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
EUR/USD
Mixed
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • 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/Q0yRRpMpPX
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/pSeSiNnmHe
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/iVOEuK40rn
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
Euro Slightly Lower Following Mostly Negative May Euro-zone Retail Sales

Euro Slightly Lower Following Mostly Negative May Euro-zone Retail Sales

Christopher Vecchio, CFA, Senior Strategist

Crushing austerity measures are sapping European consumers’ purchasing power, the latest Euro-zone Retail Sales report has shown. Despite surprising growth of 0.6 percent in May from April, sales remain lower overall with the yearly figure showing contraction of 1.7 percent. On top of the mixed readings for May, we note that the April figures were revised lower as well: the monthly figure was dropped lower to -1.4 percent from -1.0 percent; and the yearly figure was dropped lower to -3.4 percent from -2.5 percent.

The short-term bounce in sales may is likely to be short-lived, however, as the country’s that provided the support for the stronger Euro-zone figure are under immense pressure to further consolidate their deficits – typically, this involves higher taxes (and thus lower consumer spending) and lower government spending. French sales increased by 1.2 percent in May from April, while Irish and Spanish sales increased by 1.7 percent and 1.2 percent, respectively, over the same period. Similarly, Portuguese Retail Sales grew by 2.9 percent in May. In sum, any further efforts by these countries to fight the crisis will likely result in trimmer sales figures going forward.

EURUSD 1-minute Chart: July 4, 2012

Euro_Slightly_Lower_Following_Mostly_Negative_May_Euro-zone_Retail_Sales_body_Picture_1.png, Euro Slightly Lower Following Mostly Negative May Euro-zone Retail Sales

Charts Created using Marketscope – Prepared by Christopher Vecchio

In the wake of the release, the EURUSD perked up if only slightly during the thinner European session today (with US markets closed, volatility and volume have been thinner and lighter across the globe this week and especially on Wednesday), trading up just a few pips from 1.2584. However, as market participants digested the data, the EURUSD sold off slightly, down to as low as 1.2579, at the time this report was written.

Undoubtedly, the German 5-year note auction may have influenced price action following the release, which showed the strongest demand for German debt in all of 2012. The high bid/cover ratio of 2.7 suggests that investors continue to scramble for safety despite the ‘progress’ achieved at the Euro-zone Summit last week.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to cvecchio@dailyfx.com

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

DISCLOSURES