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
Bearish
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
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Australian Dollar Price Forecast: AUD/USD Threatens Reversal https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/08/11/Australian-Dollar-Price-Forecast-JS-Aussie-AUDUSD-AUD-USD-Threatens-Reversal.html https://t.co/lZtZoUmW1T
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 74.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rvvFLo185X
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.12% FTSE 100: 0.59% US 500: 0.49% France 40: 0.15% Germany 30: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/O4DfCQgZKi
  • #Gold prices remain at risk on the back of this recent stretch to record highs for a larger correction within the confines of the broader uptrend. Get your $XAUUSD technical analysis from @MBForex here: https://t.co/bNCJDAJigb https://t.co/IHIeeAMRHO
  • 1. Nasty pullback in Gold - retracement or reversal? 2. USD builds in another range, how long will it hold? 3. Reversal potential in Aussie, Kiwi and maybe even the Euro... all topics up for discussion in today's webinar, starting right now https://www.dailyfx.com/webinars/980972059
  • Gold's drop today is at present the worst single-day drop in percentage terms since June 2013. Net spec futures positioning in blue. Parabolic rallies earn commensurate declines https://t.co/D2XUWQ9v6I
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.08%, while traders in Wall Street are at opposite extremes with 75.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AFUuvkM71w
  • Not exactly a summer lull in NZD overnight vols (highest since March) Question is, will the RBNZ stand for an overshoot of NZD TWI over its projection Reminder, at the last meeting, the RBNZ stated that NZD appreciation has placed further pressure on export earnings https://t.co/CN7AP4ErIm
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.86% Gold: -3.90% Silver: -6.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/9XLsJuHK4f
  • Hey traders! We continue to drag higher for risk assets. What are some market highlights for the day? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/5BDoY4Ui5d
US Dollar Climbs on GDP, Durable Goods & Jobs Data; Spending Ahead

US Dollar Climbs on GDP, Durable Goods & Jobs Data; Spending Ahead

2019-11-27 13:58:00
Rich Dvorak, Analyst
Share:

USD PRICES EDGE HIGHER AFTER 3Q US GDP IS REVISED UP; STICKY CORE PCE; DURABLE GOODS SPIKE & INITIAL JOBLESS CLAIMS DROP - US DOLLAR EYES FOMC RATE CUT ODDS & PERSONAL SPENDING AHEAD

  • USD price action spiked toward intraday highs following rosy data reports that underscored the robustness of the US economy
  • The US Dollar could continue to climb after solid 3Q US GDP revisions and overall upbeat readings on the latest core PCE inflation, durable goods orders and initial jobless claims
  • Enhance your market knowledge with our free Forecasts & Trading Guides available for download

The US Dollar was on its front foot in early morning trade this Wednesday but was drifting lower headed into the New York opening bell as forex traders grew cautious as the second reading on 3Q US GDP was set to cross the wires.

This was in addition to several other high-impact economic indicators like durable goods orders and initial jobless claims.

The resilience of the US economy was underscored was more, however, as the reports came in better-than-expected on balance. USD price action spiked to intraday highs immediately following the economic data.

CHART OF 3Q-2019 US GDP DATA (SECOND READING)

Chart of 3Q 2019 US Gross Domestic Product GDP Second Reading

Source: BEA

Real 3Q US GDP was revised 0.2% higher from the original 1.9% estimate. Also noteworthy in the barrage of US economic data this morning is October durable goods orders which smashed the median consensus estimate of -0.9% with a reading of 0.6%.

Furthermore, the latest initial jobless claims and continuing claims data reiterates that the US labor market remains on solid footing. Initial jobless claims and continuing claims for the week ended November 23 and November 16 came in at 213K and 1,640K respectively.

US DOLLAR INDEX PRICE CHART: 5-MINUTE TIME FRAME (NOVEMBER 27, 2019 INTRADAY)

US Dollar Index Price Chart Forecast

Chart created by @RichDvorakFX with TradingView

As previously mentioned, the US Dollar started to surge immediately following the overall upbeat US economic data, which underscores the firming Fed narrative and could serve as a positive tailwind for USD price action going forward. Looking later into Wednesday’s trading session, US Dollar currency traders will likely shift focus to personal income and personal spending data.

CHART OF FOMC INTEREST RATE CHANGE PROBABILITIES (MARCH 2020)

Chart of FOMC Interest Rate Cut Probability March 2020

That all said, changes in FOMC interest rate change expectations stands to be a primary fundamental driver for the US Dollar. The probability that the Fed cuts rates by its March 2020 meeting continues to drop. In fact, the probability currently stands at 22.5% and is down from a 53.7% probability priced in by interest rate futures traders on November 01.

Read More: US Dollar Implied Volatility & Trading Ranges for Wednesday 27

-- Written by Rich Dvorak, Junior Analyst for DailyFX.com

Connect with @RichDvorakFX on Twitter for real-time market insight

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

DISCLOSURES

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.