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
GBP/USD
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
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/uDeIMr1Ks4
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • 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/FPKAoLQuuI
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/2L5DGk7cxl
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/zRBB1hmhJm
  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here: https://t.co/bySyBXTAdr https://t.co/y6UqD0quGN
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/sPcCTQfaRd
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here: https://t.co/4KDanAA0Q1 https://t.co/ZZWpIZlZBo
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/J0F9xIw2I0
Forex Analysis: Euro Eyes EU FinMin Summit, Aussie Gains on RBA Bets

Forex Analysis: Euro Eyes EU FinMin Summit, Aussie Gains on RBA Bets

Ilya Spivak, Head Strategist, APAC

The Euro is looking for further progress at a summit of EU finance ministers to extend its rally while the Aussie gains as the RBA downplays rate cut outlook.

Talking Points

  • Euro Looks for Bank Regulation Deal at EU Summit to Extend Rebound
  • Australian Dollar Gains as RBA Pours Cold Water on 2013 Rate Cut Bets

All eyes are on a meeting of EU finance ministers in European trading hours, where policymakers are due to focus on the issue of a single bank supervisor. Leaders of the common market agreed in June to set this as a precondition to allowing the EFSF/ESM bailout facilities to recapitalize regional banks directly without funneling funds through the governments of member states (which otherwise increases sovereign debt levels). Progress on this front is likely to be viewed favorably by the Euro as well as risk appetite at large, and vice versa.

The Australian Dollar outperformed in overnight trade, rising against all of its leading counterparts despite a decision to cut interest rates to 3 percent by the RBA. The reduction was widely expected, with data from Credit Suisse suggesting markets were pricing in the probability of a 25bps reduction at over 90 percent. This turned forex traders’ attention away from the change in the lending rate itself and toward guidance for future policy. RBA Governor Glenn Stevens projected no urgency in continuing the easing cycle, saying the effects of past efforts are yet to be felt in the overall economy. This was perceived as denting the likelihood of further rate cuts in the near term, sending the Aussie higher.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Monetary Base (YoY) (NOV)

5.0%

-

10.8%

0:00

NZD

ANZ Commodity Price (NOV)

1.0%

-

1.4%

0:01

GBP

BRC Sales Like-For-Like (YoY) (NOV)

0.4%

0.9%

-0.1%

0:30

AUD

Building Approvals (MoM) (NOV)

-7.6%

-1.6%

9.5%

0:30

AUD

Current Account Balance (A$) (3Q)

-14900M

-14550M

-12369M

0:30

AUD

Current Account Balance (3Q)

0.1

0

0.3

0:30

AUD

Building Approvals (YoY) (OCT)

14.50%

20.2%

14.3%

1:30

JPY

Labor Cash Earnings (YoY) (OCT)

0.2%

-

-0.5%

3:30

AUD

Reserve Bank of Australia Rate Decision

3.00%

3.00%

3.25%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

8:00

EUR

EU-27 Finance Ministers Meet in Brussels

-

-

High

9:30

GBP

PMI Construction (NOV)

49.3 (A)

50.9

Medium

10:00

EUR

Euro-zone PPI (YoY) (OCT)

2.6% (A)

2.7%

Medium

10:00

EUR

Euro-zone PPI (MoM) (OCT)

0.1% (A)

0.2%

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2992

1.3137

GBPUSD

1.6023

1.6184

--- 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, please CLICK HERE

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

DISCLOSURES