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
GBP/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
USD/JPY
Bullish
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
Bearish
More View more
Real Time News
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
  • Bullish signals from IG Client Sentiment earlier this week correctly forecasted that $EURUSD could rise in the near-term. A close above 1.0852 opens the door to near-term strength while downside resumption entails taking out 1.0778 - https://t.co/YySE3VulgC https://t.co/mr7jIWtoVW
Yen Aims Higher as US-China Trade War Deepens, Spooking Markets

Yen Aims Higher as US-China Trade War Deepens, Spooking Markets

2019-05-13 06:30:00
Ilya Spivak, Sr. Currency Strategist
Share:

YEN, AUD, US-CHINA TRADE WAR, TARIFFS, FED – TALKING POINTS:

  • Yen aims to extend APAC-session gains amid US-China trade war escalation
  • Fed-speak reinforcing policy standstill might undermine risk appetitefurther
  • S&P 500 chart positioning warns of major sentiment collapse on the horizon

The anti-risk Japanese Yen outperformed while the sentiment-linked Australian, Canadian and New Zealand Dollars fell alongside Asia Pacific stock exchanges at the start of the trading week. That seemed to reflect broad-based pessimism at the sight of US-China trade war escalation.

Washington opted to make good on a threat to increase tariffs on $200 billion in Chinese imports from 10 to 25 percent. US President Trump also issued an ultimatum, saying duties on a further $325 billion in Chinese goods will go up to the same level if a deal is not struck within a month.

News-flow coming out of official channels in the People’s Republic over the weekend showed officials there bristling at Mr Trump’s combative posture. The US was said to bear “full responsibility” for the breakdown in negotiations. Beijing – it was said – has been “pushed to the limits” of what it is willing to concede.

FED COMMENTS MAY COMPOUND US-CHINA TRADE WAR JITTERS

Looking ahead, a quiet offering on the economic data docket is likely to keep sentiment trends at the forefront. Bellwether S&P 500 futures are trading down over 1 percent ahead of the opening bell in Wall Street, signaling the risk-off push in APAC trade has scope for follow-through.

Fed-speak may amplify the downbeat mood. Comments Boston and Dallas Fed presidents Eric Rosengren and Robert Kaplan as well as Vice Chair Richard Clarida are due. De-risking may accelerate if they reinforce recent rhetoric suggesting that the US central bank is in no hurry boost monetary stimulus.

What are we trading? See the DailyFX team’s top trade ideas for 2019 and find out!

CHART OF THE DAY – S&P 500 WARNS OF MAJOR SENTIMENT COLLAPSE AHEAD

S&P 500 chart warns of major sentiment collapse ahead

A double top in S&P 500 futures initially flagged in mid-April played out as expected, with confirmation registered last week by way of a break below support the floor of a bearish Rising Wedge chart formation. Prices have now gapped below support in the 2865-79 zone, warning of deeper losses.

If the breakdown is sustained on a daily closing basis – meaning prices are unable to close back above 2879 – the focus will turn to the next downside barrier in the 2807.50-24.25 zone. The chart inflection point at 2747 comes into view thereafter.

The S&P 500 represents the trend in the expected earnings of the world’s largest multinational corporations. In that it is a timely barometer of the markets’ view on overall global economic prospects. A bearish reversal thus bodes ill for sentiment trends, telegraphing prolonged liquidation on the horizon.

FX TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.