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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.03% France 40: -0.58% Germany 30: -0.61% FTSE 100: -0.72% View the performance of all markets via
  • U.S. State Department lowers U.K. travel advisory to level 3 - BBG $GBPUSD
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • So, is Ethereum considered a 'value' market to new Dogecoin traders?
  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)...
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.31% Oil - US Crude: -0.18% Silver: -0.50% View the performance of all markets via
  • Fed's Evans: - Tepid April jobs report was a 'head scratcher' - Welcomes wage growth as sign of a healthy jobs market - Fed has room to overshoot inflation target - 'It will be a while' before US has made enough progress to talk about tapering
  • US 10-Year Treasury yield extending to session highs and steering the Nasdaq to new lows of the day $NDX $QQQ $NQ_F
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.77%, while traders in Wall Street are at opposite extremes with 78.12%. See the summary chart below and full details and charts on DailyFX:
USD Struggles Ahead Of NFPs- Greece Pushes ECB To Rollover Debt

USD Struggles Ahead Of NFPs- Greece Pushes ECB To Rollover Debt

David Song, Strategist





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USD_Struggles_Ahead_Of_NFPs-_Greece_Pushes_ECB_To_Rollover_Debt__body_ScreenShot009.png, USD Struggles Ahead Of NFPs- Greece Pushes ECB To Rollover Debt

Although the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains 0.35 percent lower from the open, we’re seeing the upward trending channel carried over from the previous month continue to take shape, and the greenback looks poised for a short-term bounce as the 30-minute relative strength index bounces back from a low of 30. In turn, we may see the oscillator threaten the downward trend from earlier this week, but the FOMC Minutes on tap for later today may instill a bearish outlook for the dollar should the policy statement highlight an increased willingness to expand the balance sheet further. However, the Fed may soften its dovish tone for monetary policy as central bank officials see a limited risk for a double-dip recession, and the committee may endorse a wait-and-see approach over the near to medium-term as the economic recovery gradually gathers pace.

USD_Struggles_Ahead_Of_NFPs-_Greece_Pushes_ECB_To_Rollover_Debt__body_ScreenShot010.png, USD Struggles Ahead Of NFPs- Greece Pushes ECB To Rollover Debt

As the index trades back within the downward trending channel from June, it looks as though the dollar is finding trendline support ahead of the employment report, but we may see the rebound from 9,740 continue to gather pace should NFPs instill an improved outlook for the world’s largest economy. However, we may see a mixed reaction to the labor report as the jobless rate is expected to increase to 8.2% from 8.1% in August, but the figure may reflect discourage workers returning to the labor force as job growth is anticipated to pick up in September. As a result, the pullback in the index may serve as a buying opportunity for the dollar, and we would like to see the index put in a close above the 61.8 percent Fibonacci retracement around 9,949 to scale back the bearish forecast for the USD.

USD_Struggles_Ahead_Of_NFPs-_Greece_Pushes_ECB_To_Rollover_Debt__body_ScreenShot011.png, USD Struggles Ahead Of NFPs- Greece Pushes ECB To Rollover Debt

The greenback weakened against all four components, led by the 0.76 percent rally in the Euro, but the single currency remains poised to face additional headwinds over the near-term as the fundamental outlook for the region turns increasingly bleak. As Greece fails to secure the next bailout payment, Prime Minister Antonis Samaras argued that the European Central Bank should consider rolling over its Greek debt holdings, and went onto say that the European Stability Mechanism should be allowed to finance the region’s commercial banks as the region struggles to get its house in order. As the governments operating under the fixed-exchange rate system become increasingly reliant on monetary support, ECB President Mario Draghi is likely to face increased criticism, and the central bank may have little choice but to further embark on its easing cycle as the euro-area faces a deepening recession.

--- Written by David Song, Currency Analyst

To contact David, e-mail 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

Join us to discuss the outlook for the major currencies on the DailyFX Forums

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

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