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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.18% Gold: -0.05% Silver: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oXdl8CHoGU
  • The New Zealand Dollar may resume its broader uptrend, with NZD/USD and NZD/JPY eyeing key rising support. NZD/CAD and NZD/CHF appear to have more room for near-term losses, however.Get your market update from @ddubrovskyFX here:https://t.co/6hD7zsNHIh https://t.co/NaOCtsHiYZ
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇳🇿NZD: 0.05% 🇨🇭CHF: 0.04% 🇯🇵JPY: -0.04% 🇬🇧GBP: -0.05% 🇪🇺EUR: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WjzgZe8s8k
  • Heads Up:🇦🇺 RBA Kearns Speech due at 03:25 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.26%, while traders in Germany 30 are at opposite extremes with 70.93%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NwFMRKxdiJ
  • Commodities Update: NYM WTI Crude 61.42 (+0.26%), ICE Brent Crude 64.30 (+0.36%), NYM NYH Gasoline 194.58 (-0.31%). [delayed]
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:https://t.co/STEYeIG042 https://t.co/L6WceMn60d
  • Precious Metals Update: #Gold 1716.11 (+0.28%), #Aluminum 2,200.00 (-0.52%), and #Copper 9,101.50 (-0.75%) [delayed]
  • RT @KyleR_IG: The seasonally adjusted balance on goods and services surplus increased $3,009m to $10,142m in January. Goods and services…
  • RT @KyleR_IG: The January 2021 seasonally adjusted estimate: * Rose 0.5% month-on-month. * This updates the rise of 0.6% published in t…
Euro, US Dollar May Ignore Local Data - Attention on External Shocks

Euro, US Dollar May Ignore Local Data - Attention on External Shocks

Dimitri Zabelin, Analyst

TALKING POINTS – TRADE WAR, BREXIT, EURO, USD

  • The Euro and USD may ignore local data
  • Volatility may come from external shocks
  • Brexit, US-China trade war still in focus

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

APAC RECAP

Asia Pacific markets woke up with a pep in their step after US-Mexico trade tensions were alleviated. US President Donald Trump announced on June 8 that tariffs are indefinitely suspended after a deal was reached with Mexican officials. The Mexican Peso and Canadian Dollar gapped higher amidst renewed hopes that the USMCA – NAFTA’S replacement– will pass.

LIGHT ECON DOCKET EXPOSES EURO, USD TO EXTERNAL SHOCKS

Since the economic docket both in Europe and the US will likely offer little volatility – due to the relatively benign nature of these indicators – the Euro and Greenback’s price movement will likely be dictated by external shocks. Familiar fundamental themes such as the US-China trade war, Brexit and ongoing political risk in Europe between Rome and Brussels may rear their ugly heads and cause volatility.

At the end of June, US President Donald Trump will decide whether he wants to impose an additional $325 billion worth of tariffs against China. However, officials in Washington will take note of the PBOC’s statement – or what some might call a veiled threat – on June 7. Officials said that China has more tools in its arsenal that it is ready to utilize if relations worsen. Some of these might include a ban or restricted supply of rare earth metals.

Looking ahead, most of the major event risk – barring any unexpected developments – will likely occur in the mid-to-tail end of the week. This could mean that markets may start coiling up before major volatility-inducing indicators are published, leading to potentially greater volatility. Some of these include US retail sales, U. of Michigan sentiment survey, and the meeting between Euro Area finance ministers over how to deal with Italy’s budgetary ambitions.

CHART OF THE DAY: CADJPY, S&P 500 FUTURES, MXNUSD GAP HIGHER ON TRADE HOPES

Chart Showing CADJPY, S&P 500 Futures, USDMXN

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