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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • LIVE NOW: Join Analyst @ddubrovskyFX as he discusses traders’ positioning as a key element of market analysis to determine the prevailing and future price trends. Register here: https://www.dailyfx.com/webinars/998956395?CHID=9&QPID=917720
  • About to begin! Tag along for discussion on $AUDUSD, $USDCAD and $EURUSD below https://t.co/Zax6ZBD1nk
  • #CLP, #BRL and the #ZAR are expected to be the most active Emerging Markets currencies vs #USD with 1-week implied volatilities at 15.64, 12.98 and 11.80 respectively
  • (Asia Pacific AM Briefing) Australian Dollar Sinks, AUD/USD Downtrend in Focus on Jobs Miss $AUDUSD #RBA - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/11/14/Australian-Dollar-Sinks-AUDUSD-Downtrend-in-Focus-on-Jobs-Miss.html?CHID=9&QPID=917702 https://t.co/Xr9RkaRPdq
  • The Federal Reserve’s Patrick Harker says the economy appears to be in a good place and expects inflation is edging up to reach 2% in the next 18-24 months -BBG
  • #Employment has been a durable bright spot for the #Australianeconomy. A weak month won't necessarily dim it but Oct's 19K fall is a shocker. Jobless rate ticks up to 5.3%, #RBA 's 4.5% hope looks like a huge ask this late in the cycle. Next month's data will draw crowds. #AUD
  • 🇦🇺 AUD Full Time Employment Change (OCT), Actual: -10.3k Expected: N/A Previous: 24.9k https://www.dailyfx.com/economic-calendar#2019-11-14
  • #Stocks in Hong Kong have struggled to capitalize on hopes for a US-China trade deal amid violent clashes between protesters and police, but the trend still points upward. Get your market update from @IlyaSpivak here:https://t.co/zfPdYZrVZx https://t.co/fC8NCFoMVL
  • RT @KyleR_IG: * AUSTRALIAN EMPLOYMENT -19K IN OCT.; EST. 15K $AUD #ausbiz
  • 🇦🇺 AUD Employment Change (OCT), Actual: -19.0k Expected: 15.0k Previous: 12.5k https://www.dailyfx.com/economic-calendar#2019-11-14
US Dollar Looks to China, Bank of England Inflation

US Dollar Looks to China, Bank of England Inflation

2011-05-10 21:46:00
Michael Boutros, Technical Strategist
Share:
US_Dollar_Looks_to_Chinese_Data_Bank_of_England_Inflation_body_Picture_7.png, US Dollar Looks to China, Bank of England InflationUS_Dollar_Looks_to_Chinese_Data_Bank_of_England_Inflation_body_Picture_4.png, US Dollar Looks to China, Bank of England Inflation

The dollar was little changed today, drifting in and out of positive territory throughout much of the session. The Dow Jones FXCM dollar index remains in the upward channel that has held the greenback since the start of the month. Interim support rests at the lower bound trend line of the ascending channel, currently at 9515 with a downside break eying subsequent floors at 9460 and 9410. Topside resistance is seen at 9560 followed by the 23.6% Fibonacci retracement taken from the November 30th decline at 9590 and 9660.

US_Dollar_Looks_to_Chinese_Data_Bank_of_England_Inflation_body_Picture_13.png, US Dollar Looks to China, Bank of England Inflation

The daily chart shows the index tightly pinned between the 20-day moving average and the 9515 trend line support that dates back to the July 22nd 2008 lows. Although the greenback has seen some strength this month on the back of concerns over the European sovereign debt crisis, a broader picture sees the index maintaining a downward channel that dates back to early November.

US_Dollar_Looks_to_Chinese_Data_Bank_of_England_Inflation_body_Picture_1.png, US Dollar Looks to China, Bank of England Inflation

Performance against the majors was split today, with this morning’s winners and losers report mirrored at the close. The loonie remained the top performer against the dollar as energy commodities advanced, with NYMX crude oil gaining 1.30% on the session to close at $103.88. FX volatility remained subdued as government jawboning and increased rhetoric out of Europe continued to cross wires regarding the Greek debt crisis.

With the economic calendar picking up tomorrow, traders will be positioning for increased price action. Overnight China is expected to show inflation levels easing with April CPI called lower at 5.2% from the previous print of 5.4%. China will also be reporting on producer prices, industrial production, and retail sales. Event risk mounts tomorrow with the Bank of England inflation report. Once again the dollar will remain vulnerable to developments out of Europe, with traders eyeing Thursday’s US retail sales figures.

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.