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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Bearish
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% FTSE 100: 0.09% Germany 30: 0.06% Wall Street: -0.02% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MFEjkHP34f
  • Fed's Kashkari: Maximum employment means at the very least back to pre-COVID levels of employment
  • Fed's Kashkari: - I am opposed to rate hikes at least through 2023 - The labor market is still in a deep hole; it will take some time to get people reattached to the work force
  • Fed's Kashkari: - The Fed's interest rate dot plot has provided too-hawkish guidance in the past, I am in favor of getting rid of it - I don't believe the Delta variant of COVID will force the US to return to lockdown
  • Fed's Kashkari: - The Fed is in a decent financial position, therefore it is fine to talk about tapering monthly asset purchases - I am not seeing evidence of unanchored inflation expectations, but if that does occur then we would need to adjust
  • Fed's Kashkari: - The benefits of reducing MBS purchases first would be modest - It may take longer than September to judge progress on labor supply
  • Fed's Kashkari: - Fed funds rate should remain unchanged through 2023 - When it is time to taper, the best case scenario is to stick to the same plan as before
  • Fed's Kashkari: - Inflationary indicators have been higher than predicted, but this is expected to be temporary - Although the success against COVID is inspiring, it is still too early to declare victory
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.06% Silver: -0.11% Gold: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/jXEy4TGAZL
  • GBP/USD IG Client Sentiment: Our data shows traders are now at their most net-long GBP/USD since Apr 12 when GBP/USD traded near 1.37. A contrarian view of crowd sentiment points to GBP/USD weakness. https://www.dailyfx.com/sentiment https://t.co/oqggIco9Rb
Euro May Rise as PMI Data Triggers Short-Covering

Euro May Rise as PMI Data Triggers Short-Covering

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro May Rise if Upbeat PMI Figures Trigger Unwinding of Short Positions
  • Aussie, NZ Dollars Underperform as US Dollar Rebound Continues in Asia
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The preliminary set of November’s Eurozone PMI figures headlines the economic calendar in European trading hours. A slight acceleration in the pace of manufacturing- and service-sector growth is expected, with the regional composite gauge ticking up to 54.0 from 53.9 recorded in the prior month.

Economists have steadily downgraded their forecasts for Eurozone economic data since July even as realized outcomes have increasingly outperformed relative to expectations (according to data from Citigroup). That opens the door for an upside surprise.

Such a result may encourage short-covering after net speculative bets against the Euro hit the highest level in over five months, sending the currency upward. Indeed, options markets reveal bets on a near-term recovery, with 1-week risk reversals showing investors willing to pay a 63bps premium for the right to buy the common unit against the US Dollar compared with an equivalent right to sell.

Euro gains may prove short-lived however. Dovish commentary from ECB officials has set the stage for stimulus expansion at next month’s policy meeting. That means traders are unlikely to commit to a firm bullish bias, painting any immediate gains as corrective in the context of a longer-term decline.

For its part, the greenback continued to correct higher for a second consecutive session in overnight trade after dropping to a two-week low last Thursday. The Australian and New Zealand Dollars proved weakest against the greenback having outperformed in the prior week.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

11:00

EUR

ECB's Weidmann Speaks in Freiburg, Germany

-

-

-

21:45

NZD

Net Migration SA (OCT)

6210

-

5600

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:00

EUR

Markit France Mfg PMI (NOV P)

50.8

50.6

Low

08:00

EUR

Markit France Services PMI (NOV P)

52.5

52.7

Low

08:00

EUR

Markit France Composite PMI (NOV P)

52.5

52.6

Low

08:00

CHF

Money Supply M3 YoY (OCT)

-

1.2%

Low

08:00

CHF

Total Sight Deposits (NOV 20)

-

467.7B

Low

08:00

CHF

Domestic Sight Deposits (NOV 20)

-

401.9B

Low

08:30

EUR

Markit/BME Germany Mfg PMI (NOV P)

52.0

52.1

Medium

08:30

EUR

Markit Germany Services PMI (NOV P)

54.4

54.5

Medium

08:30

EUR

Markit/BME Germany Composite PMI (NOV P)

54.0

54.2

Medium

09:00

EUR

Markit Eurozone Mfg PMI (NOV P)

52.3

52.3

Medium

09:00

EUR

Markit Eurozone Services PMI (NOV P)

54.1

54.1

Medium

09:00

EUR

Markit Eurozone Composite PMI (NOV P)

54.0

53.9

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0477

1.0576

1.0611

1.0675

1.0710

1.0774

1.0873

GBPUSD

1.4974

1.5101

1.5146

1.5228

1.5273

1.5355

1.5482

--- 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