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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
US Dollar Gains on Yellen Speech, Pound Succumbs to Headline Risk

US Dollar Gains on Yellen Speech, Pound Succumbs to Headline Risk

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar broadly higher as Fed’s Yellen stokes rate hike speculation
  • Rates-linked Aussie Dollar drops, NZ cousin holds up as RBNZ nears
  • Pound sinks as worrying news-flow grabs the spotlight amid data lull

The US Dollar traded broadly higher in Asia Pacific hours, gaining ground on all of its top counterparts. The currency rose alongside front-end bond Treasury yields, hinting at firming interest rate hike bets in the wake of hawkish remarks from Fed Chair Yellen. The appearance of a loose framework for US tax reform was seemingly helpful as well. The priced-in probability of a late-2017 rate hike is now 70 percent.

The rates-sensitive Australian Dollar bore the brunt of selling pressure, weakening against the spectrum of G10 FX alternatives. The similarly carry-oriented New Zealand Dollar managed to hold its ground however. Traders were probably wary of directional commitment ahead of the upcoming RBNZ policy announcement, the first sit-down since Grant Spencer took over as acting Governor.

The British Pound shot lower, with the selloff seemingly inspired by two worrisome headlines crossing the wires. First, the US hit airplane manufacturer Bombardier with a tariff of nearly 220 percent after it lost a trade dispute round with Boeing. The move threatens over 4,000 jobs at the Canadian firm’s UK operation and drew condemnation from Prime Minister Theresa May.

Second, a story from the Telegraph reported that Ms May’s watershed speech in Florence accepting a so-called ‘divorce bill’ fulfilling the UK’s pre-Brexit commitments – until then a major sticking point in negotiations – was “dictated” by representatives of the regional bloc. Perhaps the markets took the revelation to mean London might be pressured to take a harder line going forward.

Looking ahead, a quiet day on the European economic data front seems unlikely to produce fireworks. From there, US statistics on durable goods orders and pending home sales probably won’t make much of a splash as markets look ahead to the more policy-relevant GDP and PCE figures. A batch of speeches from dovish-leaning Fed officials rehashing familiar themes may also pass with little notice.

On balance, this hints that overnight trading patterns face few roadblocks to continuation. However – as Sterling’s plunge aptly demonstrates – the absence of a clear-cut focal point makes for a headline-sensitive environment. The threat posed by knee-jerk volatility is understandably elevated in such conditions, warning market participants to proceed with caution.

Have a question about trading FX markets? Join a Q&A webinar and ask it live!

Asia Session

US Dollar Gains on Yellen Speech, Pound Succumbs to Headline Risk

European Session

US Dollar Gains on Yellen Speech, Pound Succumbs to Headline Risk

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for

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.