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
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
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
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
USD/JPY
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
  • GBP/USD continues to climb back towards 1.40 $GBPUSD https://t.co/On4fkVULFQ
  • The US Dollar is in a pretty messy state at the moment, especially from short-term vantage points. Get your $USD market update from @JStanleyFX here:https://t.co/NfbIpD4yPj https://t.co/V3Fg0WpQHi
  • today's webinar ready to go -> https://www.dailyfx.com/forex/video/live_events/2021/03/02/us-dollar-price-action-setups-usd-gbpusd-gbp-usd-usdjpy-usd-jpy-audjpy-aud-jpy.html https://t.co/wlXd4DqoNu https://t.co/xxuiNHzCp2
  • AUD/USD on the rise prior to Australia's Q4 GDP print $AUDUSD https://t.co/2lgNJYkbWV
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: 0.58% Silver: 0.51% Oil - US Crude: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bRXxRZST1Z
  • US Senate Majority Leader Chuck Schumer says there are enough votes needed to pass President Joe Biden's $1.9-trillion stimulus bill. $SPX $NDX $DJI $RUT
  • OPEC+ members reportedly said to cool down oil market with increased production. WTI crude oil prices down nearly -6% from last week's high, currently hovering around $60/bbl. $CL_F $USO #OOTT https://t.co/mvATw1o4Ws
  • OPEC+ set to cool oil market with increased production - BBG
  • Fed's Brainard: -A persistent tightening of financial conditions would be a concern -Will continue to watch market developments carefully $TNX $TLT $AGG $LQD $TIP
  • Fed's Daly -Encouraged by inflation compensation rising to 2% -Don't see runaway inflation as imminent risk -Inflations reacts less now to employment, output changes -Must not let memories of high inflation dictate policy -Will be accommodative for some time to reach goals $USD
Forex: US Dollar Finds Support Amid Commodity Market Liquidation

Forex: US Dollar Finds Support Amid Commodity Market Liquidation

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Gains Amid Broad Liquidation Across Commodity Markets
  • Follow-Through on Overnight Moves to be Tested as Liquidity Returns
  • Yen Drops, Nikkei Gains as Soft Trade Data Drives BOJ Easing Bets

The US Dollar advanced in overnight trade in a move that appeared to mirror a selloff in the commodities space. Crude oil traded aggressively lower, with the WTI contract on pace to issue its largest daily drop in three weeks. Liquidation likewise struck the precious metals space, with gold and silver both under pressure. The move may have followed a report from the Financial Times over the weekend saying that Barclays, one the world’s largest players in the commodities markets, is planning to wind down a large portion of the business after a sharp slide in revenues.

Most commodities are priced in terms of the greenback. With that in mind, it stands to reason that a pre-emptive selloff reflecting the exit of major market participant would generate parallel declines in commodity prices and an advance from the benchmark currency. The magnitude of the move may have been amplified by thin holiday-induced liquidity, with key markets in Australia and Hong Kong as well as Europe offline for Easter Monday. It remains to be seen whether momentum carries through into US trade, when participation ought to see something of a pickup.

The Japanese Yen underperformed after the March set of Trade Balance figures revealed an unexpectedly large deficit of -¥1446.3 billion. Details of the report appeared more worrisome than the headline figure: the year-on-year export growth rate slowed to 1.8 percent, marking the weakest reading in a year. The outcome sent the benchmark Nikkei 225 stock index higher and weighed on the Yen in a move that seemed to reflect speculation increasingly weak economic news-flow will encourage the Bank of Japan to expand monetary stimulus efforts.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Merchandise Trade Balance Total (¥) (MAR)

-1446.3B

-1080.9B

-802.5B

23:50

JPY

Adj. Merchandise Trade Balance (¥) (MAR)

-1714.2B

-1427.6B

-1184.0B

23:50

JPY

Merchandise Trade Imports (YoY) (MAR)

18.1%

16.2%

9.0%

23:50

JPY

Merchandise Trade Exports (YoY) (MAR)

1.8%

6.3%

9.8%

5:00

JPY

Supermarket Sales (YoY) (MAR)

-

1.5%

7:00

JPY

Convenience Store Sales (YoY) (MAR)

-

1.0%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

No Data

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3789

1.3802

1.3807

1.3815

1.3820

1.3828

1.3841

GBP/USD

1.6732

1.6761

1.6777

1.6790

1.6806

1.6819

1.6848

--- 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