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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here: https://t.co/WjU4oYpmf7 https://t.co/VcNnCjm0B2
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/AiLoS7DrEQ
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/HicBmGrokK
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/5lbyBJeeA7
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/ubLimoYAcr
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4cRhRCiv3C
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/3wsYlSxd26 https://t.co/z2qB9p8IgX
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook! https://t.co/kAvpnb0EXO
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps https://t.co/f8zpSILm86
Dollar Sold as Risk Appetite Firms Before FOMC But Reversal Beckons

Dollar Sold as Risk Appetite Firms Before FOMC But Reversal Beckons

2012-08-01 07:34:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • Haven Currencies Fall as Risk Appetite Firms on FOMC Stimulus Hopes
  • US Dollar Likely to Recover as Fed Disappoints Hopes for Additional QE

The safe-haven US Dollar and Japanese Yen pushed lower and S&P 500 stock index futures rose overnight amid hopes the Federal Reserve will announce additional stimulus measures at the monthly meeting of the rate-setting FOMC committee. A disappointment seems likely however, with Ben Bernanke and company opting not to stray from familiar territory. Such an outcome is likely to weigh on risk appetite, boosting the greenback and punishing its stocks-linked counterparts.

Yields across the maturity spectrum are hovering near record lows having arrived there without new stimulus since QE2 ended in June 2011. It seems unreasonable to suggest that more asset purchases are needed to keep credit costs capped or that marginally cheaper funding will bring a significant number of would-be borrowers off the sidelines. That means the core benefit of a QE3 program would be psychological, marking it as a tool the Fed is likely to reserve to use in the event that the Eurozone debt crisis breeds a 2008-style credit crunch.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

23:01

GBP

BRC Shop Price Index (YoY) (JUL)

1.0%

-

1.1%

23:15

AUD

RPData - Rismark House PX Actual (JUL)

0.6%

-

1.0%

23:30

AUD

AiG Performance of Manufacturing Index (JUL)

40.3

-

47.2

1:00

CNY

Manufacturing PMI (JUL)

50.1

50.5

50.2

1:30

AUD

House Price Index (YoY) (2Q)

-2.1%

-4.2%

-3.5% (R-)

1:30

AUD

House Price Index (QoQ) (2Q)

0.5%

-0.5%

-0.1% (R-)

2:30

CNY

HSBC Manufacturing PMI (JUL)

49.3

-

48.2

5:00

JPY

Vehicle Sales (YoY) (JUL)

36.1%

-

40.9%

6:00

GBP

Nationwide House Prices n.s.a. (YoY) (JUL)

-2.6%

-1.9%

-1.5%

6:00

GBP

Nationwide House Prices s.a. (MoM) (JUL)

-0.7%

-0.2%

-0.6%

6:30

AUD

RBA Commodity Price Index (JUL)

95.8

-

98.1 (R+)

6:30

AUD

RBA Commodity Index SDR (YoY) (JUL)

-9.8%

-

-9.9% (R+)

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

Italian PMI Manufacturing (JUL)

44.1

44.6

Low

7:50

EUR

French PMI Manufacturing (JUL F)

43.6

43.6

Low

7:55

EUR

German PMI Manufacturing (JUL F)

43.3

43.3

Medium

8:00

EUR

Euro-Zone PMI Manufacturing (JUL F)

44.1

44.1

Medium

8:30

GBP

PMI Manufacturing (JUL)

48.4

48.6

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2259

1.2340

GBPUSD

1.5574

1.5730

--- 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