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
EUR/USD
Bullish
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
Bullish
Wall Street
Bullish
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • France daily Covid cases rises above 13,000, highest since lockdown - BBG
  • GBP falling to fresh sessions lows following UK PM Johnson's warning that the UK is on the verge of having a second wave of Covid-19
  • Dow Jones pivots higher with the S&P 500 and Nasdaq owing to consumer sentiment data. Get your #indices market update from @RichDvorakFX here: https://t.co/MN3YH5WNMV https://t.co/ELJkNhn6LK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.14%, while traders in NZD/USD are at opposite extremes with 70.68%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wQSpYPp9wY
  • US equities drop to session lows as Speaker Pelosi states that she is sticking with demands for a $2.2 trillion stimulus bill
  • US #Dollar Outlook: $USD Grinds into Weekly Support – $DXY Levels - https://t.co/Teg9aN8GHQ https://t.co/bdifryFcSD
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.77% Silver: 0.39% Oil - US Crude: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4rXyUYBYzw
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.36% 🇯🇵JPY: 0.31% 🇪🇺EUR: 0.05% 🇨🇦CAD: -0.11% 🇨🇭CHF: -0.14% 🇬🇧GBP: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LZ5R3mMJhS
  • - 77% of adults say they are okay financially in June vs 72% in early April - Rate of layoffs is much higher among low-income families - 31% of workers do all work from home vs 41% in early April
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/DFZwD0vG3I
USD Struggles to Hold Fed-Driven Rally as GDP, Home Sales Disappoint

USD Struggles to Hold Fed-Driven Rally as GDP, Home Sales Disappoint

2015-10-29 16:35:00
David Song, Strategist
Share:

Talking Points:

- USDOLLAR Struggles Following FOMC as U.S. Data Continues to Disappoint.

- USD/JPY Rebound to Unravel on Wait-and-See BoJ Policy.

- AUD/USD Continues to Search for Support Ahead RBA Interest Rate Decision.

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

12087.79

12106.44

12078.45

-0.05

55.68%

USD Struggles to Hold Fed-Driven Rally as GDP, Home Sales DisappointUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the bullish reaction to the Federal Open Market Committee (FOMC) interest rate decision, the Dow Jones-FXCM U.S. Dollar struggles to retain the advance as the U.S. 3Q Gross Domestic Product (GDP) showed the economy growing an annualized 1.5% after expanding 3.9% during the three-months through June, while Pending Home Sales unexpectedly contracts 2.3% in September.
  • Even though the Fed keeps the door open for a 2015 liftoff, the disinflationary environment accompanied by the slowdown in economic activity may push the central bank to further delay its normalization cycle as the mixed data prints undermine the committee’s expectation for a stronger recovery.
  • Will stay constructive on the greenback as long as the Relative Strength Index (RSI) preserves the bullish momentum from back in June, with the next topside region of interest coming in around 12,162 (April high) to 12,176 (78.6% expansion).

Join DailyFX on Demand for Real-Time SSI Updates!

USD Struggles to Hold Fed-Driven Rally as GDP, Home Sales Disappoint

USD/JPY

USD/JPY Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • USD/JPY may make a larger run at near-term resistance around 121.70 (50% retracement) to 121.80 (38.2% expansion) amid speculation of seeing the Bank of Japan (BoJ) further expand its asset-purchase program at the October 30 interest rate decision; may see the dollar-yen continue to retrace the decline from August as bullish RSI formation takes shape.
  • Even though the BoJ keeps the door open to further embark on its easing cycle, may see Governor Haruhiko Kuroda merely push back the deadline to achieve the 2% inflation target as the central bank head remains largely upbeat on the economy.
  • DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long USD/JPY since June 8, but the ratio remains off of recent extremes as it narrows to +1.67 as 62% of traders are long.

Read More:

Price & Time: EUR/USD – Make or Break Level Here?

EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

AUD/USD

AUD/USD Daily Chart
  • AUD/USD stands at risk of giving back the rebound from September as it struggles to find support; close below 0.7080 (38.2% expansion) to 0.7090 (78.6% retracement) may highlight a further decline especially as the RSI fails to retain the bullish pattern carried over from the previous month.
  • In light of the unexpected slowdown in Australia’s Consumer Price Index (CPI), there’s growing speculation the Reserve Bank of Australia (RBA) will adopt a more dovish outlook at the November 3 interest rate decision in an effort to further insulate the real economy.
  • Downside targets remain in focus going into the end of the month, with the next region of interest coming in around 0.6950 (161.8% expansion) to 0.6970 (50% expansion).

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

--- 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