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
Bearish
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
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • BoJ Governor Kuroda: - ETF purchases goal is to lower risk premium - ETF purchases not intended to raise stock prices - BBG
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/YCSGO04Aud
  • Crude oil prices are underpinned by an unexpected fall in US crude inventories, as well as a softening US Dollar. The API reported a substantial 5.27-million-barrel draw in crude inventories, far larger than the baseline forecast of a 0.43-million-barrel rise. https://t.co/F2bQ58LVHl
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Gold: -0.19% Silver: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gyzo42h8OQ
  • (Sentiment Weekly) Canadian Dollar, Crude Oil Forecast: Will USD/CAD, WTI Fall as Long Bets Rise? (plus recording of today's webinar on IG Client Sentiment within the article below) https://www.dailyfx.com/forex/technical/article/special_report/2021/01/27/Canadian-Dollar-Crude-Oil-Forecast-Will-USDCAD-WTI-Fall-as-Long-Bets-Rise.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/hsw0vma7CL
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇬🇧GBP: -0.02% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.14% 🇳🇿NZD: -0.14% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Dc4gyvBsZb
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/PxfRaYC4Pj
  • China's Ministry of Industry and Information Technology releases measures aimed at accelerating the reduction of steel output - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JylO9zltOq
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/AyIyZ4xpjQ
Forex: Pound May Bounce on PMI Data, Euro to Look Past PPI Drop

Forex: Pound May Bounce on PMI Data, Euro to Look Past PPI Drop

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound Hoping for a Lifeline in Construction PMI Uptick
  • Euro Unlikely to See Strong Response to Another Soft PPI Print
  • US Dollar Eyeing ADP Jobs Data for Near-Term Direction Cues

The UK Construction PMI report headlines a quiet European economic calendar. Expectations suggest the pace of activity growth in the house-building sector narrowly accelerated in March. The British Pound has shown itself responsive to economic activity data and its implications for BOE policy bets: the currency slid alongside the benchmark 10-year Gilt yield yesterday in the wake of a disappointing Manufacturing PMI release. With that in mind, an upbeat result on today’s report may offer Sterling a lifeline, although technical positioning is looking a bit ominous after yesterday’s selloff.

Meanwhile, Eurozone PPI figures are due to show wholesale inflation sunk deeper into negative territory, with the year-on-year rate expected to have edged down to a four-year low at -1.6 percent in February. While increasingly worrying cues on the price growth front might be expected to stoke ECB stimulus bets and weigh on the Euro, a strong response from price action seems unlikely as today’s report comes across the wires. Indeed, if this week’s soft CPI data – an outcome more directly geared to the policy outlook – was unable to shake the single currency, the lower-impact PPI report is unlikely to spark momentum.

Later in the day, the spotlight turns to the US ADP Employment Change number as speculators look for clues ahead of Friday’s official jobs report. The payrolls company is expected to report the world’s top economy added 195,000 jobs in March, marking the largest increase in four months. That might fuel hopes for an upbeat Nonfarm Payrolls reading on tap later in the week, eroding doubts about the continuity of the Fed’s efforts to “taper” QE asset purchases and boost the US Dollar.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Monetary Base (YoY) (MAR)

54.8%

-

55.7%

23:50

JPY

Monetary Base - End of Period (MAR)

¥219.9T

-

¥204.8T

0:00

NZD

ANZ Commodity Price (MAR)

-0.1%

-

0.9%

0:30

AUD

Job Vacancies (FEB)

2.6%

-

-1.7%

3:30

AUD

Building Approvals (MoM) (FEB)

-5.0%

-2.0%

6.9%

3:30

AUD

Building Approvals (YoY) (FEB)

23.2%

27.9%

34.6%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

6:00

GBP

Nationwide House Prices (MoM) (MAR)

0.4% (A)

0.7%

Low

6:00

GBP

Nationwide House Prices (YoY) (MAR)

9.5% (A)

9.4%

Low

8:30

GBP

Markit/CIPS UK Construction PMI (MAR)

63.0

62.6

Medium

9:00

EUR

Euro-Zone PPI (MoM) (FEB)

-0.1%

-0.4%

Low

9:00

EUR

Euro-Zone PPI (YoY) (FEB)

-1.6%

-1.4%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3700

1.3746

1.3770

1.3792

1.3816

1.3838

1.3884

GBP/USD

1.6529

1.6585

1.6607

1.6641

1.6663

1.6697

1.6753

--- 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