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
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • #Silver retracing its losses earlier in the session as price carves out a Bear Flag pattern With resistance at $25 holding firm, further losses appear in the offing A daily close below the 21-DMA (24.20) may open the door for a retest of 61.8% Fib support (21.74) $SLVR $SLV https://t.co/rCl3Ms3FB3
  • The Nasdaq 100 index looks set to pull back amid bearish momentum in the near term. The 50-Day Simple Moving Average (SMA) line may serve as an immediate support. Get your #equities update from @margaretyjy here: https://t.co/5Axsg6gAdd https://t.co/rToHnPLSeS
  • $GBPUSD the outlier early in the session, up marginally as UK-EU Brexit negotiators extend talks until October 28 https://t.co/ey92YW4RJw
  • #CrudeOil down 1.95% on the back of tightening #COVID19 restrictions in several European nations $EURUSD nudging marginally lower https://t.co/PUWTfKl08f https://t.co/XuyQOzV6sj
  • Market Snapshot Broad risk-off tilt to kick-off APAC trade #Gold and #CrudeOil prices plunging lower alongside the risk-sensitive $AUDUSD Haven-linked $JPY and $USD moving higher against their major counterparts
  • Wall Street Futures Update: Dow Jones (-0.504%) S&P 500 (-0.536%) Nasdaq 100 (-0.484%) [delayed] -BBG
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/zSCf8azESa
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/tJWOXZCoBw
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
US Dollar May Mount Swift Recovery as Jobs Data Bolsters Fed Outlook

US Dollar May Mount Swift Recovery as Jobs Data Bolsters Fed Outlook

2014-06-06 05:20:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • All Eyes on US May’s US Employment Report into the Week-End
  • US Dollar to Rise if Payrolls Increase Tops Consensus Forecasts
  • High-Yield FX May Suffer Most if US Data Bolsters Fed Outlook

Currency markets are likely to look past a round of second-tier economic releases in European trading hours to focus on the much-anticipated US Employment data set. The report is expected to show nonfarm payrolls rose by 215,000 in May, marking a bit of a slowdown from April’s 288,000 increase. The unemployment rate is expected to tick higher to 6.4 percent after dropping to a four-year low of 6.3 percent in the prior months.

The US Dollar turned sharply yesterday in anticipation of the release, dropping 0.44 percent on average against its leading counterparts to produce the largest single-day decline in two months. Softer labor-market data threatens to cast doubt on continued normalization of Federal Reserve monetary policy, warning that the central bank may opt to slow the process of “tapering” QE asset purchases or delay subsequent interest rate hikes.

US economic news-flow has increasingly improved relative to expectations since early April however.That hints analysts are underestimating the vigor of recovery from the downturn in the first quarter, opening the door for upside surprises. Such a result is likely to bode well for the greenback, sending the benchmark unit higher against most of the majors. Higher-yielding FX may be particularly hurt in this scenario stimulus reduction bets weigh on broader risk appetite. We remain short AUDUSD.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

AiG Performance of Construction Index (MAY)

46.7

-

45.9

23:50

JPY

Official Reserve Assets ($) (MAY)

1283.9B

-

1282.8B

0:00

NZD

QV House Prices (YoY) (MAY)

8.2%

-

8.4%

5:00

JPY

Leading Index (APR P)

106.6

106.2

107.1

5:00

JPY

Coincident Index (APR P)

111.1

110.8

114.5

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

6:00

EUR

German Labor Costs (QoQ) (1Q)

-

0.9%

Low

6:00

EUR

German Labor Costs (YoY) (1Q)

-

2.0%

Low

6:00

EUR

German Trade Balance (€) (APR)

15.1B

16.4B

Medium

6:00

EUR

German Current Account (€) (APR)

15.6B

19.5B

Low

6:00

EUR

German Imports (MoM) (APR)

0.8%

-1.1%

Medium

6:00

EUR

German Exports (MoM) (APR)

1.3%

-1.8%

Medium

6:00

EUR

German Industrial Production (MoM) (APR)

0.4%

-0.5%

Medium

6:00

EUR

German Industrial Production (YoY) (APR)

2.7%

3.0%

Medium

6:30

AUD

Foreign Reserves (A$) (MAY)

-

62.1B

Low

7:00

CHF

Foreign Currency Reserves (MAY)

-

438.9B

Medium

7:15

CHF

Consumer Price Index (MoM) (MAY)

0.2%

0.1%

Medium

7:15

CHF

Consumer Price Index (YoY) (MAY)

0.1%

0.0%

Medium

7:15

CHF

CPI - EU Harmonized (MoM) (MAY)

0.1%

0.1%

Low

7:15

CHF

CPI - EU Harmonized (YoY) (MAY)

0.2%

0.1%

Low

7:15

CHF

Industrial Production (YoY) (1Q)

-

0.4%

Low

8:30

GBP

Trade Balance Non EU (£, Mn) (APR)

-3150

-3190

Low

8:30

GBP

Total Trade Balance (£, Mn) (APR)

-1500

-1284

Low

8:30

GBP

Visible Trade Balance (£, Mn) (APR)

-8650

-8478

Low

8:30

GBP

BoE/GfK Inflation Next 12 Mths (MAY)

-

2.8%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.3277

1.3444

1.3552

1.3611

1.3719

1.3778

1.3945

GBP/USD

1.6585

1.6687

1.6754

1.6789

1.6856

1.6891

1.6993

--- 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