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
EUR/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
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
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 US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
  • Tesla boss Elon Musk is seemingly running the cryptocurrency market single-handed this week with his tweets prompting a massive sell-off before today’s sharp rally. Get your market update from @nickcawley1 here: https://t.co/qGci02osOP https://t.co/Yp24Sakrfl
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/LDP3HlN4A3
  • GBP/USD on the front foot to close the week. Bulls aim for YTD peak, while EUR/GBP range is maintained. Get your market update from @JMcQueenFX here: https://t.co/neGBchlJ0O https://t.co/KME51FSF0D
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCrRwD https://t.co/7w5jodyzj0
  • 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/L3LPCph2ST
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/ysxKO30ZWw
Forex: Euro Looks to April PMI Data Set to Break Deadlock vs US Dollar

Forex: Euro Looks to April PMI Data Set to Break Deadlock vs US Dollar

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Eurozone PMI Data May Not Fuel Euro as Traders Await ECB Outcome
  • US Dollar Hopes to Find a Lifeline in Upbeat Trade Figures Fed-Speak
  • Australian Dollar Little-Changed After Status-Quo RBA Rate Decision

The Euro will look to the final revision of April’s Eurozone PMI data for a catalyst to spark a breakout of congestion as prices tread water against the US Dollar. The regional composite index is expected to confirm preliminary estimates showing manufacturing- and service-sector activity grew at the fastest pace in three years. Upbeat cyclical cues may not have a lasting positive impact on the single currency however as anemic inflation readings continue to fuel ECB stimulus bets. The proximity of this week’s policy announcement from Mario Draghi and company may further undermine conviction, hinting the standstill may for now.

Later in the day, the spotlight will shift to US Trade Balance figures, where the deficit is expected to contract to -$40 billion in March from -$42.3 billion in the prior month. News-flow from the world’s largest economy has increasingly improved relative to expectations since early April, suggesting analysts are under-appreciating the vigor of the US recovery. This opens the door for an upside surprise. Meanwhile, Fed Governor Jeremy Stein is due to speak and is likely to reiterate the central bank’s intention to continue tapering QE asset purchases. It remains to be seen whether this will be enough to boost the US Dollar however, which has struggled to build meaningfully upward despite higher-level upbeat outcomes (notably, last week’s jobs data).

The Australian Dollar was little-changed after the Reserve Bank of Australia (RBA) kept interest rates unchanged at 2.50 percent, as expected. RBA Governor Glenn Stevens reiterated the now-familiar call for a “period of stability in interest rates. This amounts to the status quo established over recent policy meetings, offering little in terms of ammunition for volatility.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:30

AUD

Trade Balance (A$) (MAR)

731M

1200M

1257M

4:30

AUD

RBA Interest Rate Decision

2.50%

2.50%

2.50%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

Italian Composite PMI (APR)

-

51.1

Low

7:45

EUR

Italian Services PMI (APR)

50.5

49.5

Low

7:50

EUR

French Composite PMI (APR F)

50.5

50.5

Low

7:50

EUR

French Services PMI (APR F)

50.3

50.3

Low

7:55

EUR

German Composite PMI (APR F)

56.3

56.3

Medium

7:55

EUR

German Services PMI (APR F)

55.0

55.0

Medium

8:00

EUR

Euro-zone Services PMI (APR F)

53.1

53.1

Medium

8:00

EUR

Euro-zone Composite PMI (APR F)

54.0

54.0

Medium

8:30

GBP

Composite PMI (APR)

-

57.6

Medium

8:30

GBP

Services PMI (APR)

57.8

57.6

Medium

8:30

EUR

EU Composite PMI (APR)

-

54.1

Low

8:30

GBP

Official Reserves (Changes) (APR)

-

-$660M

Low

8:30

EUR

EU Services PMI (APR)

-

53.5

Low

9:00

EUR

Euro-Zone Retail Sales (MoM) (MAR)

-0.2%

0.4%

Medium

9:00

EUR

Euro-Zone Retail Sales (YoY) (MAR)

1.0%

0.8%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3832

1.3854

1.3865

1.3876

1.3887

1.3898

1.3920

GBP/USD

1.6803

1.6836

1.6851

1.6869

1.6884

1.6902

1.6935

--- 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