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
More View more
Real Time News
  • Heads Up:🇬🇧 Public Sector Net Borrowing (AUG) due at 06:00 GMT (15min) Expected: £-15.6B Previous: £-10.4B https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇨🇭 Balance of Trade (AUG) due at 06:00 GMT (15min) Previous: CHF4.1B https://www.dailyfx.com/economic-calendar#2021-09-21
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3ISNw2 https://t.co/wHRSW07Fkn
  • RT @FxWestwater: Gold, Iron Ore Forecast: Prices Hinge on FOMC, Evergrande Crisis, China Steelmaking Curbs Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/21/Gold-Iron-Ore-Forecast-Prices-Hinge-on-FOMC-Evergrande-Crisis-Steelmaking-Curbs.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr h…
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/FsbhOelVEk
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCZ9dzS https://t.co/I8jJq8NGCH
  • We are heading into a Tuesday lull which precedes Wednesday's FOMC focus. Will the absence of distractions allow for risk trends to gain momentum or perhaps will Fed anticipation temper the $SPX tumble? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/21/Fed-Taper-Focus-May-Help-Stall-the-SP-500s-Collapse-Dollars-Charge.html https://t.co/T4m60xEfk6
  • CTV projects Trudeau wins his third term as Canada's Prime Minister - BBG
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/KY6MiOC9Y6
  • US House Speaker Pelosi says top-line spending number may change but hopes for $3.5 trillion in spending bill - BBG
Euro May Fall as Aussie Dollar Gains on Dovish Draghi Comments

Euro May Fall as Aussie Dollar Gains on Dovish Draghi Comments

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Aussie, NZ Dollars may extend rebound as Euro falls on dovish Draghi commentary
  • Pound gains as BOE’s Carney hints 2016 rate hike still on tap, Loonie retraces gains
  • What currencies are FXCM traders buying and selling? Find out with DailyFX SSI

The Australian and New Zealand Dollars outperformed in overnight trade as stocks pushed higher, offering support to the sentiment-linked currencies. The British Pound likewise strengthened following hawkish comments from BOE Governor Mark Carney in an interview with the Wall Street Journal published Friday. The central bank chief said he does not expect the outlook for economic growth to be materially changed by recent market turmoil, hinting that a 2016 rate hike may yet materialize.

The Canadian Dollar diverged from its commodity bloc counterparts, with prices correcting lower after last week’s aggressive recovery on the back of a hawkish BOC policy announcement and rebounding crude oil prices. The Euro adopted a similar tone, retracing gently higher having slumped to a three-week low after ECB President Mario Draghi suggested that the central bank may expand monetary stimulus as soon March.

Looking ahead, another scheduled speech from Mr Draghi is likely to dominate the spotlight. Traders will look for any clues to suggest if the ECB is prepared to expand the amount of easing it is offering in the near term by increasing the size of current QE asset purchases. This would contrast with December’s policy update that extended the existing easing effort but did not deliver more immediate accommodation.

Comments suggesting a more forceful approach is on tap are likely to weigh on the Euro while bolstering risk appetite. This may help fuel further gains in the Aussie and Kiwi while undermining funding currencies like the Japanese Yen. S&P 500 futures are pointing higher in late Asian trade, reinforcing the case for a risk-on scenario.

Most FX traders make the same critical mistake. Learn to avoid it here!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:50

JPY

Trade Balance (¥) (DEC)

140.2B

117.0B

-381.3B

23:50

JPY

Trade Balance Adjusted (¥) (DEC)

36.6B

84.2B

22.4B

23:50

JPY

Exports (YoY) (DEC)

-8.0%

-7.0%

-3.3%

23:50

JPY

Imports (YoY) (DEC)

-18.0%

-16.4%

-10.2%

00:30

AUD

NAB Business Conditions (DEC)

7

-

10

00:30

AUD

NAB Business Confidence (DEC)

3

-

5

05:00

JPY

Leading Index CI (NOV F)

103.5

-

103.9

05:00

JPY

Coincident Index (NOV F)

111.9

-

111.6

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

08:00

CHF

Total Sight Deposits (JAN 22)

-

471.3B

Low

08:00

CHF

Domestic Sight Deposits (JAN 22)

-

403.8B

Low

09:00

EUR

German IFO Business Climate (JAN)

108.4

108.7

Medium

09:00

EUR

German IFO Current Assessment (JAN)

112.6

112.8

Medium

09:00

EUR

German IFO Expectations (JAN)

104.1

104.7

Medium

11:00

GBP

CBI Trends Total Orders (JAN)

-10

-7

Low

11:00

GBP

CBI Trends Selling Prices (JAN)

-

-2

Low

11:00

GBP

CBI Business Optimism (JAN)

-

-12

Low

18:00

EUR

ECB’s Draghi Speaks in Frankfurt

-

-

High

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.0645

1.0733

1.0764

1.0821

1.0852

1.0909

1.0997

GBP/USD

1.3962

1.4120

1.4192

1.4278

1.4350

1.4436

1.4594

--- 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