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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
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
  • We are going to start the new trading week with a few critical technical breaks like the $QQQ's (NDX) H&S neckline break on volume and EURUSD's clearance below 1.1950. Are these the makings of trends? My take: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/06/EURUSD-and-Nasdaq-100-to-Start-Week-with-Multi-Month-Breakdown.html https://t.co/iR5w7iDkDU
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/OR70NHkgeI
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/nd93gXDswq
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/xeidoj2K9f
  • 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/1rhLp4LnfN
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/RKYGzRStvL
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • 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/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
US Dollar (USD) Outlook: US-China Tensions Likely to Escalate Further

US Dollar (USD) Outlook: US-China Tensions Likely to Escalate Further

Nick Cawley, Strategist
USD Chart

US Dollar (DXY) Price, Chart and Analysis.

  • US President Donald Trump warns China over new Hong Kong security law.
  • US Dollar (DXY) breaking support.
USD Forecast
USD Forecast
Recommended by Nick Cawley
Get Your Free USD Forecast
Get My Guide

US President Trump is threatening China with new economic sanctions as the already fragile relationship between the two superpowers sours further. Already vocal about China’s involvement in the spread of the COVID-19 virus, President Trump is now taking China to task after Beijing tightened its grip on Hong Kong. China this week imposed a new security law on the ex-British colony, undermining the island’s authority and prompting US Secretary of State Mike Pompeo to tell Congress that Hong Kong no longer merits preferential trade status. President Trump is now threatening further measures against China who are likely to respond quickly and in kind. This war of words will be the dominant driver of the US dollar and risk markets in the coming weeks and months.

US data this week continues to point to a protracted economic recovery in America over the coming quarters. While the Fed’s largesse has driven a V-shaped recovery in various US stock markets, the US economy is expected to see a much slower pick-up. This week’s initial jobless claims rose by another 2123k claimants while Q2 GDP q/q turned negative by 5%, its worst reading in over a decade. In addition, US personal spending data, released on Friday, slumped 13.6% month-on-month, the biggest decline on record, as the COVID-19 lockdown kept consumers away from the high street.Data also showed that the US savings rate hit a record 33%, as consumers kept their money in their pockets.

The US dollar basket (DXY) has fallen all week and is back to levels last seen in mid-March. The US dollar is now trading either side of both the 61.8% Fibonacci retracement of the March 9-22 rally and the 200-day moving average. If DXY closes and opens below the 200-dma, further falls are likely. The CCI indicator does show the market as extremely oversold which may temper any further losses in the short-term.

US Dollar (DXY) Daily Price Chart (October 2019 – May 29, 2020)

USD Dollar CHart
Building Confidence in Trading
Building Confidence in Trading
Recommended by Nick Cawley
Planning Breeds Confidence
Get My Guide

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave 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 via Twitter @nickcawley1.

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

DISCLOSURES