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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
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
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
Bitcoin
Bearish
More View more
Real Time News
  • #Gold prices may rise along with the $SEK and $NOK if the ECB and FOMC minutes fuel rate cut bets and boost the appeal of non-interest-bearing assets and riskier currencies. Get your market update from @ZabelinDimitri here: https://t.co/LFpNQ4OwLG
  • Overnight index swaps are now pricing in about a 50.1 percent probability of a 25bp #RBNZ rate cut at the May 2020 monetary policy announcement $NZDUSD
  • The $GBP has remained quite steady as general election campaigning begins in earnest. Can it remain so given the huge #Brexit differences between candidates? Find out from @DavidCottleFX here:https://t.co/3ftWj2HhLJ https://t.co/igUoZZiqlH
  • #NOK, #SEK and #GBP are expected to be the most-active #G10 currencies #USD with one-week implied volatility at 7.68, 7.28 and 6.85 respectively
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.06% Oil - US Crude: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NKYwNN4UKx
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.04% 🇬🇧GBP: 0.03% 🇨🇦CAD: 0.02% 🇦🇺AUD: -0.00% 🇳🇿NZD: -0.02% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MhXCqXQZBS
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.17%, while traders in France 40 are at opposite extremes with 83.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/51OEaBUR7T
  • RT @YuanTalks: #PBOC cut yuan’s fixing by 89 pips to 7.0306 per USD, vs 7.0217 one day earlier.
  • RT @globaltimesnews: China urges the US to stop provocations to avoid unforeseen incidents. The Chinese military is determined to safeguard…
  • The $AUD and its local #ASX 200 stock index have diverged in what may be a sign of market confidence in ebbing US-China trade war and #Brexit risks. Get your market update from @IlyaSpivak here: https://t.co/nuN48hX6d6 https://t.co/7eMZlyYqaM
Forex: US Dollar May Rise Despite a Downgrade of 1Q GDP Data

Forex: US Dollar May Rise Despite a Downgrade of 1Q GDP Data

2014-05-29 06:20:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • New Zealand Dollar Falls as RBNZ Rate Hike Bets Unravel
  • Aussie Dollar Shrugs Off Soft Data, Gains on Risk Appetite
  • US Dollar May Rise Despite Downgrade of 1Q GDP Figure

The US Dollar corrected broadly lower in overnight trade after hitting a two-month high in the preceding 24 hours. The New Zealand Dollar likewise came under pressure in a move that once again tracked a decline in the island nation’s benchmark 10-year bond yield, hinting recent weakness reflects eroding RBNZ interest rate hike expectations. We have entered short NZDUSD.

The Australian Dollar outperformed, shrugging off disappointing first-quarter Private Capital Expenditure data, to rise as much as 0.5 percent on average against its leading counterparts. The move tracked an overnight rally in S&P 500 futures, pointing to a swell in risk appetite as the catalyst behind gains in the sentiment-linked currency. We remain short AUDUSD.

A bare European data docket puts the spotlight turns to the second revision of first-quarter US GDP figure. Expectations point to a downgrade showing output fell 0.5 percent. Initial estimates had the economy growing 0.1 percent.

Speculation about a revised print in negative territory has been swirling around for weeks. This may take the sting out of a soft print, with traders reacting to the outcome in relative rather than absolute terms. That means a better-than-expected outcome may drive the greenback higher even if it telegraphs a significantly weaker first quarter than previously thought.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Retail Trade (YoY) (APR)

-4.4%

-3.3%

11.0%

23:50

JPY

Retail Trade s.a. (MoM) (APR)

-13.7%

-11.7%

6.4%

23:50

JPY

Large Retailers' Sales (APR)

-6.8%

-7.1%

16.1%

1:00

AUD

HIA New Home Sales (MoM) (APR)

2.9%

-

0.2%

1:30

AUD

Private Capital Expenditure (1Q)

-4.2%

-1.9%

-4.5%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

8:30

GBP

Lloyds Business Barometer (MAY)

-

66

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3508

1.3557

1.3574

1.3606

1.3623

1.3655

1.3704

GBP/USD

1.6506

1.6624

1.6667

1.6742

1.6785

1.6860

1.6978

--- 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

News & Analysis at your fingertips.