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
Mixed
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
Wall Street
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
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇪🇺EUR: -0.00% 🇨🇭CHF: -0.09% 🇬🇧GBP: -0.32% 🇦🇺AUD: -0.43% 🇨🇦CAD: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zsSb5yC3Kt
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.38% Silver: 0.04% Oil - US Crude: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1ucq5uuf7U
  • US API Data: #Crude +0.436M VS Est.-2.975M #Cushing -1.286M #Gasoline -1.617M VS Est.+0.464M #Distillate +0.655M VS Est.-0.956M
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.52%, while traders in France 40 are at opposite extremes with 75.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qS7s1S6YOW
  • Dogecoin made another run at highs around the .40 level in celebration of ‘DODGE Day’. Get your market update from @Tams707 here:https://t.co/3vvKuTZ8oh https://t.co/2iLckP6ZUH
  • Netflix regarding subscriber miss - "We don’t believe competitive intensity materially changed in the quarter or was a material factor in the variance as the over-forecast was across all of our regions" Doesn't really inspire confidence...
  • Netflix Q1 Earnings: Revs: $7.16B vs. est. $7.14 EPS: $3.75 vs est. $2.98 $NFLX
  • Netflix earnings: $7.16b rev vs $7.14b est EPS: $3.75 vs $2.98 est Huge miss on subscribers added: +3.98m vs +6.29m est $NFLX shares 10% lower on subscriber miss
  • US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY, GBP/JPY https://www.dailyfx.com/forex/video/live_events/2021/04/20/US-Dollar-Price-Action-Setups-EUR-USD-GBP-USD-USD-JPY-GBP-JPY.html
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.33% Germany 30: 0.25% France 40: 0.09% US 500: 0.01% Wall Street: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3jk8anEOJd
EURUSD Retreat May be Mitigated by US Data - GBP Eyeing BoE

EURUSD Retreat May be Mitigated by US Data - GBP Eyeing BoE

Dimitri Zabelin, Analyst

EURUSD FORECAST, US DURABLE GOODS ORDERS, BOE TALKS, RBNZ RECAP – TALKING POINTS

  • EURUSD may get boost if US economic data underwhelms
  • If the data underperforms, it could fuel rate cut expectations
  • GBP traders will be watching for commentary from the BoE

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

APAC RECAP

Asia Pacific equities were a mixed bag while the FX market was showing traders expressing a modestly risk-on tilt. The Japanese Yen was down against most of its major counterparts while the New Zealand and Australian Dollars were hovering marginally higher. The biggest event risk today was the RBNZ’s decision to hold the OCR at 1.50 percent and the Kiwi ended higher despite signals of another cut down the road.

US ECONOMIC DATA

EURUSD traders will be closely watching the release of US Durable Goods Orders with preliminary numbers for May showing an estimate of a 0.2 percent contraction, marginally less severe than the previous -2.1 print. If the data underwhelms, it could fuel dovish expectations despite St. Luis Fed President James Bullard’s defusing commentary on future rate cuts, adding that a 50 basis point slash in July would be overdoing it.

If this is the case, EURUSD may attempt to re-enter the 1.1388-1.1424 range if the US Dollar takes a big enough hit. Conversely, a surprise to the upside could cause the pair to fall around the 1.34 area. However, the long-term fundamental outlook suggests EURUSD will capitulate and resume its prior downtrend, though not necessarily to the same degree that it was before it broke out from under an 18-month descending ceiling.

If you want to learn more about the fundamental outlook for Europe, be sure to follow me on Twitter @ZabelinDimitri.

STERLING TRADERS EYE TALKS BY BoE OFFICIALS

Sterling traders will be carefully watching the commentary from Bank of England officials Jon Cunliffe, Silvana Tenreyro and Governor Mark Carney. The main topic of discussion will likely again revolve around Brexit, and their reassessment of the situation may cause capital flight from GBP – much like last week. Uncertainty about the EU-UK divorce continues to rise in light of the ongoing race for Prime Minister.

Boris Johnson is currently in the lead, and a decision of the winner will be announced during the week of July 22. The outlook has become considerably cloudier with potential storm clouds brewing on the horizon after the frontrunner pledged to get Britain out of the EU by October 31. He also added that Parliament is also ready to back a no-deal outcome; GBPUSD certainly felt the pain.

CHART OF THE DAY: EURUSD MAY ATTEMPT TO RETEST RESISTANCE IF US ECON DATA DISAPPOINTS

Chart Showing EURUSD

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