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
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
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
  • While the rise in longer-dated Treasury yields have been impressive as of late, March highs remain a key focus for resistance The medium-term uptrend remains intact, maintained by rising support from August Fading fiscal stimulus expectations (size) may sour yields ahead https://t.co/L3vBcF0ts7
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/vFJ8zmphMm
Euro To Consolidate Ahead Of ESM Vote, Germany Endorses ECB Plan

Euro To Consolidate Ahead Of ESM Vote, Germany Endorses ECB Plan

2012-09-11 12:20:00
David Song, Strategist

Talking Points

  • Euro: Germany To Rule on ESM, Endorses ECB’s Bond Buying Program
  • British Pound: BoE To Maintain Inflation Target, RSI Approaches Overbought

Euro: Germany To Rule on ESM, Endorses ECB’s Bond Buying Program

The Euro rallied to an overnight high of 1.2817 as Germany’s Constitutional Court reassured that it will rule on the European Stability Mechanism on September 12, while Finance Minister Wolfgang Schaeuble warned of the slowing recovery in Europe’s largest economy as the debt crisis continued to dampen the outlook for the region. In turn, Germany’s Economy Ministry endorsed the European Central Bank’s bond-buying program as the non-standard measure is expected to boost short-term liquidity across the euro-area, but the new initiative will only help to buy more time as the governments operating under the monetary union struggle to get their house in order.

Indeed, market participants are expecting to hear a major announcement at the October 4 meeting as ECB President Mario Draghi continues to endorse an open-ended asset purchase program, but the central bank head may come under increased criticism as the Governing Council puts its independence on the line. As the EURUSD struggles to push above the 200-Day SMA (1.2832), we should see the pair consolidate going into ESM ruling, and the euro-dollar appears to be carving out a near-term top this week as the relative strength index falls back from overbought territory. In turn, we may see the EURUSD fall back towards former resistance around the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50, but the single currency may face additional headwinds over the near-term as the economic docket continues to show a deepening recession in Europe.

British Pound: BoE To Maintain Inflation Target, RSI Approaches Overbought

The British Pound climbed to a fresh monthly high of 1.6036 as market participants increased their appetite for risk, but the short-term rally appears to be overbought as the relative strength index on the GBPUSD flirts with overbought territory. Meanwhile, Bank of England board member David Miles argued that the central bank has not given up on its inflation target even as the U.K. remains in a technical recession, and argued that quantitative easing has helped to achieve its price growth target as it helps to boost demands. Nevertheless, the BoE Minutes due out on September 19 may sound more upbeat this time around as the new lending scheme is expected to foster a stronger recovery, and the Monetary Policy Committee may endorse a wait-and-see approach throughout the remainder of the year as growth and inflation gradually picks up. Although the GBPUSD looks poised for a pullback, we may see the sterling appreciate further as the shorter-term moving averages (10, 20 and 50-Day) start to break away from one another, and we may see the upward trending channel from earlier this year continue to take shape as the developments coming out of the U.K. dampens the scope for more easing.

FX Upcoming

Currency

GMT

EDT

Release

Expected

Prior

USD

12:30

8:30

Trade Balance (JUL)

-$44.2B

-$42.9B

USD

14:00

10:00

IBD/TIPP Economic Optimism (SEP)

45.6

EUR

16:00

12:00

ECB's Joerg Asmussen Speaks on Debt Crisis

GBP

17:15

13:15

BoE's David Miles Speaks on U.K. Economy

--- 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

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

DISCLOSURES