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
Subscribe
Please try again
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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/3bOSIBeID9
  • Rising yields and US Dollar creates a weak environment for gold, which trades at a 9-month low. Get your market update from @JMcQueenFX here: https://t.co/lh6Qb2qxin https://t.co/MRAYe57e1A
  • RT @FxWestwater: US Dollar Fundamental Forecast: US Dollar Eyes Inflation Data After NFP Boost Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2021/03/06/US-Dollar-Fundamental-Forecast-US-Dollar-Eyes-Inflation-Data-after-NFP-Boost.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $DXY https://…
  • 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/arxYmtQeUn https://t.co/NvEAeWkBP1
  • The British Pound continues to face downside pressure as corrective trades continue. Get your market update from @HathornSabin here: https://t.co/YCctQSt2vB https://t.co/naVcnmf9UT
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/vABKiG4WNe
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/IQyDCjb5Dn
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/xFYoNUKhsM
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/ZjrCYXTIdD
  • 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/BdgFmkRxVw https://t.co/dPE4AsJxqv
Euro Looks to German Inflation Report to Power a Corrective Bounce

Euro Looks to German Inflation Report to Power a Corrective Bounce

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro May Correct Higher if Augusts’ German CPI Data Tops Expectations
  • US Dollar Slumped on Profit-Taking in Asia, 2Q GDP Revision Eyed Ahead
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The preliminary set of Augusts’ German CPI figures headlines the economic calendar in European hours. The baseline year-on-year inflation rate is expected to remain unchanged at 0.8 percent, matching a four-year low recorded in May.

In broad trend terms, German price-growth data has cautiously improved relative to consensus forecasts over recent months, hinting at the possibility for an upside surprise. Such an outcome may pour cold water on speculation about an imminent expansion of ECB stimulus, sending the Euro higher. The chart setup likewise hints the single currency is preparing to correct higher.

The US Dollar broadly underperformed in overnight trade, sliding as much as 0.2 percent on average against its leading counterparts. The selloff may reflect profit-taking in preparation for the upcoming release of revised second-quarter US GDP figures. The report is expected to see the annualized quarter-on-quarter growth figure revised down to 3.9 percent from the initially-reported 4.0 percent result.

A softer-than-expected print may undermine bets on a relatively sooner move to raise interest rates after the Federal Reserve wraps up QE3 asset purchases in October. Such a possibility after the benchmark unit hit a six-month high earlier this week makes a degree of profit-taking seem reasonable. Indeed, technical positioning warns a near-term top may be in place.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:00

AUD

HIA New Home Sales (MoM) (JUL)

-5.7%

-

1.2%

1:30

CNY

Industrial Profits (YoY) (JUL)

13.5%

-

17.9%

1:30

AUD

Private Capital Expenditure (2Q)

1.1%

-0.9%

-2.5%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:55

EUR

German Unemployment Rate s.a. (AUG)

6.7%

6.7%

Medium

7:55

EUR

German Unemployment Change (AUG)

-5K

-12K

Medium

8:00

EUR

Eurozone M3 s.a. (YoY) (JUL)

1.5%

1.5%

Low

8:00

EUR

Eurozone M3 s.a. (3M) (JUL)

1.3%

1.1%

Low

8:30

GBP

Lloyds Business Barometer (AUG)

52

Low

9:00

EUR

Eurozone Industrial Confidence (AUG)

-4.5

-3.8

Low

9:00

EUR

Eurozone Consumer Confidence (AUG F)

-10

-10

Low

9:00

EUR

Eurozone Economic Confidence (AUG)

101.5

102.2

Low

9:00

EUR

Eurozone Services Confidence (AUG)

3.5

3.6

Low

9:00

EUR

Eurozone Business Climate Indicator (AUG)

-

0.17

Low

10:00

GBP

CBI Reported Sales (AUG)

27

21

Low

12:00

EUR

German CPI (MoM) (AUG P)

0.0%

0.3%

High

12:00

EUR

German CPI (YoY) (AUG P)

0.8%

0.8%

High

12:00

EUR

German CPI - EU Harmonised (MoM) (AUG P)

0.0%

0.3%

Medium

12:00

EUR

German CPI - EU Harmonised (YoY) (AUG P)

0.8%

0.8%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3071

1.3128

1.3161

1.3185

1.3218

1.3242

1.3299

GBPUSD

1.6437

1.6505

1.6541

1.6573

1.6609

1.6641

1.6709

--- 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