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
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
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/gLJGj1FAOC
  • 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/J0MMkVmCUu
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/ZfPUxHWeiG
  • The Mexican economy contracted for the first time in almost 10 years in 2019, but growth is expected to pick up in 2020 according to its finance minister. Get your $USDMXN market update from @HathornSabin here: https://t.co/gupJdU7WYT https://t.co/mMN8LFb5i5
  • EUR/USD has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses. Get your $EURUSD market update from @MartinSEssex here: https://t.co/ieJUBNeAIf https://t.co/Dw4f7DQocg
  • The $AUD has risen in anticipation of a deal Washington and Beijing. But the Australia-China trade relationship has not suffered much and may even have been helped by China’s spat with the US. Get your market update from @DavidCottleFX here:https://t.co/An7h5X0Zcz https://t.co/Rn7mLbS1EF
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/0Wn4xBL0AY
  • Do you know which type of stock is the right investment for you? Stock types help investors decide on specific #stocks to trade or assist with valuation methods either fundamentally or technically. Learn more about stock types here: https://t.co/yO3JalkqUU https://t.co/RoNdExHAdt
  • The status of the US #dollar as the safe-haven asset of choice remains untouched and any weakness in the greenback is likely to be short-lived. Get your $USD market update from @nickcawley1 here: https://t.co/LO2u38jpUT https://t.co/ctgCJSOeTH
  • #FTSE 100 testing key support as the index lacks a directional bias. #DAX reverses off channel top. Get your indices technical analysis from @JMcQueenFX here: https://t.co/IHF2dgMfg9 https://t.co/2fMTFlOeTR
Pound May Ignore Soft GDP Data, US Dollar Aims Higher on FOMC

Pound May Ignore Soft GDP Data, US Dollar Aims Higher on FOMC

2016-04-27 07:34:00
Ilya Spivak, Sr. Currency Strategist
Share:

Talking Points:

The Australian Dollar underperformed in overnight trade, dropping after disappointing first-quarter CPI data fueled RBA rate cut speculation. The sentiment-linked Canadian and New Zealand Dollars likewise declined while the anti-risk Japanese Yen advanced as risk appetite soured across Asian stock exchanges. The MSCI Asia Pacific regional benchmark equity index lost 0.5 percent. The cautious mood probably reflects pre-positioning ahead of upcoming monetary policy announcement from the Federal Reserve.

The rate-setting FOMC committee is expected to keep the benchmark lending rate unchanged, putting the spotlight on the statement released after the sit-down. Rhetoric suggesting that threats from global headwinds highlighted last month have yet to materialize may be taken to mean tightening is more likely to resume in June, boosting the US Dollar. It may likewise drive risk aversion, encouraging continuation of overnight trading patterns.

UK GDP figures headline the European data docket. The year-on-year growth rate is expected to slow to 2 percent, the weakest in three years. Interestingly, 12-month BOE rate hike expectations have firmed and the British Pound has traded higher even as UK economic data outcomes has deteriorated relative to consensus forecasts in recent weeks.

This apparent mismatch may be accounted for by receding risk of a UK exit from the European Union in the minds of investors. Indeed, mentions of “Brexit” have become less frequent in global news flow tracked by Bloomberg. If the risk premium associated with the June referendum on membership in the regional bloc is truly dissipating, then even soft GDP figures may be unable to inflict lasting pain on the currency.

Are financial markets matching the DailyFX analysts’ expectations? See our forecast here!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Trade Balance (MAR)

117m

401m

367m

22:45

NZD

Exports (MAR)

4.20b

4.65b

4.24b

22:45

NZD

Imports (MAR)

4.09b

4.28b

3.87b

22:45

NZD

Trade Balance 12 Mth YTD (MAR)

-3838m

-3585m

-3294m

23:30

AUD

ANZ Roy Morgan Weekly Consumer Conf

111.7

-

115.8

1:30

CNY

Industrial Profits (YoY) (MAR)

0.111

-

-0.047

1:30

AUD

CPI (QoQ) (1Q)

-0.2%

0.2%

0.4%

1:30

AUD

CPI (YoY) (1Q)

1.3%

1.7%

1.7%

1:30

AUD

CPI Weighted Median (QoQ) (1Q)

0.1%

0.5%

0.4%

1:30

AUD

CPI Weighted Median (YoY) (1Q)

1.4%

1.9%

1.9%

1:30

AUD

CPI Trimmed Mean (QoQ) (1Q)

0.2%

0.5%

0.6%

1:30

AUD

CPI Trimmed Mean (YoY) (1Q)

1.7%

2.0%

2.1%

1:45

CNY

Westpac-MNI Consumer Sentiment (APR)

117.8

118.1

4:30

JPY

All Industry Activity Index (MoM) (FEB)

-1.2%

-1.3%

1.2%

5:00

JPY

Small Business Confidence (APR)

47.8

48.5

48.8

European Session

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

6:00

EUR

German Import Price Index (MoM) (MAR)

0.7% (A)

-0.6%

Low

6:00

EUR

German Import Price Index (YoY) (MAR)

-5.9% (A)

-5.7%

Low

6:00

EUR

German GfK Consumer Confidence (MAY)

9.7 (A)

9.4

Low

6:00

CHF

UBS Consumption Indicator (MAR)

1.51 (A)

1.45

Low

6:45

EUR

French Consumer Confidence (APR)

94 (A)

94

Low

8:00

EUR

Eurozone M3 Money Supply (YoY) (MAR)

5.0%

5.0%

Medium

8:00

EUR

Italian Consumer Confidence Index (APR)

115.0

114.8

Low

8:00

EUR

Italian Business Confidence (APR)

102.5

102.2

Low

8:00

EUR

Italian Economic Sentiment (APR)

-

100.1

Low

8:30

GBP

GDP (QoQ) (1Q A)

0.4%

0.6%

High

8:30

GBP

GDP (YoY) (1Q A)

2.0%

2.1%

High

8:30

GBP

Index of Services (MoM) (FEB)

0.2%

0.2%

Low

8:30

GBP

Index of Services (3M/3M) (FEB)

0.8%

0.9%

Low

10:00

GBP

CBI Retailing Reported Sales (APR)

13

7

Low

10:00

GBP

CBI Total Dist. Reported Sales (APR)

-

20

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EUR/USD

1.1130

1.1214

1.1256

1.1298

1.1340

1.1382

1.1466

GBP/USD

1.4249

1.4408

1.4495

1.4567

1.4654

1.4726

1.4885

--- 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.