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
Bullish
Oil - US Crude
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • 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/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • 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/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/obH0RFLKhC
Forex: Euro Pops on German Coalition Deal, Pound Eyeing GDP Data

Forex: Euro Pops on German Coalition Deal, Pound Eyeing GDP Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Yen Falls as Soft US Data Dents QE Taper Bets, Durable Goods Ahead
  • Euro Pops Higher as Germany’s CDU and SPD Reach Coalition Deal
  • Pound Unlikely to Find Strength in Confirmation of Strong 3Q UK GDP

Get Real-Time Feedback on Your Trades with DailyFX on Demand!

The Japanese Yen underperformed as Nikkei 225 futures advanced in overnight trade, sapping haven demand for the safety-linked currency. The move may have reflected a pickup in risk appetite on the back of ebbing concern about a near-term “tapering” of the Federal Reserve QE3 stimulus program after a disappointing set of US economic data. November’s Consumer Confidence reading fell short of economists’ forecasts (as we expected), dropping to the weakest level in seven months.

The Euro edged higher – touching a monthly high – as German Chancellor Angela Merkel and her CDU party reached a coalition agreement with rival SPD. This introduced a sense of political stability in the Eurozone’s largest economy. Key Eurozone initiatives delayed by the absence of an administration in Berlin – notably, a banking union that includes region-wide supervision and a uniform resolution mechanism for troubled lenders – may now continue to progress.

A revised set of third-quarter UK GDP figures headlines the economic calendar in European hours. Expectations call for confirmation of initial estimates that showed the economy added 0.8 percent in the three months through September, marking the strongest performance since mid-2010. The outcome may not offer much of a lift to the British Pound.

Indeed, firm economic data means relatively little for Sterling if it doesn’t translate into policy tightening expectations. This was precisely the message delivered to Parliament’s Treasury Committee by BOE Governor Mark Carney yesterday.The central bank chief stressed that the objective of the Bank’s forward-guidance regime – a scheme whereby it has pledged not to consider rate hikes at least until unemployment falls to 7 percent – was to disconnect improving economic data from rate rise speculation.

Later in the day, the spotlight turns to the US data docket anew, where October’s Durable Goods Orders report is on tap. Expectations point to a 2 percent decline from the prior month, marking the first drawdown in three months. That may further scatter near-term Fed QE reduction bets and compound downward pressure on the US Dollar after the benchmark currency pulled back having set a monthly high, as expected.

New to FX? START HERE!

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Trade Balance (NZ$) (OCT)

-168M

-350M

-216M

21:45

NZD

Trade Balance YTD (NZ$) (OCT)

-1005M

-1120M

-1550M

21:45

NZD

Exports (NZ$) (OCT)

4.25B

4.00B

3.82B

21:45

NZD

Imports (NZ$) (OCT)

4.42B

4.32B

4.04B

0:00

AUD

CBAHIA House Affordability (3Q)

75.1

-

72.8

0:30

AUD

Construction Work Done (3Q)

2.7%

0.5%

0.1%

Euro Session:

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

7:00

CHF

UBS Consumption Indicator (OCT)

1.28 (A)

1.56

Medium

9:00

EUR

German GfK Consumer Confidence (DEC)

7.1

7.0

Medium

9:30

GBP

Gross Domestic Product (Q/Q) (3Q P)

0.8%

0.8%

High

9:30

GBP

Gross Domestic Product (Y/Y) (3Q P)

1.5%

1.5%

High

9:30

GBP

Private Consumption (Q/Q) (3Q P)

0.6%

0.3%

Low

9:30

GBP

Government Spending (Q/Q) (3Q P)

0.5%

0.5%

Low

9:30

GBP

Gross Fixed Capital Formation (Q/Q) (3Q P)

1.3%

0.8%

Low

9:30

GBP

Exports (Q/Q) (3Q P)

-1.0%

3.0%

Low

9:30

GBP

Imports (Q/Q) (3Q P)

1.3%

2.9%

Low

9:30

GBP

Total Business Investment (Q/Q) (3Q P)

2.0%

-2.7%

Low

9:30

GBP

Total Business Investment (Y/Y) (3Q P)

-

-8.5%

Low

9:30

GBP

Index of Services (M/M) (SEP)

0.4%

0.4%

Low

9:30

GBP

Index of Services (3M/3M) (SEP)

0.7%

0.6%

Low

11:00

GBP

CBI Reported Sales (NOV)

10

2

Low

Critical Levels:

CCY

SUPP 3

SUPP 2

SUPP 1

Pivot Point

RES 1

RES 2

RES 3

EURUSD

1.3436

1.3495

1.3534

1.3554

1.3593

1.3613

1.3672

GBPUSD

1.6031

1.6111

1.6164

1.6191

1.6244

1.6271

1.6351

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES