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
Bullish
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
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • 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/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

Renee Mu, Currency Analyst

OPEN

HIGH

LOW

LAST PRICE

CHANGE(%)

USDOLLAR Index

10180.66

10199.15

10170.26

10187.4

0.2085

EURUSD Curncy

1.346

1.3477

1.3425

1.3452

-0.0891

GBPUSD Curncy

1.5803

1.5803

1.5675

1.5688

-0.7026

USDJPY Curncy

91.06

91.26

90.57

90.79

-0.1320

AUDUSD Curncy

1.042

1.043

1.0385

1.0408

-0.1535

Prices were taken at 19:10 GMT.

The British Pound was the top driver for the Dow Jones FXCM Dollar Index today, breaking to 5-month lows against the greenback. Mark Carney, who will become the head of Bank of England in July, said that central bankers can be flexible in meeting inflation goals and there is still room for the monetary stimulus around the world if needed. The British Pound weakened following his speech as markets anticipated it may signal further Quantitative Easing from the Bank of England once Carney becomes governor.

US data was overall mixed on the session, but a strong US Durable Goods Orders report helped push the Dollar Index to a fresh monthly high. On the other hand, US Pending Homes Sales unexpectedly fell in December due to supply limitations in the housing market. The mixed report ultimately had little net effect on the Dollar. Tomorrow, markets look to US Consumer Confidence survey data for January will be the top news for the greenback. Yet the true fireworks may have to wait for Wednesday’s US Q4 Gross Domestic Product report and the Federal Open Market Committee interest rate decision.

The largest mover last week, the Japanese Yen, rallied from its weakest level versus the dollar today as technicalindicators signaled it may have reached oversold territory. Yet Japanese government officials expressed clear desire for further Yen weakness. Early in the session, Japan’s Prime Minister Abe said that only quantitative easing policies will overcome deflation and a strong Yen. The Bank of Japan recently announced it would raise its inflation target to 2.0 percent, and forecasts of CPI inflation of 0.5 percent increase in 2013 clearly leave scope for monetary policy easing. Forex traders may look to Japanese December Retail Trade to guide the short-term moves in the USDJPY.

Economic Calendar

Date

Time

Currency

Event

Importance

Forecast

Previous

Mon Jan 28

23:00

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_aud.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

AUD Conference Board Leading Index (NOV)

Medium

0.2%

Tue Jan 29

00:30

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_aud_1.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

AUD NAB Business Confidence (DEC)

Medium

-9

05:00

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_jpy.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

JPY Small Business Confidence (JAN)

Medium

43.8

07:00

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_eur.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

EUR German GfK Consumer Confidence Survey (FEB)

Medium

5.7

5.6

15:00

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_usd.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

USD Consumer Confidence (JAN)

High

64

65.1

23:50

Forex_Analysis_US_Dollar_Index_Gains_as_British_Pound_Extends_Decline_body_jpy_1.png, Forex Analysis: US Dollar Index Gains as British Pound Extends Decline

JPY Retail Trade (YoY) (DEC)

Medium

0.3%

1.2%

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

DISCLOSURES