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
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.35B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.30B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • #Copper Price Outlook Remains Bullish Despite Shift in Risk Appetite #XCUUSD $HG https://www.dailyfx.com/forex/market_alert/2020/09/23/Copper-Price-Outlook-Remains-Bullish-Despite-Shift-in-Risk-Appetite.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/VvFm9ekfaB
  • 🇹🇭 Balance of Trade (AUG) Actual: $4.350B Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/S0zbaMLVPK
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Expected: $3.45B Previous: $3.34B https://www.dailyfx.com/economic-calendar#2020-09-23
  • $AUDUSD attempting to find support at the 61.8% Fib (0.7131) after collapsing below the 0.72 level. Bullish RSI divergence suggests a recovery is in the offing, if support successfully stifles selling pressure. Is $AUDUSD poised to recover lost ground? $AUD $USD https://t.co/Ng1Mo98m1C
  • $NZDUSD gained on the #RBNZ rate decision today But, could the New Zealand Dollar resume recent weakness following the rise in market volatility? Check out my market alert here - https://www.dailyfx.com/forex/market_alert/2020/09/23/New-Zealand-Dollar-Gains-on-RBNZ-But-NZDUSD-May-Follow-SP-500-Lower.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Kh7eUkJ5bk
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.09% Silver: -0.72% Oil - US Crude: -1.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/jaR1G9i65d
  • Market Outlook Ahead of the First Biden-Trump Presidential Debate: https://www.dailyfx.com/forex/fundamental/article/special_report/2020/09/23/Market-Outlook-Ahead-of-the-First-Biden-Trump-Presidential-Debate.html
Forex: US Dollar Looks for Strength in Upbeat Consumer Confidence Data

Forex: US Dollar Looks for Strength in Upbeat Consumer Confidence Data

2014-05-16 04:51:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Euro to Look Past Trade Balance Data, May Launch Corrective Rebound
  • UofM Data to Show US Consumer Confidence Hit 10-Month High in May
  • Risk Aversion May See USDJPY Diverge from Broader US Dollar Strength

The economic calendar is quiet in European trading hours. Eurozone Trade Balance figures amount to the only bit of semi-notable event risk, with the surplus expected to swell to €16.0 billion in march compared with €13.6 billion in the prior month. While a print in line with consensus forecasts would amount to the best print in four months, its implications for the Euro are likely to be limited at best in as much as the improvement will do little to discourage building ECB stimulus speculation. The single currency may have room for a corrective bounce amid a lull in negative news-flow however as markets digest the selloff following last week’s monetary policy announcement.

Later in the day, the spotlight turns to May’s preliminary estimate of the University of Michigan gauge of US consumer confidence. Economists are penciling in a print at 84.5, which would amount to the strongest outcome in ten months. Furthermore, US economic news-flow has increasingly improved relative to expectations in early April, suggesting analysts are underestimating the resilience of recovery in the world’s largest economy and opening the door for an upside surprise.

Needless to say, such a result bodes well for the US Dollar against most of its leading counterparts. One possible exception could be USDJPY.Improving US data may dissipate lingering doubts about the continuity of the Fed’s effort to “taper” QE asset purchases, reinforcing the likelihood that the program will be would down this year and fueling speculation about subsequent interest rate hikes.That may hurt risk appetite, driving liquidation of Yen-funded carry trades and pushing the Japanese unit broadly higher. We continue to hold short GBPJPY.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:45

CNY

MNI Business Indicator (MAY)

53.7

-

51.1

2:16

CNY

Foreign Direct Investment (YoY) (APR)

3.4%

1.0%

-1.5%

4:30

JPY

Industrial Production (YoY) (MAR F)

7.4%

-

7.0%

4:30

JPY

Industrial Production (MoM) (MAR F)

0.7%

-

0.3%

4:30

JPY

Capacity Utilization (MoM) (MAR)

0.4%

-

-2.6%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

EU 25 New Car Registrations (APR)

-

10.6%

Low

6:45

EUR

French Non-Farm Payrolls (QoQ) (1Q P)

-0.1%

0.1%

Low

6:45

EUR

French Wages (QoQ) (1Q P)

-

0.2%

Low

9:00

EUR

Eurozone Trade Balance (€) (MAR)

16.0B

13.6B

Low

9:00

EUR

Eurozone Trade Balance s.a. (€) (MAR)

-

15.0B

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3529

1.3613

1.3661

1.3697

1.3745

1.3781

1.3865

GBP/USD

1.6628

1.6702

1.6746

1.6776

1.6820

1.6850

1.6924

--- 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