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
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
Bearish
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
Bearish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • 🇲🇽 Business Confidence (NOV) Actual: 42.4 Previous: 41.6 https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇲🇽 Business Confidence (NOV) Actual: 42.4 Previous: 41.6 https://www.dailyfx.com/economic-calendar#2020-12-01
  • $GBPNZD could be poised to extend its run to fresh yearly lows as price struggles to break back above the 78.6% Fib (1.9024) A push to challenge the 88.6% Fib (1.8676) looks on the cards if sellers can drive price below the November low (1.8896) $GBP $NZD #technicalanalysis https://t.co/DlRb2haxL6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.09%, while traders in NZD/USD are at opposite extremes with 74.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OiM0irh4dG
  • Heads Up:🇲🇽 Business Confidence (NOV) due at 12:00 GMT (15min) Previous: 41.5 https://www.dailyfx.com/economic-calendar#2020-12-01
  • Stock diversification can help investors through volatile periods within the stock markets. Get your guide to stock diversification here: https://t.co/is594vNNcT https://t.co/kUxUFk5TW0
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 3.23% Gold: 1.67% Oil - US Crude: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EOQKtjK8EG
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.29% 🇨🇦CAD: 0.23% 🇬🇧GBP: 0.12% 🇦🇺AUD: 0.05% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/eI4xtkV6Gd
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.55% Wall Street: 1.19% US 500: 1.15% Germany 30: 0.73% France 40: 0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UwXqB3FED1
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/lpeiULx9Wq
Euro Outlook Bearish vs USD on Powell Testimony, Fed Speak

Euro Outlook Bearish vs USD on Powell Testimony, Fed Speak

2020-02-12 08:00:00
Dimitri Zabelin, Analyst
Share:

EUR/USD Analysis, Jerome Powell Testimony – Talking Points

  • EUR/USD decline may be extended if Powell testimony cools 2020 Fed easing bets
  • New Zealand Dollar spiked on RBNZ rate decision, unexpectedly hawkish outlook
  • EUR/USD continues to fall under descending resistance as it tests September-lows

ASIA-PACIFIC RECAP: RBNZ RATE DECISION, NEW ZEALAND DOLLAR REACTION

The New Zealand Dollar spiked after the Reserve Bank of New Zealand announced it will hold rates at 1.00 percent and gave an unexpectedly hawkish outlook. Monetary authorities said they do not forecast another rate cut for 2020 and hinted that they may start raising rates in mid-2021. While they anticipate for the coronavirus to impact the economy, the RBNZ expects it will only be for a short duration.

NZD/USD – 15-Minute Chart

Chart showing NZD/USD

NZD/USD chart created using TradingView

POWELL TESTIMONY

On February 11, Fed Chairman Jerome Powell testified to the House Financial Services Committee where he spoke about monetary policy and threats facing the US economy. Most notably, this includes the coronavirus and its unknown impact on China and the reverberation it may have on the US. Mr. Powell also mentioned that officials are closely monitoring the leveraged loan market and the “triple-b” cliff in corporate debt.

The latter has become an increasingly more mainstream topic as investors and policymakers contend with the notion that a downturn half as severe as the one in 2008 could put $19 trillion worth of debt at risk of default. These so-called leveraged loans are being securitized into high-yielding CLOs which have thrived in an environment of low interest rates and eager investors looking to meet their growth targets.

While these risks remain at the forefront, the Chairman praised the US economy saying it is in a “very good place” and saw no reason why the expansion cannot continue. He also addressed concerns about the impact of the coronavirus but reiterated that it is too early to tell what the impact will be on China and the US. After his testimony, overnight index swaps showed a slightly smaller chance of easing in the year ahead.

Starts in:
Live now:
Dec 01
( 19:12 GMT )
Recommended by Dimitri Zabelin
Trading Price Action
Register for webinar
Join now
Webinar has ended

EUR/USD TECHNICAL ANALYSIS

Since December 31, EUR/USD has declined over 2.50 percent and is now hovering at the September-low at 1.0910. This came after the pair encountered some downside friction at 1.0981 before EUR/USD decisively closed lower and continued its descent. Recent price action suggests the pair may attempt to nurse its losses but fundamental catalysts – like Powell’s testimony – may further pressure EUR/USD.

EUR/USD – Daily Chart

Chart showing

EUR/USD chart created using TradingView

EUR/USD 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