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
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • 🇳🇱 Inflation Rate YoY (APR) Actual: 1.9% Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.89%, while traders in Wall Street are at opposite extremes with 77.13%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sV6ncqn10p
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/xkNb1VIrEN
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.08% 🇨🇭CHF: 0.06% 🇦🇺AUD: 0.03% 🇳🇿NZD: -0.03% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hxMR9a5jxI
  • Heads Up:🇳🇱 Inflation Rate YoY (APR) due at 04:30 GMT (15min) Expected: 1.7% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-05-11
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.25% US 500: -0.52% France 40: -1.12% Germany 30: -1.24% FTSE 100: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sAj0aetO3t
  • Retail FX traders (at IG) have pushed up their long $USDCAD position to levels not seen in years which has nudged the net long to approximately 85% of open interest. They are fighting that trend https://t.co/eIOcdLiPik
  • Risk trends is the focus to start this week with the Nasdaq 100 dragging sentiment down through the close of the NY session. My attention is on the Dollar as pairs like $GBPUSD stare down major resistance or reversal: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/11/EURUSD-GBPUSD-and-Nasdaq-Outlook-Key-Levels-and-Events-Ahead.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/72GGBPMNcw
  • White House monitoring supply shortages in parts of the southeast -BBG
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/RAtsYwpmXl
USDOLLAR Rebound Vulnerable to 1Q GDP Contraction

USDOLLAR Rebound Vulnerable to 1Q GDP Contraction

David Song, Strategist

Talking Points:

- USDOLLAR Rebounds on Sticky Core CPI- Growth Rate Adjustment in Focus.

- EUR/USD Sits at Former Resistance- EU Summit on Tap.

- Canadian Dollar to Face Bank of Canada (BoC), 1Q Gross Domestic Product (GDP) Report.

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11869.95

11875.65

11774.14

0.57

143.18%

USDOLLAR Rebound Vulnerable to 1Q GDP ContractionUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Dow Jones-FXCM U.S. Dollar advances to a fresh weekly high of 11,875 as the core Consumer Price Index (CPI) unexpectedly holds steady at an annualized 1.8% in April; may raise the argument the Fed will be able to achieve the 2% inflation target over the policy horizon.
  • Will keep a close eye on the fresh batch of Fed rhetoric, but the preliminary 1Q Gross Domestic Product (GDP) report may drag on the greenback as it’s expected to show a 0.9% contraction in the growth rate versus an initial forecast for a 0.2% expansion.
  • Close above the Fibonacci overlap around 11,826 (61.8% expansion) to 11.843 (38.2% retracement) may generate a run at former support around 11,898 (50% retracement) to 11,901 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

USDOLLAR Rebound Vulnerable to 1Q GDP Contraction

Click Here for the DailyFX Calendar

EUR/USD

EUR/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • EUR/USD remains at a risk for a further decline should we see an ongoing series of closes below 1.1120 (61.8% retracement);break/close below former-resistance around 1.0970 (38.2% expansion) to 1.0990 (50% retracement) to bring up next downside target at 1.0850 (78.6% expansion) to 1.0870 (38.2% expansion).
  • Will keep a close eye on the headlines coming out of the EU Summit as Greece struggles to achieve a near-term deal; greater threat for default/contagion to heighten the bearish sentiment surrounding the single-currency.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-short EUR/USD since March 9, with the ratio stand at -1.29 going into the holiday weekend.

USD/CAD

USD/CAD Daily Chart
  • USD/CAD looks poised for a test of former support around 1.2360 (38.2% retracement) to 1.2380 (50% retracement) as the pair breaks out of the near-term range.
  • Despite the slowdown in Canada CPI, the pickup in Retail Sales may encourage the Bank of Canada (BoC) to endorse a wait-and-see approach at the May 27 policy meeting; will keep a close eye on the 1Q GDP report amid expectations for a marked slowdown from the last three-months of 2014.
  • Long-term outlook remains bullish for USD/CAD, but the topside may stay capped as the triangle/wedge pattern carried over from March remains in play.

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

Read More:

USD/CAD, USD/JPY Seen as Most Resilient USD-Pairs

Crude Nearing Key Pivot

--- 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