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
EUR/USD
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
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
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
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.08%, while traders in France 40 are at opposite extremes with 70.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/15tLCxUZn4
  • 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/jF2isjXGba
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.07% 🇨🇭CHF: 0.05% 🇦🇺AUD: -0.00% 🇨🇦CAD: -0.06% 🇳🇿NZD: -0.07% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/B0rRcDvXfo
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.73% Germany 30: 0.71% FTSE 100: 0.67% US 500: 0.48% Wall Street: 0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6Ds7o5Hf8V
  • The buy-the-dip crowd stepped in to keep the likes of the Nasdaq from tipping critical breaks this past session post CPI. The Dollar held onto its gains a bit better. Watching $USDCAD as a run of US data weighs in on the chance for a climb: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/14/Nasdaq-Drawn-Between-Buy-the-Dip-and-Inflation-Fears-Dollar-Hits-Another-Wave.html https://t.co/T0d7cQUg8j
  • The US Dollar may fall versus ASEAN currencies if dovish Fed speak extends the boost in sentiment after a huge miss in non-farm payrolls. USD/PHP is eyeing the Philippine Central Bank. Get your market update here:https://t.co/BKjG92HWzX https://t.co/8MhgacRMO9
  • Bearish Gartley Pattern Hints at Downward Potential for Nas100 - #NDX chart https://t.co/37TnsEsOqf
  • Japan's Aso: - Around 4 trillion Yen left in reserve funds - It is unlikely that reserve funds will be insufficient - BBG $USDJPY
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.15% Oil - US Crude: -0.48% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/9IUnKsOJmx
  • Global stock markets may see turbulent volatility if darkening clouds over Washington’s relations with Beijing turn into a geopolitical storm. Which assets will be the lifeboat? Find out here:https://t.co/RkFI6qAyik https://t.co/dS3yMypxer
Forex: USD Steady Ahead of Fed Beige Book- Shallow Correction in Play

Forex: USD Steady Ahead of Fed Beige Book- Shallow Correction in Play

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10074.52

10078.08

10047.45

0.09

69.97%

Forex_USD_Steady_Ahead_of_Fed_Beige_Book-_Shallow_Correction_in_Play_body_ScreenShot178.png, Forex: USD Steady Ahead of Fed Beige Book- Shallow Correction in Play

Although the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains 0.09 percent higher from the open, we’re seeing the greenback preserve the sideways price action carried over from the previous week, and the dollar may continue to consolidate going into the Fed’s Beige Book as the 30-minute relative strength index approaches overbought territory. However, as the USDOLLAR continues to pivot around the 10,050 figure, the greenback appears to be building a short-term base ahead of the next FOMC interest rate decision on January 30, and the bullish sentiment surrounding the dollar may gather pace in the days ahead as a growing number of central bank officials scale back their willingness to expand the balance sheet further. In turn, a more upbeat Beige Book could pave the way for another run at the 10,150 region, and the dollar may continue to carve higher highs along with higher lows amid the shift in the policy outlook.

Forex_USD_Steady_Ahead_of_Fed_Beige_Book-_Shallow_Correction_in_Play_body_ScreenShot179.png, Forex: USD Steady Ahead of Fed Beige Book- Shallow Correction in Play

Despite the more broad-based recovery in the world’s largest economy, Boston Fed President Eric Rosengren, who votes on the FOMC this year, and Minneapolis Fed President Narayana Kocherlakota argued that the central bank should do more to target the ongoing weakness in the labor market, but pledged to assess the cost and benefits of the open-ended asset purchase program as it raises the long-term outlook for inflation. Nevertheless, we should see the Fed continue to highlight the resilience in private sector consumption along with the budding recovery in the housing market as it raises the outlook for growth, and the FOMC may change its tune over the course of the year as the rebound in economic activity raises the threat for inflation. Although we’re seeing the relative strength index continue to fall back from overbought territory, we will maintain our bullish forecast for the USD as the oscillator preserves the upward trend from back in September.

Forex_USD_Steady_Ahead_of_Fed_Beige_Book-_Shallow_Correction_in_Play_body_ScreenShot180.png, Forex: USD Steady Ahead of Fed Beige Book- Shallow Correction in Play

The greenback strengthened against three of the four components, led by a 0.47 percent decline in the British Pound, while the Australian dollar continues to hold below the 1.0600 figure as the AUDUSD slipped 0.15 percent from the open. Although we’re expecting to see Australian employment increase another 4.5K in December, consumer inflation expectations are currently at its lowest level since 1997, and a further deterioration in the price growth outlook may dampen the appeal of the high-yielding currency as the Reserve Bank of Australia keeps the door open to cut the benchmark interest rate further. According to Credit Suisse overnight index swaps, market participants see borrowing costs in the $1T economy falling by nearly 50bp over the next 12-months, and the AUDUSD may have carved out a short-term top this month as Governor Glenn Stevens is expected to strike a cautious outlook at the February 4 meeting.

--- 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, please follow this link.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES