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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/lKvEMf4QRe
  • Weakness in equity markets continued last week as losses built and technical patterns hint further bearishness might be ahead. Get your #equities update from @PeterHanksFX here: https://t.co/GGVrB3r7if https://t.co/HPHUC8EG3o
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/q80wSAoxXP
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here: https://t.co/719LgjFmYG https://t.co/SSoqjONUzA
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
Forex: Euro to Look Past German Data, Dollar Eyeing Home Sales Report

Forex: Euro to Look Past German Data, Dollar Eyeing Home Sales Report

2014-05-23 04:38:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Australian Dollar Follows Stocks Higher in Quiet Overnight Trade
  • German GDP Revision, IFO Data Unlikely to Fuel Euro Volatility
  • US Dollar Looking for Catalyst in April’s New Home Sales Report

The Australian Dollar narrowly outperformed in otherwise quiet overnight trade, rising as much as 0.3 percent on average against its leading counterparts. The move appeared to reflect a risk-on mood on Asian bourses. The MSCI Asia Pacific regional equity benchmark index rose 0.5 percent, boosting the sentiment-sensitive Australian unit. The likewise risk-geared New Zealand Dollar was unable to capitalize, hobbled by a disappointing ANZ Consumer Confidence report. The gauge fell 4.4 percent in May, marking the largest decline in fourteen months. We remain short AUDUSD.

The economic calendar is relatively muted in European trading hours. The final revision of first-quarter German GDP figures is expected to confirm output grew 0.8 percent, marking a pickup from the 0.4 percent recorded in the final three months of 2013. Separately, the German IFO gauge of business confidence is expected to show the headline Business Climate index edged narrowly lower to 110.9 in May. A print in line with expectations would fall broadly in line with near- to medium-term trend averages. On balance, these figures offer little in terms of directional guidance for the Euro in as much they would do little to further inform speculation about the likelihood of imminent ECB stimulus expansion. We have entered short EURUSD.

Later in the day, the spotlight turns to US New Home Sales figures. Expectations call for a print at 425K in April, marking a return to form after a deep slump to an eight-month low at 384K in March. 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 is likely to bode well for the US Dollar as prices attempt to extend upward after hitting a two-month high.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:00

NZD

ANZ Consumer Confidence Index (MAY)

127.6

-

133.5

1:00

NZD

ANZ Consumer Confidence (MoM) (MAY)

-4.4%

-

1.1%

2:00

CNY

Conference Board Leading Index (APR)

288.1

-

285.5

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

German GDP s.a. (QoQ) (1Q F)

0.8%

0.4%

Medium

6:00

EUR

German GDP w.d.a. (YoY) (1Q F)

2.3%

1.4%

Medium

6:00

EUR

German GDP n.s.a. (YoY) (1Q F)

2.5%

1.3%

Medium

6:00

EUR

German Capital Investment (1Q)

2.1%

1.4%

Low

6:00

EUR

German Domestic Demand (1Q)

1.4%

-0.7%

Low

6:00

EUR

German Private Consumption (1Q)

0.6%

-0.1%

Low

6:00

EUR

German Government Spending (1Q)

0.3%

0.0%

Low

6:00

EUR

German Construction Investment (1Q)

3.2%

1.4%

Low

6:00

EUR

German Exports (1Q)

0.6%

2.6%

Low

6:00

EUR

German Imports (1Q)

1.0%

0.6%

Low

8:00

EUR

German IFO - Current Assessment (MAY)

115.5

115.3

Medium

8:00

EUR

German IFO - Expectations (MAY)

106.6

107.3

Medium

8:00

EUR

German IFO - Business Climate (MAY)

110.9

111.2

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3577

1.3620

1.3638

1.3663

1.3681

1.3706

1.3749

GBP/USD

1.6748

1.6814

1.6842

1.6880

1.6908

1.6946

1.7012

--- 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