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
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
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
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
Mixed
More View more
Real Time News
  • RT @dlacalle_IA: ... “Temporary” Fed plans to double repo market intervention to avoid cash crunch https://t.co/j6N3Qmo6HX
  • RT @HeathaT: The @USTradeRep "fact sheet" on the US-China deal is pretty light on details, but if you're looking for something written down…
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/1H5UASpHb7
  • What is the best time to trade #forex? Find out: https://t.co/M9R46rmPUK #tradingstyle https://t.co/k6z9p9v4nY
  • The bear flag pattern is a popular price pattern used by technical traders within the financial markets to determine trend continuations. How can you trade a bearish flag pattern? Find out here: https://t.co/HfXdjTWdEi @WVenketas https://t.co/qV7J1mhGBi
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/L1it36hFzw
  • RT @TaviCosta: The labor market has started to crack. ADP report leads annual change in unemployment rate with a 0.9 correlation. Equity…
  • RT @economics: How likely is it that the U.S. will enter a recession? This tracker will tell you https://t.co/GV0blNwNOx
  • #DidYouKnow the global trade volumes dropped by close to 10% amid the Great Recession. Want to know your #tradewars history? Get it here: https://t.co/f4loFVimeY https://t.co/E4GkupnRnC
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/jtZTvodpCt
Euro Looks to Draghi Testimony to Feed Stimulus Expansion Speculation

Euro Looks to Draghi Testimony to Feed Stimulus Expansion Speculation

2014-07-14 04:21:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

  • Euro Looks to Draghi Testimony for Clues About Stimulus Expansion
  • NZ Dollar Narrowly Higher on Firming RBNZ Bets in Overnight Trade
  • What Will Drive Forex Markets in the Days? See Our Weekly Outlook

Testimony from ECB President Draghi is in focus in European trading hours. Traders will be most keen to learn any details about the central bank’s work on an ABS asset purchase program. Policymakers promised to step up work on such an effort in June. The markets will be looking to gauge whether the ECB has already decided to implement ABS asset purchases – meaning stimulus expansion is in train – or if the scheme is intended to sit in the central’s toolbox for now. Dovish rhetoric hinting at the former is likely to weigh on the Euro, and vice versa. We are short EUR/USD.

The New Zealand Dollar narrowly outperformed in otherwise quiet overnight trade, rising as much as 0.15 percent on average against its leading counterparts. The move higher paced an increase in New Zealand’s benchmark 10-year bond yield, hinting firming RBNZ policy bets were behind the advance. Marginal improvements on June’s REINZ housing data set and an uptick on the Performance of Services Index may have been the culprits behind price action.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:15

NZD

REINZ House Price Index (MoM) (JUN)

-0.3%

-

-1.2%

21:15

NZD

REINZ House Sales (YoY) (JUN)

-6.1%

-

-14.8%

22:30

NZD

Performance of Services Index (JUN)

54.7

-

54.1

1:30

AUD

Credit Card Balances (A$) (MAY)

50.0B

-

49.8B

1:30

AUD

Credit Card Purchases (A$) (MAY)

22.9B

-

21.3B

4:30

JPY

Industrial Production (MoM) (MAY F)

0.5%

4:30

JPY

Industrial Production (YoY) (MAY F)

0.8%

4:30

JPY

Capacity Utilization (MoM) (MAY)

-2.2%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

9:00

EUR

Eurozone Industrial Production (YoY) (MAY)

0.5%

1.4%

Low

9:00

EUR

Eurozone Industrial Production (MoM) (MAY)

-1.2%

0.8%

Low

17:30

EUR

ECB's Draghi Speaks in EU Parliament

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3542

1.3575

1.3591

1.3608

1.3624

1.3641

1.3674

GBPUSD

1.7006

1.7063

1.7090

1.7120

1.7147

1.7177

1.7234

--- 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.