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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/Gps2Xp32h9
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/hftCEho1lM
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here: https://t.co/MzaIl7tPmZ
  • 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/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • 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/KzhQnGiLyt
  • 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/cuneuJNZlH
  • 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/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
Weekend: Australian Dollar Rallies on 12-month Chinese Manufacturing Record

Weekend: Australian Dollar Rallies on 12-month Chinese Manufacturing Record

David Liu, Technical Strategist

Weekend Developments

  • Chinese official manufacturing PMI (MAR) reported at 53.1, expected 50.8, previous 51.0
  • Chinese official PMI at highest point since March 2011 report of 53.4
  • European leads support additional IMF backing of bailout fund

Chinese official PMI data reported over the weekend is seen to drive foreign exchange markets in low-liquidity pre-Asian market trading. Official manufacturing PMI for March, one of the primary gauges of the health of the manufacturing sector, was reported at 53.1, above the previous near-stalling 51.0 and against an analyst consensus of 50.8. Although HSBC’s own index showed a reading of 48.3 versus the previous 49.6, markets are interpreting the data as an indication that the world’s second largest economy will avoid a hard default. A PMI reading above 50 indicates that the sector is growing, and a reading of under 50 means the sector is shrinking.

Weekend_04012012_China_PMI_Sparks_Aussie_Rally_body_Picture_5.png, Weekend: Australian Dollar Rallies on 12-month Chinese Manufacturing Record

-Data Bloomberg

The Australian and New Zealand dollars are leading commodity currencies higher in early trading on hopes that a robust Chinese economy will preserve the demand of raw materials from those two countries. Investors are returning to those higher yielding currencies as more good data from China and the United States may show that the world economy may be on the first legs to a sustained recovery. With additional Asian data out later this week, including Japanese industrial BoJ-Tankan surveys and the RBA’s rate announcement, the scope for further easing from the RBA and RBNZ may be limited.

At the time of writing, the Australian and New Zealand dollars were higher against the US dollar around 0.900% and 0.500% respectively, with lower yielding European currencies rounding out the bottom and the Japanese yen continuing its decline, hovering around the 83.000 level.

Weekend_04012012_China_PMI_Sparks_Aussie_Rally_body_Picture_6.png, Weekend: Australian Dollar Rallies on 12-month Chinese Manufacturing Record

--By David Liu, DailyFX Research

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

DISCLOSURES