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
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.82% Gold: 0.48% Oil - US Crude: -3.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H5md2j1fC1
  • Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/oqAjsNXNBY
  • Worth going along to...👍👍👍 #charts #technicalanalysis Click the link below 👇👇👇 https://t.co/At4Kj3vyOK
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.49% 🇯🇵JPY: 0.46% 🇦🇺AUD: 0.39% 🇳🇿NZD: 0.19% 🇨🇦CAD: 0.17% 🇬🇧GBP: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AgsGuOjCpX
  • EU is set to express grave concern over China's recent actions with regard to Hong Kong
  • 🇬🇧 Gfk Consumer Confidence Final Actual: -34 Expected: -34 Previous: -33 https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇵🇹 GDP Growth Rate YoY Final Actual: -2.3 Expected: -2.4% Previous: 2.2% https://www.dailyfx.com/economic-calendar#2020-05-29
  • 🇵🇹 GDP Growth Rate QoQ Final Actual: -3.8 Expected: -3.9% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-05-29
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.10% Wall Street: 0.01% France 40: -1.00% FTSE 100: -1.11% Germany 30: -1.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/PQvHUdi6ES
  • Bitcoin Forecast: BTC/USD Price – Move Higher Hinted Ahead More details in the link: https://www.dailyfx.com/forex/technical/article/special_report/2020/05/29/Bitcoin-Forecast-BTCUSD-Price--Move-Higher-Hinted-Ahead-MK.html?CHID=9&QPID=917714 https://t.co/TdOlmm2Cit
Euro May Rise as 4Q GDP Data Triggers Short-Covering

Euro May Rise as 4Q GDP Data Triggers Short-Covering

2015-02-13 04:58:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Better-Than-Expected 4Q Eurozone GDP Print May Trigger Euro Recovery
  • US Dollar May Decline if UofM Confidence Data Falls Short of Expectations
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The preliminary set of fourth-quarter Eurozone GDP figures headlines the economic calendar in European trading hours. Output is expected to expand by 0.2 percent, matching the increase recorded in the three months through September and keeping the year-on-year growth rate steady at 0.8 percent.

News-flow from the currency bloc have increasingly outperformed relative to consensus forecasts over recent weeks. This hints that analysts are over-estimating the degree of malaise plaguing the region and opening the door for an upside surprise.

While such an outcome won’t dismiss the longer-term bearish outlook courtesy of the ECB’s on-coming launch of quantitative easing (QE), it may offer a reason to initiate short-covering on bets against the single currency, producing a near-term Euro rebound. Indeed, data from CFTC shows net speculative short positions are at their highest since June 2012.

Later in the day, the spotlight will turn to February’s University of Michigan gauge of US consumer confidence. The index is expected to hold unchanged at 98.1, matching an eleven-year high recorded in the prior month.

Contrary to the Euro area, realized data outcomes out of the US have increasingly trailed behind consensus forecasts. This warns of a disappointing print that may weigh on the US Dollar amid moderating Fed rate hike bets. Technical positioning likewise warns of a downside scenario.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Food Prices (MoM) (JAN)

1.3%

-

0.3%

2:00

CNY

Conference Board Leading Index (JAN)

311.4

-

311.6

2:00

NZD

Non Resident Bond Holdings (JAN)

65.8%

-

65.0%

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

6:30

EUR

French GDP (YoY) (4Q P)

0.3%

0.4%

Medium

6:30

EUR

French GDP (QoQ) (4Q P)

0.1%

0.3%

Medium

7:00

EUR

German GDP s.a. (QoQ) (4Q P)

0.3%

0.1%

High

7:00

EUR

German GDP n.s.a. (YoY) (4Q P)

1.2%

1.2%

High

7:00

EUR

German GDP w.d.a. (YoY) (4Q P)

1.0%

1.2%

High

9:00

EUR

Italian GDP (YoY) (4Q P)

-0.5%

-0.5%

Medium

9:00

EUR

Italian GDP (QoQ) (4Q P)

-0.1%

-0.1%

Medium

9:30

EUR

General Italy Government Debt (DEC)

-

2160.1B

Low

9:30

GBP

Construction Output s.a. (MoM) (DEC)

2.7%

-2.0%

Low

9:30

GBP

Construction Output s.a. (YoY) (DEC)

5.5%

3.6%

Low

10:00

EUR

Eurozone GDP s.a. (QoQ) (4Q P)

0.2%

0.2%

High

10:00

EUR

Eurozone GDP s.a. (YoY) (4Q P)

0.8%

0.8%

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.1136

1.1256

1.1330

1.1376

1.1450

1.1496

1.1616

GBPUSD

1.4926

1.5131

1.5257

1.5336

1.5462

1.5541

1.5746

--- 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.