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
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
Bearish
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 94.64%, while traders in EUR/USD are at opposite extremes with 73.15%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/qf5YETWpSO
  • The #USD technical outlook against #ASEAN FX remains broadly bearish, check out my latest update here - https://www.dailyfx.com/forex/technical/article/special_report/2020/12/03/US-Dollar-May-Stiill-Struggle-USDSGD-USDIDR-USDMYR-USDPHP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/Uluv7XsimX
  • $EURUSD is currently facing down the midpoint of the 2014-2017 range and its historical range around 1.2125/50. How robust is this move? Is it more a Dollar slide or a Euro rally? I discuss that today: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/03/EURUSD-Continued-Climb-to-Over-Two-Year-High-May-be-More-of-a-Euro-Move-than-Dollar.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kas6ea1ShA
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.13% 🇨🇭CHF: 0.08% 🇪🇺EUR: 0.02% 🇨🇦CAD: -0.07% 🇳🇿NZD: -0.10% 🇦🇺AUD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/P2eGs7wOLQ
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: -0.10% Wall Street: -0.14% US 500: -0.15% Germany 30: -0.23% FTSE 100: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UTmuwSgVa6
  • Mayor of Los Angeles says the city is near 'devastating' tipping point following announcement of city wide stay-at-home order $DXY $SPX
  • Mayor of Los Angeles orders a stay-at-home order amid rising Covid cases $DXY $SPX
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/K1f9Y1h4sn
  • China official urges preparation for Covid vaccine production - Xinhua via BBG
  • Over the past seven days, $EUR has been the best performing G10 major vs the #USD with a 1.66% spot return while $GBP has been the worst at -0.11% spot return $EURUSD $GBPUSD $DXY
EUR/USD Risks Larger Rebound Despite Dovish ECB Minutes

EUR/USD Risks Larger Rebound Despite Dovish ECB Minutes

2015-11-19 18:20:00
David Song, Strategist
Share:

Talking Points:

- EUR/USD Mounts Larger Rebound Despite Dovish ECB; Retail FX Flips Net-Short.

- USD/CAD Pullback May Be Short-Lived on Slowing Canada Consumer Price Index (CPI), Retail Sales.

- USDOLLAR Risks Larger Correction as FOMC Minutes Point to Three-Way Split.

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

  • Even though the European Central Bank (ECB) Minutes highlight a further willingness to further embark on the easing cycle, the near-term rebound in EUR/USD may gather pace over the coming days as the Relative Strength Index (RSI) fails to break 30 and push into oversold territory.
  • With a slew of ECB officials scheduled to speak over the next 24-hours, will keep a close eye on the fresh batch of central bank rhetoric as the Governing Council adopts a more cautious outlook and sees weak energy prices having a ‘significant’ impact on core inflation.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd flipped net-short EUR/USD earlier this morning, with the ratio slipping to -1.03 as 49% of traders are now long.

USD/CAD

USD/CAD Daily Chart
  • Even though the long-term outlook for USD/CAD remains bullish, the pair may consolidate over the remainder of the month amid the failed attempt to test the October high (1.3456), while RSI largely preserves the bearish formation carried over from back in July.
  • A marked slowdown in Canada’s Core Consumer Price Index (CPI) accompanied by a dismal Retail Sales report may dampen the appeal of the loonie and spur a test of the monthly high (1.3370) as the Bank of Canada (BoC) retains a cautious outlook for the region.
  • May see USD/CAD face range-bound prices as it continues to close above 1.3210 (78.6% expansion), but positive data prints out of Canada may spur a downside break into 1.3140 (23.6% retracement).

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12129.12

12177.03

12108.72

-0.44

146.02%

EUR/USD Risks Larger Rebound Despite Dovish ECB MinutesUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • USDOLLAR stand at risk for a larger correction as the Federal Open Market Committee (FOMC) Minutes suggest that the central bank still lacks a majority vote for a December rate-hike, with signs of a three-way split as some officials look to further delay the normalization cycle.
  • Even though the economic docket remains fairly light over the remainder of the week, will keep a close eye on speeches from Fed Vice-Chair Stanley Fischer, St. Louis Fed President James Bullard and New York Fed President William Dudley may spur increased volatility in the greenback as market participants weigh the outlook for a 2015 liftoff.
  • Will retain a constructive outlook for the USDOLLAR amid the bullish formations in price and RSI, and will watch former-resistance around 12,049 (78.6% retracement) to 12,082 (61.8% expansion) for new support.
EUR/USD Risks Larger Rebound Despite Dovish ECB Minutes

Read More:

Price & Time: Nikkei 225 – Playing Catch Up?

WTI Crude Oil Price Forecast: What Now That $40bbl Broke?

EUR/JPY on the Cusp of Important Move

US DOLLAR Technical Analysis: Set To Hold Key Support

--- 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES