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
Mixed
GBP/USD
Bullish
USD/JPY
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
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • $EURUSD Daily Pivot Points: S3: 1.0936 S2: 1.0974 S1: 1.0998 R1: 1.1037 R2: 1.1052 R3: 1.109 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The $CAD continues to take a hit against the US Dollar after USD/CAD very nearly experienced a major long-term support-break at the end of October. Get your USD/CAD market update from @PaulRobinsonFX here:https://t.co/qeWFmoLwKt https://t.co/G0o4uIV2k7
  • US Yield Curves Update: 2Yr/5Yr: 3.8 2Yr/10Yr: 22.2 2Yr/30Yr: 69.5 5Yr/10Yr: 18.6
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.51% 🇳🇿NZD: 0.34% 🇪🇺EUR: 0.28% 🇬🇧GBP: 0.17% 🇨🇭CHF: -0.17% 🇯🇵JPY: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Wdqln8EdxW
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.12% Gold: -0.29% Silver: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/JRPr0hEqpC
  • $NZDJPY: The back-and-forth we have seen since the summer bottom could be taking on a large bear-flag, but that won’t be validated until the lower threshold is broken. Get your market update from @PaulRobinsonFX here:https://t.co/xBXm7PWHhn https://t.co/j4JNtpycsU
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.55%, while traders in France 40 are at opposite extremes with 86.01%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SWn7XmGR9s
  • $USDJPY Daily Pivot Points: S3: 108.72 S2: 108.77 S1: 108.8 R1: 108.85 R2: 108.87 R3: 108.92 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • I guess I should have bought that 'Dow 30,000' joke hat back in 2007 (just over double the high back then)
  • US Equities Update (Friday Close): $DJI +0.80% $SPX +0.74% $NDX +0.70% $RTY +0.47% $VIX -8.47%
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.