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
Gold
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
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
  • Seeing some continued US Dollar weakness post-FOMC as expected. $DXY hitting fresh monthly lows with weekly jobless claims data and the 2Q GDP report released this morning both disappointing relative to consensus. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/us-dollar-hits-monthly-low-as-jobless-claims-q2-gdp-disappoint.html https://t.co/MnaABIzbRr
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.88% US 500: 0.52% France 40: 0.50% Wall Street: 0.49% Germany 30: 0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7PWjwTJE5Y
  • The US 2Q GDP was technically better than the previous quarter at 6.5% (prev 6.3% revised down), but far more tame than the 8.4% forecasted. The $DXY Dollar Index is responding to the data with its fourth consecutive slide https://t.co/GsLyQwGaLC
  • White House says it is necessary for congress to extend eviction moratorium, current ban cannot be extended unilaterally after high court case -BBG
  • AUD/USD defends the advance following the Federal Reserve interest rate decision as the US Gross Domestic Product (GDP) report warns of a weaker-than-expected recovery. Get your $AUD market update from @DavidJSong here:https://t.co/6OpqGxv4ni https://t.co/eLEbTosjx9
  • RT @WVenketas: #FTSE100 index up 1% today and 9.70% YTD after several constituents posted record #earnings results with help from a #dovish…
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.01% Gold: 1.15% Oil - US Crude: 0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bApWwhOIbg
Forex: Euro Unlikely to Find Support in Upbeat Manufacturing PMI Data

Forex: Euro Unlikely to Find Support in Upbeat Manufacturing PMI Data

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro Unlikely to Find Support in Upbeat Manufacturing PMI Data
  • US Dollar Vulnerable if January’s ISM Print Proves Disappointing
  • New Zealand Dollar Outperformed in Otherwise Quiet Asian Trade

Final revisions of January’s Eurozone Manufacturing PMI readings headline the economic calendar in European hours. Flash estimates put the most closely-watched German and regional-wide measures at 32-month highs. Confirmation of these seemingly robust results seems unlikely to boost the Euro as traders remain focused on anemic inflation trends and their implications for an expansion of ECB stimulus efforts, perhaps as soon as this week. We continue to hold short EURUSD.

Later in the day, the spotlight turns to US ISM Manufacturing data. The report is expected to show that factory-sector activity growth slowed for the second consecutive month in January. US news-flow has increasingly softened relative to consensus forecasts over the past two weeks, suggesting analysts are overestimating the health of the world’s largest economy and opening the door for a downside surprise. That may weigh on the US Dollar as traders size up the outcome’s implications for a possible slowing of the Fed’s QE “tapering” process.

The New Zealand Dollar outperformed in otherwise quiet overnight trade, sliding as much as 0.3 percent on average against its leading counterparts. A singular catalyst was not readily apparent, suggesting the Kiwi’s advance probably reflected corrective price action after last week’s dismal showing. The currency slid 1.56 percent against its US namesake, yielding the worst performance among the majors.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:30

AUD

AiG Performance of Manuf. Index (JAN)

46.7

-

47.6

23:00

AUD

RPData/Rismark House Px (MoM) (JAN)

1.2%

-

1.4%

23:30

AUD

TD Securities Inflation (MoM) (JAN)

0.1%

-

0.7%

23:30

AUD

TD Securities Inflation (YoY) (JAN)

2.5%

-

2.7%

0:01

GBP

Hometrack Housing Survey (MoM) (JAN)

0.3%

-

0.5%

0:01

GBP

Hometrack Housing Survey (YoY) (JAN)

4.8%

-

4.4%

0:30

AUD

Building Approvals (MoM) (DEC)

-2.9%

-0.5%

-0.3%

0:30

AUD

Building Approvals (YoY) (DEC)

21.8%

23.4%

23.6%

0:30

AUD

ANZ Job Advertisements (MoM) (JAN)

-0.3%

-

-0.8%

1:00

CNY

Non-manufacturing PMI (JAN)

53.4

-

54.6

5:00

JPY

Vehicle Sales (YoY) (JAN)

27.5%

-

18.7%

5:30

AUD

Commodity Index (YoY) (JAN)

-9.9%

-

-3.6%

5:30

AUD

Commodity Index AUD (JAN)

91.5

-

92.5

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

8:30

CHF

PMI Manufacturing (JAN)

55.0

53.9

Low

8:45

EUR

Italian PMI Manufacturing (JAN)

53.2

53.3

Low

8:50

EUR

French PMI Manufacturing (JAN F)

48.8

48.8

Medium

8:55

EUR

German PMI Manufacturing (JAN F)

56.3

56.3

Medium

9:00

EUR

Euro-Zone PMI Manufacturing (JAN F)

53.9

53.9

Medium

9:30

GBP

PMI Manufacturing (JAN)

57.3

57.3

High

10:00

EUR

Euro Area 3Q Government Deficit

-

-

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3325

1.3419

1.3452

1.3513

1.3546

1.3607

1.3701

GBP/USD

1.6313

1.6384

1.6411

1.6455

1.6482

1.6526

1.6597

--- 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