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
Mixed
Oil - US Crude
Mixed
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
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/aC5CZqRzxd
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.20% Silver: -0.31% Oil - US Crude: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7rkjdGff4Y
  • Euro May Turn Lower vs. US Dollar as Upswing Falters Below 1.20 - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2021/04/19/Euro-May-Turn-Lower-vs-US-Dollar-as-Upswing-Falters-Below-1.20.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/30VPCDfO1B
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.28% 🇦🇺AUD: 0.11% 🇳🇿NZD: 0.08% 🇨🇦CAD: 0.03% 🇨🇭CHF: 0.03% 🇪🇺EUR: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LQnZcITyT6
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% France 40: 0.03% FTSE 100: -0.09% US 500: -0.23% Wall Street: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/19eau4SxDU
  • Crude Oil Prices Retreat After Big Rally as Traders Await Fresh Catalysts https://www.dailyfx.com/forex/market_alert/2021/04/19/Crude-Oil-Prices-Retreat-after-Big-Rally-as-Traders-Await-Fresh-Catalysts.html https://t.co/e6PdkgQ2C7
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cvjBS https://t.co/fLokdpFkq0
  • India's Sensex slumps 3% after daily virus cases hit new record - BBG
  • US 10-Year Treasury yields set to continue sliding lower in the near term, after breaching the neckline of a Head and Shoulders pattern. Clearing 1.53% probably paves the way for rates to fulfil the pattern's measured move (1.42), opening the door for #gold to extend gains https://t.co/5RP1EmBiBf
  • Gold Prices Extend Higher on Chinese Demand Boost, Falling Yields https://www.dailyfx.com/forex/market_alert/2021/04/19/Gold-Prices-Extend-Higher-on-Chinese-Demand-Boost-Falling-Yields.html https://t.co/lFYMUZbRkK
USD to Hold Support Ahead of FOMC- AUD to Struggle on RBA

USD to Hold Support Ahead of FOMC- AUD to Struggle on RBA

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10460.36

10494.02

10449

-0.35

84.07%

Forex_USD_to_Hold_Support_Ahead_of_FOMC-_AUD_to_Struggle_on_RBA_body_ScreenShot195.png, USD to Hold Support Ahead of FOMC- AUD to Struggle on RBA

Chart - Created Using FXCM Marketscope 2.0

Although the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is trading 0.35 percent lower from the open, we may see the greenback continue to find interim support around the 10,450 region as the 30-minute relative strength index bounces back from oversold territory. Although wage growth in the U.S. remains subdued, the resilience in Personal Spending along with the 1.5 percent rise in Pending Home Sales encourages an improved outlook for the world’s largest economy, and the Fed may sound more upbeat this time around as the recovery gradually gathers pace. In turn, we may see the dollar continue to carve a higher low ahead of the FOMC interest rate decision on tap for later this week, and the greenback remains poised to mark fresh highs over the near to medium-term as the central bank appears to be slowly moving away from its easing cycle.

Forex_USD_to_Hold_Support_Ahead_of_FOMC-_AUD_to_Struggle_on_RBA_body_ScreenShot196.png, USD to Hold Support Ahead of FOMC- AUD to Struggle on RBA

Despite the strength in private sector consumption, the Dallas Fed Manufacturing survey weakened to -15.6 in April to mark the lowest reading since July, and the lull in business outputs may encourage the FOMC to preserve its highly accommodate policy stance for most of 2013 in an effort to encourage a stronger recovery. However, we may see a greater argument to scale back on quantitative easing as the U.S. economy gets on a more sustainable path, and a growing number of Fed officials may dissent alongside Esther George as the outlook for growth and inflation improves. In turn, the USDOLLAR may continue to carve out a series of higher highs paired with higher lows, and we will continue to buy dips in the greenback as long as Fed Chairman Ben Bernanke sees limited scope to expand asset purchase program beyond the $85B monthly limit. As the USDOLLAR carves out a higher low this month, the dollar looks poised for a more meaningful run at the 10,600 figure, and the bullish sentiment surrounding the greenback may gather pace throughout the year as market participants scale back bets for additional monetary support.

Forex_USD_to_Hold_Support_Ahead_of_FOMC-_AUD_to_Struggle_on_RBA_body_ScreenShot197.png, USD to Hold Support Ahead of FOMC- AUD to Struggle on RBA

The greenback weakened across the board, led by a 0.78 percent rally in the Australian dollar, but we may see the higher-yielding currency struggle to hold its ground ahead of the next Reserve Bank of Australia (RBA) policy meeting on May 7 as market participants see the central bank pushing the benchmark interest rate to a fresh record-low in the coming months. Beyond the slowdown in China – Australia’s largest trading partner – easing price pressures in the $1T economy may push the RBA to further support the uneven recovery in the region, and we may see Governor Glenn Stevens retain a dovish tone for monetary policy throughout 2013 in an effort to stem the downside risks for growth and inflation. In turn, we should see the AUDUSD maintain the downward trend dating back to 2011, and the pair remains poised to give back the rebound from 1.0114 as the RBA continues to embark on its easing cycle.

--- 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.

Bring the economic calendar to your charts with the DailyFX News App.

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