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
Bearish
Oil - US Crude
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
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
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
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
  • The $USD fell as an improvement in sentiment slowed aggressive capital outflows from emerging markets and #ASEAN economies. What do USD/SGD, USD/MYR, USD/IDR and USD/PHP face next? Find out from @ddubrovskyFX here: https://t.co/3SQYf5Y0Vx https://t.co/lodbsqO94L
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZbYR5 https://t.co/detT6m6ZKo
  • The #Dow Jones, S&P 500 and #DAX 30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish. Get your market update from @ddubrovskyFX here:https://t.co/DdCUyoGSmL https://t.co/NQtbwy5Brg
  • Reports that London-based fund managers have discussed long market closures with the Bank of England are unlikely to bear fruit, but that they happened at all may boost already-crowded haven trades. Get your EUR/CHF market update from @DavidCottleFX here:https://t.co/mernf5MDH3 https://t.co/1rzQT6ClCY
  • $AUD chart positioning suggests prices have set a swing top near the 0.62 figure. Re-engaging the long-term downtrend against $USD may follow. Get your AUD/USD market update from @IlyaSpivak here:https://t.co/OIEDlId6HZ https://t.co/CzqJf3wsgh
  • The $USD could be on the verge of regaining upside momentum against ASEAN FX such as the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit. Will the Philippine Peso follow? Find out from @ddubrovskyFX here:https://t.co/cBzPejcNHu https://t.co/4fcImOiSzD
  • $NZD chart positioning suggests the downtrend against its US namesake may be resuming but trader sentiment studies flash warning sign for sellers.Get your NZD/USD market update from @IlyaSpivak here:https://t.co/NUHD43A8C9 https://t.co/K7l3Ju0GP0
  • The Federal Reserve has made a powerful statement about its commitment to shoring up offshore $USD funding markets through the #coronavirus spread. Get your market update from @DavidCottleFX here:https://t.co/fLZjxjr4L9 https://t.co/UdRor0d92U
  • The #Euro has dropped through support guiding it higher from late-March lows, suggesting that the end of a corrective rebound has given way to downtrend resumption. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/gpKowYNmGi https://t.co/CY7RuZf91s
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/Q3sPmP2rya #tradingstyle https://t.co/ayjehPGEeT
USD Weekly Price Forecast: The US Dollar's Attraction Remains Strong

USD Weekly Price Forecast: The US Dollar's Attraction Remains Strong

2020-02-22 13:00:00
Nick Cawley, Analyst
Share:
US Dollar Basket

US Dollar Price, Analysis and Charts

  • The US dollar basket traded at its highest level since April 2017.
  • Coronavirus outbreak drives investors into the safety of the greenback.

The King dollar continues to march forward, making fresh multi-year highs against a range of other major currencies including the Euro, the Japanese Yen and the Australian dollar. A combination of a robust economy – despite Friday’s lowly PMIs – and the worrying spread of the coronavirus, has left investors with little choice but to keep on buying the USD in order to shift their risk-profile. Gold and the Swiss Franc continue to benefit from the ongoing market move to risk-off but neither can offer the breath or depth of the US dollar.

The USD rally has also been helped by weakness in the other majors with the Euro-Zone still fighting to avoid economic stagnation, Japan becoming more vulnerable to weak economic data, while the Australian economy may need further monetary stimulus to fight off the effects of the coronavirus on local and global economic trade.

The latest set of US PMIs released on Friday do suggest that the US economy is not fully immune to the global economic downturn with both the services and the composite reading falling sharply, suggesting economic contraction.

US Eco Calendar

Next week’s data may allay fears that the US dollar has peaked with US consumer confidence, core PCE – the Fed’s favored measure of inflation – and the second look at Q4 GDP all released. While data will in some part steer the fortunes of the US dollar, the main driver of price action will remain the ongoing spread of the deadly Chinese flu. There are nearly 77,000 confirmed cases of the virus with 2,251 fatalities. In addition, there are reports that China will change their counting methods again, bringing about a sharp rise in the number of infections.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Nick Cawley
Building Confidence in Trading
Get My Guide
US ECO Calendar

Friday’s weak US PMIs prompted a sharp fall in the value of the US dollar, but the chart remains positive and likely to move higher slowly higher next week. There is a ‘golden cross’ forming – 50-dma moving up through the 200-dma – and this is likely to re-set the trend higher.

USD Forecast
USD Forecast
Recommended by Nick Cawley
Download our Brand New Q1 2020 US Dollar Forecast
Get My Guide

USDollar Daily Price Chart (July – February 21, 2020)

US DOllar Chart
Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.