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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • 🇯🇵 PPI MoM (APR) Actual: 0.7% Expected: 0.5% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-05-16
  • 🇯🇵 PPI YoY (APR) Actual: 3.6% Expected: 3.1% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-16
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/Yo3MIcZ40C
  • 8 out of 9 Dow Jones sectors ended higher, with 83.3% of the index’s constituents closing in the green. Energy (+2.62%), materials (+2.57%) and financials (+2.20%) were among the best performers, while communication services (-2.01%) trailed behind. https://t.co/N92M1qPfCX
  • RT @Fxhedgers: MUSK DOESN’T DENY THAT TESLA SOLD ALL THEIR BITCOIN HOLDINGS - TWEET
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/CDAmncXkaR
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/hTUNcuig70
  • US equities endured turbulent price action last week and could be positioned for further volatility as fundamental forces butt heads and investors look to negotiate the shifting landscape. Get your market update from @PeterHanksFX here: https://t.co/DcI8LXFLtY https://t.co/U1MEE8OmZg
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/POsnWwTmER
  • Speculative stubbornness continues to hold back emergent fears like inflation and central bank moderation, but no certain of progress on that battle this week. While $NDX, $BTCUSD and Pound are on my radar, #Dollar tops my watch list: https://www.dailyfx.com/forex/video/daily_news_report/2021/05/15/Dollar-Outlook-Throttled-by-Both-Risk-Rebound-and-Curbed-Inflation-Concerns.html https://t.co/aYjyvQzhIA
GBP/USD Breakout Hinges on Sticky UK CPI- AUD to Face RBA Minutes

GBP/USD Breakout Hinges on Sticky UK CPI- AUD to Face RBA Minutes

David Song, Strategist

Talking Points:

- GBP/USD Holds Range Even as BoE Hints as Growing Dissent.

- AUD/USD Bullish RSI Momentum at Risk on Dovish RBA Minutes.

- USDOLLAR Preserves Range Despite Mixed Data.

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

GBP/USD

GBP/USD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • GBP/USD looks poised to retain the range-bound price action ahead of the U.K. Consumer Price Index (CPI) amid the ongoing failed attempts to close above 1.5630 (38.2% retracement) to 1.5650 (38.2% expansion) even as recent comments from Bank of England (BoE) board member David Miles & Kristin Forbes suggests there’s a growing dissent within the committee.
  • Even though the headline reading for U.K inflation is expected to hold flat for the second consecutive month, stickiness in the core CPI may keep the BoE on course to normalize monetary policy as Governor Mark Carney continues to anticipate stronger price growth over the near to medium-term.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long GBP/USD since July 1, but the ratio remains off of recent extremes as it sits at +1.17, with 54% of traders long.

AUD/USD

AUD/USD Daily Chart
  • AUD/USD may continue to retrace the decline from May following the failed attempts to close below 0.7240 (100% expansion); will keep a close eye on the topside targets as long as the RSI preserves the bullish momentum carried over from the previous month.
  • The Reserve Bank Australia (RBA) Minutes may not include comments regarding China’s devaluation process, but dovish comments from the committee may put the bullish RSI momentum at risk as the central bank continues to see below-trend growing in the $1T economy.
  • Break/close above 0.7450 (23.6% retracement) should bring up the next topside target around 0.7500 (61.8% expansion).

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

Read More:

Price & Time: Euro & The Obvious

GBPAUD Putting in a High or Time to Buy?

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11988.83

11998.94

11970.83

0.08

53.35%

GBP/USD Breakout Hinges on Sticky UK CPI- AUD to Face RBA MinutesUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the ongoing mixed data prints coming out of the U.S. economy, the Dow Jones-FXCM U.S. Dollar looks poised to retain the range-bound price action from earlier this month as market participants continue to weigh the timing of the Fed liftoff.
  • The U.S. Consumer Price Index (CPI) will be in focus as Fed officials continue to highlight subdued inflation, but may see a dismal print amid the renewed decline in oil/energy prices.
  • Ongoing closes above 11,898 (50% retracement) to 11,901 (78.6% expansion) may pave the way for a test of near-term resistance around 12,049 (78.6% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

GBP/USD Breakout Hinges on Sticky UK CPI- AUD to Face RBA Minutes

--- 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