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
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
More View more
Real Time News
  • The price of oil slips to a fresh weekly low ($82.53) amid a larger-than-expected rise in US inventories. Get your #oil market update from @DavidJSong here:https://t.co/tfluc6v7yW https://t.co/rlUGHq9UKv
  • Today's -3% drop is the biggest slide for crude oil since August 4th, but it doesn't turn the technical trend for the commodity at least until the 20-day SMA gives way. $CL_F https://t.co/UKBKX45Z1F
  • The S&P 500 declined sharply into the closing bell, with $ES closing on session lows $ES_F $SPX $SPY https://t.co/I7P0oOKqk2
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.01% Germany 30: -0.13% France 40: -0.22% US 500: -0.44% Wall Street: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iLp3nl078Y
  • #Sterling Technical Forecast: $GBPUSD Coils at 52-Week Moving Average - https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2021/10/27/Sterling-Technical-Forecast-GBP-USD-Coils-at-52-Week-Moving-Average-British-Pound-Outlook-MBTS10.html https://t.co/HMF0AqA1Q8
  • The BOC's rate decision today proved as hawkish as forecasts insinuate. Most interesting pair for this was $GBPCAD where it is hawkish expectation vs hawkish expectation https://t.co/yh3fDNYiKZ
  • WTI continues to retreat, down over 2.5% on the day and currently trading just north of $82 $CL_F https://t.co/GmtrXNH1Hf
  • USD strength present throughout the NY session, but the US Dollar Index continues to find stiff resistance at the 94 level $USD $DXY https://t.co/nZFjtFbG4O
  • Euro is down more than 0.2% against the US Dollar since the start of the week with EUR/USD trading just above support heading into the European Central Bank interest rate decision tomorrow. Get your $EURUSD market update from @MBForex here:https://t.co/a9tikztYFj https://t.co/uztfGSoYvW
  • Nasdaq 100 is not sure whether it wants to close at a record high, but the NDX-SPX ratio has jumped sharply today on the tech index's 0.9% rally https://t.co/fUMvv9mtZ8
USDJPY Rallies to Multi-Week Highs, but What Could Force it Higher?

USDJPY Rallies to Multi-Week Highs, but What Could Force it Higher?

David Rodriguez, Head of Product
USDJPY Rallies to Multi-Week Highs, but What Could Force it Higher?

Fundamental Forecast for Yen:Neutral

The Japanese Yen remains in a miniscule trading range versus the US Dollar, but a jump in volatility suggests some predict key events ahead could finally force some sharper USD/JPY moves.

What keeps the Japanese Yen from much larger price swings? Record-low interest rates across the globe almost certainly play a part; yield-sensitive traders see little reason to buy or sell given expectations that global central banks will keep rates near record-lows.

We’ll watch a potentially significant US Federal Reserve interest rate decision and US Nonfarm Payrolls report for USDJPY volatility.

The US Fed will almost certainly stick to the script and continue its “Taper” of Quantitative Easing policies, but the devil is always in the details. Traders drove the Dollar to fresh multi-week highs versus the Yen—perhaps an indication of positive expectations ahead of the FOMC meeting.

It’s important to note we saw similar price action into the June monetary policy announcement; an initial Dollar surge proved short-lived, and the USDJPY has yet to break above the highs established following the June meeting.

The monthly US Nonfarm Payrolls report provides the other important bit of economic event risk for the Dollar/Yen. Economists predict that the US added over 200k jobs in the month of July for the sixth-consecutive month, and lofty expectations leave ample room for disappointment. It would likely take a substantially above-forecast print to force a major Dollar rally, while a disappointment could kill the momentum of positive data for the Greenback.

Will the week ahead finally force the USDJPY out of its narrow range? The odds are admittedly low, but a slow build in FX volatility prices suggests some are betting on/hedging against larger moves. Until we see a break of much more significant resistance of ¥103 or support near ¥100.80, however, we expect USDJPY volatility to trade back towards record lows. - DR

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

DISCLOSURES