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
Bullish
Oil - US Crude
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
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/gFVVZTGbe1
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
  • $USDCAD sold off aggressively last week, putting it into position to test the important 2017 low; trading bias is neutral to bearish. Get your market update from @PaulRobinsonFX here: https://t.co/sphxUAW9TB https://t.co/ZhsTeJOOM8
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/qP96xmgDVn
  • The pro-risk Australian Dollar may extend gains after the record miss in US jobs data, amplifying dovish rhetoric from the Federal Reserve and keeping the Dow Jones and S&P 500 intact. Get your market update from @ddubrovskyFX here: https://t.co/yf8mPX3O3W https://t.co/uCCmjaxUhF
  • Who else is keeping close tabs on Dogecoin $DOGE this weekend? All eyes on Elon Musk @elonmusk, the proverbial 'Dogefather,' and his Saturday Night Live @nbcsnl performance kicking off at 11:30PM ET. The #crypto is already looking nice and perky following that trendline break! https://t.co/nrQsnlUqWj https://t.co/4lOz6NLQTG
  • There is some very interesting event risk over the opening half of this coming week of trade. It starts with Elon Musk hosting SNL tonight for Dogecoin traders and moves into US inflation data to as means to stir the ongoing Fed debate and Dollar https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/LXhjv7ToWC
  • It was a big week for Gold bulls and Gold prices broke out to fresh two-month-highs, finally taking-out the 1800 level along the way. Get your market update from @JStanleyFX here: https://t.co/D222Ni37Dv https://t.co/KcMYyx3Ro4
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/PjywaPeUsl
GBP/USD to Stage Relief Rally on Hawkish BoE Inflation Report

GBP/USD to Stage Relief Rally on Hawkish BoE Inflation Report

David Song, Strategist

Talking Points:

- Euro Rebound to Benefit From Robust Euro-Zone GDP, Sticky CPI.

- GBP/USD to Stage Relief Rally on Hawkish BoE Inflation Report.

DailyFX

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0941

1.095

1.0893

44

57

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • The bear-flag formation in EUR/USD may continue to shape going into November as the Euro-Zone’s Gross Domestic Product (GDP) report is expected to show the growth rate expanding another annualized 1.6% in the third-quarter of 2016, while the core Consumer Price Index (CPI) is projected to hold steady at an annualized 0.8% in October; a series of positive developments may spark a bullish reaction in the single-currency, but the broader outlook remains tilted to the downside as price & the Relative Strength Index (RSI) preserve the bearish trends carried over from August.
  • May see growing expectations for a meaningful announcement at the European Central Bank’s (ECB) December 8 policy meeting as the Governing Council looks poised to adjust the duration as well as the guidelines of the non-standard measures, but more of the same from President Mario Draghi and Co. may spark a ‘taper tantrum’ should the committee preserve the March 2017 deadline for the asset-purchase program.
  • A closing price above 1.0940 (61.8% retracement) may push EUR/USD towards the top of the near-term channel, with aligns with the next topside region of interest coming in around 1.0970 (38.2% retracement).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

GBP/USD

1.2154

1.2189

1.2114

10

75

GBP/USD Daily

GBP/USD Daily Chart

Chart - Created Using Trading View

  • GBP/USD may remain range-bound ahead of the Bank of England’s ‘Super Thursday’ event as Governor Mark Carney and Co. are scheduled to deliver the updated quarterly inflation report (QIR); the fresh projections may trigger a relief rally in the British Pound should the central bank highlight a growing risk of overshooting the 2% target for price growth.
  • Even though the BoE warns ‘a majority of members expect to support a further cut in Bank Rate to its effective lower bound,’ the recent comments from Governor Carney suggest the Monetary Policy Committee (MPC) will preserve a wait-and-see approach going into 2017 as the marked depreciation in the exchange rate is expected to push the economy from ‘no inflation to some inflation.’
  • Broader outlook for GBP/USD remains tilted to the downside, with near-term resistance coming in around 1.2360 (50% expansion); waiting for a close below 1.2100 (61.8% expansion) to open up the next downside region of interest coming in around 1.1680 (161.8% expansion) to 1.1730 (78.6% expansion).
DailyFX SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail crowd remains net-long EUR/USD since October 10, with the ratio hitting a 2016-extreme of +1.93 during the previous week, while traders remains net-long GBP/USD even after the British Pound ‘flash crash.
  • EUR/USD SSI sits at +1.18 as 54% of traders are long, with short positions 38.4% higher from the previous week as open interest stands 8.9% above the monthly average.
  • GBP/USD SSI sits at +3.04 as 75% of traders are long, with long positions 7.6% higher from the previous week, while open interest stands 1.5% below the monthly average.
  • EUR/USD sentiment may face a material shift in the days ahead as the retail crowd appears to be fading the near-term advance in the exchange rate.

Why and how do we use the SSI in trading? View our video and download the free indicator here

DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

EUR/CAD Rebound or Reversal? Line-in-the-Stand at 1.4600

USD Breakout – Does it Have Room to Run?

Gold Price and Oil See Headwinds as USD Strongest Since February

Forex Technical Focus: Range Highs for Nikkei; USD/JPY Lags

--- 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.

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

DISCLOSURES