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
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Couldn't resist retweeting this for my colleagues across the pond https://t.co/zppZPSpLLp
  • Webinar goes live in 10 minutes to discuss earnings season and key technical levels for the major indices Join here - https://t.co/yZzo32b8dE
  • $USDCAD fell by nearly 100 pips, from 1.2700 to around 1.2610, following no policy changes from the BoC, marking a fresh two year low for the pair. $USD $CAD https://t.co/30Xq1HX8Yx
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.94% 🇦🇺AUD: 0.79% 🇳🇿NZD: 0.72% 🇬🇧GBP: 0.12% 🇨🇭CHF: -0.06% 🇪🇺EUR: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qJLoAPYnfF
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: US 500: 1.12% Germany 30: 0.71% Wall Street: 0.69% France 40: 0.44% FTSE 100: 0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mHC3h8MEYa
  • The Nasdaq 100 has started with a gap higher and extended its early run to a fresh record high. Reads more like a general 'risk on' but those NFLX earnings last night no doubt helped https://t.co/uUoryfhBWO
  • The S&P 500 continues to look bullish with price trending higher within the confines of a neat upward channel structure. Get your S&P 500 market update from @PaulRobinsonFX here:https://t.co/6AdOYjGpfm https://t.co/ounHu41Brf
  • #Gold extends gains, now trading near $1,870, its highest levels in nearly two weeks. $XAU $GLD https://t.co/zpivyMYIvh
  • BoC Jan MPR Assumptions vs Oct MPR Assumptions - Brent $50 ($40) - WTI $50 ($40) - WCS $35 ($30) - CAD 0.78 (0.76)
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Silver: 1.56% Gold: 1.17% Oil - US Crude: 1.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4HN5tNIVjs
US Dollar Analysis Ahead of Nonfarm Payrolls: What to Expect?

US Dollar Analysis Ahead of Nonfarm Payrolls: What to Expect?

Dimitri Zabelin, Analyst

US DOLLAR, FOMC, NONFARM PAYROLLS DATA, CORONAVIRUS – Talking Points

  • US Dollar may fall if nonfarm payrolls data magnifies risk aversion
  • Weaker growth outlook could increase urgency for more Fed easing
  • EUR/USD eyeing July 2019 high as pair approaches key resistance

APAC RECAP: EQUITY SELLOFF DEEPENS

The stock market selloff during Wall Street echoed into Asia with APAC equities in the red as S&P futures dipped over one percent along with a general decline in risk appetite. The anti-risk Japanese Yen rose against its G10 counterparts but particularly those of a commodity-linked nature like the Australian and New Zealand Dollars. Fear about the coronavirus continues to spread as the number of those infected is now at 97,879.

US DOLLAR MAY SUFFER IF NFP DATA AMPLIFIES RISK AVERSION

The US Dollar may continue to suffer against its low-yielding, G10 counterparts as the interest rate gap between the Greenback and its partners narrows. The Federal Reserve’s unexpected 50 basis point rate cut plunged USD, and growing expectations of future easing may continue pressuring the world’s reserve currency.

The upcoming US nonfarm payrolls (NFP) data may catalyze another selling bout in USD-crosses if the statistics underwhelm and reinforce investors’ fear of a global slowdown after a brief interim of stabilization. Analysts are expecting for 175k new jobs for February, 50k lower than the previous release. However, there is concern that the impact from the coronavirus may have undermined job creation for the month.

EUR/USD PRICE CHART

EUR/USD is shy less than half a percent of retesting the July 2019 high at 1.1285 after breaking above the former uptrend (labelled as “Alpha”). Clearing the multi-month ceiling may inspire another buying spree if it inspires hope for additional upsides gains. Conversely, capitulation could lead EUR/USD to retest the former uptrend which, if broken opens the door to test support at 1.1091.

EUR/USD – Daily Chart

Chart showing EUR/USD

EUR/USD chart created using TradingView

US DOLLAR 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