Services (JUN F)

50.3

50.3

Medium

8:00

EUR

Euro-Zone PMI Services (JUN F)

46.8

46.8

Medium

8:00

EUR

Euro-Zone PMI Composite (JUN F)

46

46

Medium

8:00

EUR

Italian Deficit to GDP (YTD) (1Q)

-

3.8%

Low

8:30

GBP

PMI Services (JUN)

52.9

53.3

Medium

8:30

GBP

BOE Housing Equity Withdrawal (£) (1Q)

-8.0B

-8.5B

Low

8:30

GBP

Official Reserves (Changes) ($) (JUN)

-

-1308M

Low

9:00

EUR

Euro-Zone Retail Sales (MoM) (MAY)

0.0%

-1.4%

Medium

9:00

EUR

Euro-Zone Retail Sales (YoY) (MAY)

-1.0%

-3.4%

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2529

1.2638

GBPUSD

1.5600

1.5716

--- 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