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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:https://t.co/Y48cF2qi9M https://t.co/ia3Bgq0ZTp
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:https://t.co/joPnWIcxEN https://t.co/4QAlUyD98V
  • Heads Up:🇨🇳 National People's Congress due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-06
  • Positive vaccine progress, fiscal stimulus hopes and an unperturbed Federal Reserve may open the door for long-term Treasury yields to continue pressing higher, and in turn weigh on gold prices. Get your market update from @DanielGMoss here:https://t.co/TdGhZ82s8r https://t.co/w6YS6Gl11K
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.07% 🇨🇭CHF: -0.24% 🇳🇿NZD: -0.36% 🇬🇧GBP: -0.41% 🇪🇺EUR: -0.50% 🇦🇺AUD: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/EK7xQumFxO
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: 0.21% Silver: -0.58% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/P7gJseotDu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.46%, while traders in GBP/JPY are at opposite extremes with 68.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/74GpZteOGK
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.15% France 40: 1.09% Germany 30: 0.92% Wall Street: 0.01% US 500: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CjZTVpoYZr
  • Waiting around in the Mickey Mouse Clubhouse when the realization hits that those GenZ traders were talking about a different Clubhouse...
Retail FX Remains Net-Long EUR/USD Ahead of U.S. CPI, ECB Meeting

Retail FX Remains Net-Long EUR/USD Ahead of U.S. CPI, ECB Meeting

David Song, Strategist

Talking Points:

- EUR/USD Slips to Fresh Monthly Low Following SNB; ECB QE Bets Priced-In?

- USD/CAD Risks Larger Correction as RSI Threatens Bullish Momentum.

- USDOLLAR Continues to Track Sideways Ahead of CPI, U. of Michigan Confidence.

For more updates, sign up for David's e-mail distribution list.

EUR/USD

EUR/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • EUR/USD extends decline following the surprise rate cut from the Swiss National Bank (SNB) especially as the European Central Bank (ECB) is widely expected to announce its quantitative easing (QE) program next week.
  • Seeing market forecasts between EUR 500B to EUR 1T for the ECB’s QE program, but may see limited details surrounding the non-standard measure should the council look to buy more time.
  • DailyFX Speculative Sentiment Index (SSI) show retail crowd remains net-long EUR/USD, with the ratio now climbing to +1.40.

USD/CAD

USD/CAD Daily Chart
  • USD/CAD risks a larger pullback amid the lack of momentum to close above 1.2000; want to see a bearish break in the Relative Strength Index (RSI) to favor the downside targets.
  • Will keep a close eye on oil prices given recent correlation with the Canadian dollar; may see a near-term recovery in crude as it fails to close below the $45 handle.
  • Will watch former resistance zones for new support on a break & close below 1.1790 (78.6% expansion) -1.1800 (38.2% expansion).

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: A Central Bank Blinks

Implications for EUR/USD, EUR/GBP after SNB Floor Collapses

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11637.96

11664.65

11585.11

0.07

164.06%

Retail FX Remains Net-Long EUR/USD Ahead of U.S. CPI, ECB MeetingUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Keeping a close eye on the closing price for Dow Jones-FXCM U.S. Dollar amid the range-bound price action; .
  • U.S. Consumer Price Index (CPI) may drag on interest rate expectations on the back of falling energy prices; core rate of inflation may have a larger impact on the dollar as Fed sees the oil decline as transitory.
  • Given string of lower highs & lows this week, dismal CPI print may spur a more meaningful move at 11,567 (38.2% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Empire Manufacturing (JAN)

13:30

5.00

9.95

Producer Price Index (MoM) (DEC)

13:30

-0.4%

-0.3%

Producer Price Index (YoY) (DEC)

13:30

0.1%

0.3%

Producer Price Index ex Food, Energy (MoM) (DEC)

13:30

0.0%

0.1%

Producer Price Index ex Food, Energy (YoY) (DEC)

13:30

1.0%

1.1%

Producer Price Index ex Food, Energy, Trade (MoM) (DEC)

13:30

1.9%

2.1%

Producer Price Index ex Food, Energy, Trade (YoY) (DEC)

13:30

--

1.3%

Initial Jobless Claims (JAN 10)

13:30

290K

316K

Continuing Claims (JAN 3)

13:30

2400K

2424K

Philadelphia Fed Business Outlook (JAN)

15:00

18.7

6.3

Click Here for the DailyFX Calendar

--- 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.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

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