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
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/Vc0ZzB38Jq
  • (Market Alert) Australian Dollar Pops on RBA as Taper Plan is Left Alone, Now What? #AUD $AUDUSD #RBA https://www.dailyfx.com/forex/market_alert/2021/08/03/Australian-Dollar-Pops-on-RBA-as-Taper-Plan-is-Left-Alone-Now-What.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/FiZoavEg5e
  • RT @KyleR_IG: "We need to boost confidence. So we should stimulate. But maybe people will know we are trying to boost confidence. And then…
  • $AUDUSD popping on the #RBA The central bank will continue to buy A$5b/week of bonds until early September, then tapering to 4b until at least mid-Nov Traders likely unwinding bets that the RBA could have reversed prior decision on asset purchases https://t.co/crmIIsaEaR https://t.co/vwJs7fwzr9
  • RBA: Sees gradual pickup in wages growth, underlying inflation. Sees some increase in unemployment rate in near-term -BBG
  • RBA: GDP to decline in September quarter, experience shows economy bounces back quickly. Economy still expected to grow strongly again next year -BBG
  • RBA: Condition for rate rise will not be met before 2024, sees Australia growing 'little over' 4% in 2022 -BBG
  • RBA sticks with taper plan -BBG #AUD $AUDUSD
  • 🇦🇺 RBA Interest Rate Decision Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-08-03
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.72%, while traders in France 40 are at opposite extremes with 78.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/9u54wDvyGc
EURUSD May Rise on US Durable Goods Orders After Painful PMI Data

EURUSD May Rise on US Durable Goods Orders After Painful PMI Data

Dimitri Zabelin, Analyst

TALKING POINTS – EURUSD FORECAST, US DURABLE GOODS ORDERS, PMI DATA

  • EURUSD falls on Eurozone PMI – recovers during US session
  • US durable goods orders may spark volatility in USD-crosses
  • SEK, NOK shrug on better-than-expected unemployment data

See our free guide to learn how to use economic news in your trading strategy!

APAC RECAP: TRADE WARS, RISK AVERSION

Prior to the start of APAC trading hours, crude oil prices and S&P 500 futures plunged after news crossed the wires that US-China trade relations had taken a turn for the worse. Compounding the risk aversion was disappointing Eurozone PMI data that sent EURUSD lower, though the pair recovered after US PMI fell short of expectations. During most of the APAC session, equities found themselves broadly swimming in red.

Trade war concerns may now carry greater weight after officials at the Fed – more specifically, James Bullard – stated that the economic spat between Beijing and Washington may soon begin to impact monetary policy. Economic data out of the US has been tending to underperform relative to economists’ expectations, and if trade relations worsen, this trend may not only continue but would likely accelerate.

VOLATILITY AHEAD OF US DURABLE GOODS ORDERS

Prior to the release of US PMI, overnight index swaps were showing a 50 percent probability of a cut by the Fed’s meeting in October. After the data was published, that number shot up to 62 percent. The upcoming publication may therefore carry greater weight insofar that it will provide market participants on the projected demand in the US economy. If the data falls short of estimates, rate cut bets will likely only increase.

European trading hours have no major event risk scheduled, so it is likely that most of Euro price action will be driven by counter-currency risks and ongoing fundamental themes e.g. trade wars and Brexit. European parliamentary elections that are currently underway may spark some volatility if preliminary results are showing Eurosceptic parties making significant gains in this year’s election.

NORDIC UPDATE: SWEDEN, NORWAY UNEMPLOYMENT RATE

Swedish and Norwegian unemployment data came in better-than-expected, though surprisingly the impact on NOK and SEK was relatively limited. However, during the bout of risk aversion, the oil-linked Krone suffered as Brent plummeted to $67 per barrel. This in large part has to do with the structure of Norway’s economy. To learn more about the Swedish Krona and Norwegian Krone, you may follow me on Twitter @ZabelinDimitri.

CHART OF THE DAY: EURUSD FALLS ON EUROZONE PMI – RECOVERS DURING US SESSION

EURUSD Price Chart

FX TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

DISCLOSURES