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
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
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
Gold
Bearish
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
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Q0oqIthe4P
  • Wall Street Futures Update: Dow Jones (-0.11%) S&P 500 (-0.35%) Nasdaq 100 (-0.46%) [delayed] -BBG
  • 🇸🇬 Unemployment Rate Prel (Q4) Actual: 3.2% Previous: 3.6% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/JfZU1Hlxn5
  • Heads Up:🇸🇬 Unemployment Rate Prel (Q4) due at 02:30 GMT (15min) Previous: 3.6% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 Full Year GDP Growth (2020) Actual: -9.5% Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 GDP Growth Rate QoQ (Q4) Actual: 5.6% Previous: 8% https://www.dailyfx.com/economic-calendar#2021-01-28
  • 🇵🇭 GDP Growth Rate YoY (Q4) Actual: -8.3% Expected: -8.5% Previous: -11.4% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇵🇭 Full Year GDP Growth (2020) due at 02:00 GMT (15min) Previous: 5.9% https://www.dailyfx.com/economic-calendar#2021-01-28
  • Heads Up:🇵🇭 GDP Growth Rate YoY (Q4) due at 02:00 GMT (15min) Expected: -8.5% Previous: -11.4% https://www.dailyfx.com/economic-calendar#2021-01-28
USD Correction Coming to an End- Key Levels/Themes to Watch

USD Correction Coming to an End- Key Levels/Themes to Watch

David Song, Strategist

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10685.92

10690.61

10658.94

0.11

50.77%

USDOLLAR 30-Minute

Forex_USD_Correction_Coming_to_an_End_Key_LevelsThemes_to_Watch_body_ScreenShot312.png, USD Correction Coming to an End- Key Levels/Themes to Watch

Chart - Created Using FXCM Marketscope 2.0

Release

GMT

Expected

Actual

No Scheduled Releases

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is trading 0.11 percent higher from the open, largely driven by the weakness in the Australian dollar and the reserve currency may track higher ahead of the Fed Economic Symposium in Jackson Hole, Wyoming should the FOMC Minutes highlight an improved outlook for the U.S. economy.

Although the economic docket remains fairly light over the next 24-hours of trading, we’re seeing the reserve currency continue to carve a near-term base around the 38.2 percent Fibonacci expansion (10,652), and we may see a more meaningful rally ahead of the next Fed policy meeting on September 17-18 as scaling back on quantitative easing becomes a growing discussion at the central bank. Indeed, the dollar should continue to mark a series of higher highs paired with higher lows as the Fed looks poised to switch gears in the second-half of the year, and bullish sentiment surrounding the greenback may get carried into 2014 amid the shift in the policy outlook.

USDOLLAR Daily

Forex_USD_Correction_Coming_to_an_End_Key_LevelsThemes_to_Watch_body_ScreenShot313.png, USD Correction Coming to an End- Key Levels/Themes to Watch

Dallas Fed President Richard Fisher – who will serve on the FOMC in 2014 – argued that U.S. bond-yields are on the rise as market participants realize that ‘there’s not QE infinity,’ and favored tapering the asset-purchase program as the economic recovery gradually gathers pace.

Despite the growing arguments to halt the Fed’s easing cycle, we may need a more meaningful catalyst to see a move back above the 10,800 region, and the dollar remains poised to threaten the bearish trend carried over from the previous month as the outlook for growth and inflation improves.

Forex_USD_Correction_Coming_to_an_End_Key_LevelsThemes_to_Watch_body_ScreenShot315.png, USD Correction Coming to an End- Key Levels/Themes to Watch

AUDUSD Daily

Forex_USD_Correction_Coming_to_an_End_Key_LevelsThemes_to_Watch_body_ScreenShot314.png, USD Correction Coming to an End- Key Levels/Themes to Watch

Two of the four components weakened against the greenback, led by a 0.52 percent decline in the Australian dollar, and the higher-yielding currency may face additional headwinds over the next 24-hours of trading should the Reserve Bank of Australia (RBA) Minutes highlight a weakened outlook for the $1T economy.

Indeed, we are likely to see Governor Glenn Stevens retain a cautious outlook for the region amid the slowing recovery, and the central bank head may make further calls for a lower exchange rate, which raises the risk of seeing another selloff in the AUDUSD.

At the same time, the RBA may keep the door open to push the benchmark interest rate to a fresh record-low in order to address the risks surrounding the region, and we will look to sell rallies in the AUDUSD as the pair appears to be carving a lower high around the 61.8 percent Fibonacci retracement (0.9210-20).

--- 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.

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

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