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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
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
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
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • The $CAD rose on a hopeful tone from the Bank of Canada, but the largest risk to the central bank’s outlook remains unresolved. NZD/CAD has rallied. Will AUD/CAD follow as CAD/JPY sinks? Get your market update from @ddubrovskyFX here: https://t.co/AairskIHA5 https://t.co/f53ZzloW4u
  • The latest UK General Election opinion polls continue to show the Conservative Party holding a strong lead over Labour and point to Boris Johnson winning a working majority in Parliament. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/qF04EOUWkI https://t.co/LNl4bXbnpp
  • Recent polls have put Conservatives ahead of Labour and given a boost to $GBP. Get your #Brexit update from @ZabelinDimitri here: https://t.co/l2n53C0cYY https://t.co/oTWfXkaDDt
  • What are the truths and myths of #forex trading? Find out from @DailyFX analysts here: https://t.co/uF75VPzstr #FOMOintrading https://t.co/xeromAGqqx
  • Macro data from around the world have long attested to the urgent need for a trade settlement between the US and China. Increasingly the corporate numbers are saying the same. Get your market update from @DavidCottleFX here:https://t.co/Qon7QUO80c https://t.co/rCOG78QQ2M
  • #Gold prices may fall while the US Dollar gains even as economic policies championed by the Trump administration invite inflation. Get your market update from @IlyaSpivak here: https://t.co/4lHhHsby56 $XAUUSD https://t.co/JmZxckVHdS
  • Cable (GBP/USD) remains just off its seven-month high print around 1.3165 as traders start to move to the side lines ahead of next Thursday’s General Election vote. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/CpCh13J9ZH #Brexit https://t.co/PIh6WUqbsK
  • (Weekly Technical Outlook) GBP/USD, EUR/GBP, GBP/JPY, GBP/CAD Outlook as UK Election Looms $GBPUSD $EURGBP $GBPJPY #UKelection2019 - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/12/07/GBPUSD-EURGBP-GBPJPY-GBPCAD-Outlook-as-UK-Election-Looms.html?CHID=9&QPID=917702 https://t.co/iuILHYczJ7
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/WlEFlluGfZ #tradingstyle https://t.co/TkMtJQKatx
  • By issuing debt denominated in $USD, China is making a long-term bet that it will be cheaper to pay back its loans over time in the US Dollar; it believes the value of the US Dollar will fall. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/xV9urXXf48
Euro Sunk As Greece Bailout At Risk, Sterling Troubled By Disappointing Mortgage Approvals

Euro Sunk As Greece Bailout At Risk, Sterling Troubled By Disappointing Mortgage Approvals

2010-03-18 12:03:00
John Rivera, Currency Analyst
Share:

Talking Points
•    Japanese Yen: Mixed As Risk Appetite Wanes
•    Pound: Disappointing Mortgage Approvals Begins To Weigh
•    Euro: Sunk As Greece Bailout Unravels
•    U.S. Dollar: Consumer Prices, Initial Jobless Claims on Tap

Euro Sunk As Greece Bailout At Risk, Sterling Troubled By Disappointing Mortgage Approvals


Greek Prime Minister Papandreou in a speech in Brussels today stated that the country doesn’t need aide at this time but is taking “IMF measures” and may need to seek help from the International lender of last resort if a European solution isn’t generated. Meanwhile, the Euro-zone January trade balance deficit widened more than expected to -8.9 billion against forecasts of -4.0 billion as exports rose 5.0%. Consistent demand from abroad has fueled the region’s recovery and evidence of continued growth could be offsetting concerns over Greece’s troubles.  The EUR/USD has found support at the 20-Day SMA at 1.3636 and retraced some of its earlier losses. If we see equity markets shrug off the news then a further gains could follow. However, a break below support opens the door for a test of 1.3500

The Pound has started to trade lower after a brief relief rally following the smaller than expected budget deficit in February. The better fiscal health has alleviated some concerns that the U.K. could follow its European counterparts down the path of lower credit ratings. Public borrowing rose 12.4 billion against expectations of 14 billion, but increased from 4.3 billion the month prior. However, the deficit continues to be a troubling issue for the country and a political lightening rod. Sterling weakness may continue, if markets choose to focus on the disappointing mortgage approvals in February. Approvals from the six largest banks fell to a nine month low of 48,000 down from 49,000 the month prior. Economists forecasted a print of 54,000 as prior quantitative easing efforts were expected to help loosen credit markets. The disappointing data could raise speculation that the BoE may need to add to their asset purchase program which had been a weighing factor before the last two pauses e by the central bank.

The dollar was mixed overnight as it gained against the Euro but has started to lose ground against the commodity dollars and sterling, which have been the outperformers leading into the day. U.S. consumer prices are scheduled to cross the wires today with expectations that inflation fell to 2.3% from 2.6%. A weak labor market which lost another 36,000 jobs in February has weighed on domestic demand, forcing retailers to continue discounting to attract customers. The potentially market moving release may have little impact following a FOMC rate decision, where policy makers pledged to keep rates low for an “extended period”.  The weekly initial jobless claims data could have more of an impact of price action as a return to job growth is seen as a key to the recovery and a prerequisite for a rate hike. The Philadelphia Fed manufacturing release should also be monitored as the sector has driven the recovery and evidence of sustainability could generate risk appetite and dollar weakness.


Do You Expect a Breakout in the EUR/USD This Month? Join us in the Forum

Related Articles: 

Forex Weekly Trading Forecast - 03.15.10


To discuss this report contact John Rivera, Currency Analyst: instructor@dailyfx.com

Market Brief

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

DISCLOSURES

News & Analysis at your fingertips.