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. See our updated Privacy Policy here.

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
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
Euro Euphoria Fizzles On Growth Concerns, Sterling Range In Focus

Euro Euphoria Fizzles On Growth Concerns, Sterling Range In Focus

David Song, Strategist

Talking Points

  • Euro: Troika Extends Stay In Greece, Consumer Confidence Falters
  • British Pound: U.K. Mortgage Approves Hit 18-Month Low, Range Still In Play

Euro: Troika Extends Stay In Greece, Consumer Confidence Falters

The Euro slipped to an overnight low of 1.2224 as consumer confidence in Europe slipped to a three-year low in July, while there’s talk that the troika – the EU, ECB, and IMF – will extend its visit to Greece amid the heightening threat of a default. At the same time, there’s mounting hopes surrounding the European Central Bank interest rate decision scheduled for later this week as President Mario Draghi pledges to take additional steps to address the debt crisis, and it seems as though the central bank head will embark on additional asset purchases in an effort to stem the risk for contagion.

Although the ECB is widely expected to keep the benchmark interest rate at 0.75% in August, we may see the Governing Council lean towards a zero interest rate policy as the region heads for a prolonged recession, and the central bank may have little choice but to implement a range of tools over the coming months as growth and inflation falter. Indeed, we’re still standing by our bearish forecast for the EURUSD as the relative strength index maintains the downward trend from earlier this year, and the pair should continue to give back the rebound from 1.2042 as the fundamental developments coming out of the region continues to drag on investor confidence.

British Pound: U.K. Mortgage Approves Hit 18-Month Low, Range Still In Play

The British Pound fell to 1.5672 as mortgage approvals in the U.K. weakened to an 18-month low, and the sterling should continue to retrace the rebound from the previous week as it maintains the range-bound price action carried over from June. As market participants look towards the Bank of England rate decision on tap for Thursday, we should see the GBPUSD track sideways ahead of the policy meeting, but we may see the central bank refrain from releasing a fresh statement as the Monetary Policy Committee is widely expected to keep the benchmark interest rate at 0.50% while maintaining its asset purchase target at GBP 375B. In turn, we may see the GBPUSD work its way back towards the 1.5400 figure, and we should see risk sentiment play an increased role in driving price action for the pair as the economic docket for the U.K. remains fairly light for the beginning of the week.

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong

To be added to David's e-mail distribution list, send an e-mail with subject line "Distribution List" to dsong@dailyfx.com.

Will the EUR/USD Resume the Downward Trend From 2011? Join us in the Forum

Related Articles: Weekly Currency Trading Forecast

FX Upcoming

Currency

GMT

EDT

Release

Expected

Prior

USD

14:30

10:30

Dallas Fed Manufacturing Activity (JUL)

2.5

5.8

GBP

23:01

19:01

GfK Consumer Confidence Survey (JUL)

-29

-29

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

DISCLOSURES