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
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
Oil - US Crude
Mixed
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Trump will meet soon with advisors to talk about new relief bill - DJ via BBG
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.24% 🇳🇿NZD: 1.03% 🇨🇦CAD: 0.56% 🇪🇺EUR: 0.46% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XNw8pkSsXa
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 1.98% Germany 30: 1.33% FTSE 100: 0.81% Wall Street: 0.71% US 500: 0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/J2WnVIkNxh
  • Trump says a COVID-19 vaccine is coming along really well, along with therapeutics $SPX
  • President Trump to speaking to the market's interests optimism of a expedited economic reopening, but not a lot of detail to gain traction around https://t.co/gc54MZMtuG
  • The $DXY Dollar Index is often a mirror of EURUSD - as the benchmark cross accounts for a vast majority of the trade-weighted index. The DXY is also down 6 straight trading days, but it hasn't seen a 7th since October 2007 https://t.co/ipeUVxqHOj
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.60% Gold: 0.25% Silver: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nBg1O9AB2c
  • GBP/USD has broken convincingly to the upside from a symmetrical triangle chart pattern, implying that further gains can be expected. Get your $GBPUSD technical analysis from @MartinSEssex here: https://t.co/tsEeGa8kAd https://t.co/yOhxlK2crH
  • Have to say, the $GBPUSD's observation of the 200-day moving average is convenient for tech observers. Also helps that it is almost horizontal https://t.co/8DGvfn5nkx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.01%, while traders in US 500 are at opposite extremes with 74.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Jxm2ZcDEKN
Spain's 65 Billion Euro Austerity Plan Whets Risk Appetite

Spain's 65 Billion Euro Austerity Plan Whets Risk Appetite

2012-07-11 10:42:00
Benjamin Spier, Technical Strategist
Share:

Traders viewed Spain’s 65 billion Euro austerity plan, which was announced earlier today by PM Rajoy, as a reason to increase their risk appetite; and therefore every major currency rallied against the safe haven US Dollar during the European session. The austerity plan that puts Spain at risk of further recessions will raise sales tax by 3%, cut bonuses for government workers and consolidate local governments. It will take 2.5 years to cut the 65 billion Euros, and the plan is double the amount of previously announced deficit cutting.

Spain is currently set to receive up to 100 billion Euros in aid for bank recapitalization and during this week’s meeting of Euro-zone finance ministers, the ministers gave Spain an extra year to bring its budget deficit down to the EU required 3%. While announcing the budget cuts, PM Rajoy warned that Spain is in the second-worst recession in the country’s history.

Spanish 10-year bond yields have so far dropped 4.2 bps today to 6.691%, from nearly 7% earlier this week. The rise in Spanish bond prices brought a boost to risk-correlated currencies, however there is still a clear pressure on the Euro, which has already reversed some of the day’s gains and is only up 25 points from today’s open, less than half the gains of GBDUSD and AUDUSD.

European leaders have yet to produce a direct bank recapitalization program that will help Spain, despite the two days of meetings between European finance ministers that concluded yesterday, and the top German court must allow for the parliament to approve a permanent ESM bailout fund. Rajoy urged that the direct bank recapitilazation plan, agreed upon at the EU Summit two weeks ago, be implemented quickly so as to allow the funding of Spain’s failing banks without adding to Spanish deficit.

In other European news, German inflation in June was confirmed to be the lowest in 18-months, at 1.7%. This was in line with initial estimates and did not move markets. German 10-year bonds were also sold in an auction today for record low yields of 1.31%.

Attention is now turned towards the US trade balance and the release of the minutes from the Fed’s June meeting, which are both set to take place during the North American session.

EURUSD 15-minute: July 11, 2012

Spains_65_Billion_Euro_Austerity_Plan_Whets_Risk_Appetite__body_eurusd.png, Spain's 65 Billion Euro Austerity Plan Whets Risk Appetite

--- Written by Benjamin Spier, DailyFX Research

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

DISCLOSURES

News & Analysis at your fingertips.