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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
Wall Street
More View more
Real Time News
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: #DailyfxGuides
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:
  • The path for the Japanese Yen seems to favor the downside looking at a majors-based index. USD/JPY may rise within its Ascending Channel, but there is some scope for a healthy correction. Get your market update from @ddubrovskyFX here:
  • The British Pound’s recent slip lower against its major counterparts may prove short-lived. Key levels to watch for GBP/USD, GBP/JPY, GBP/CHF and EUR/GBP. Get your $GBP market update from @DanielGMoss here:
  • Senate Democrats reach deal on jobless aid -BBG
  • The US Dollar faces its next key tests against ASEAN FX following gains in USD/SGD, USD/IDR, USD/PHP and USD/THB. Are the breakouts losing momentum? Get your market update from @ddubrovskyFX here:
Forex News: Improved Composite Output Fails to Move the Euro

Forex News: Improved Composite Output Fails to Move the Euro

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone Composite Output reported at 46.5, slightly improved -> Negative output for 10th consecutive month -> Euro trading steady

Euro-zone composite output dropped for the 10th consecutive month according to final estimate of Markit’s Purchasing Managers’ Index. The index of composite output was reported at 46.5 in November, rising from a previous estimate of 45.8, and higher than October’s 45.7 composite output, which was a 40-month low. The PMI for services rose to 46.7 in the final estimate from a previously estimated 45.7, it was also higher than October’s 46.0 services index. Any PMI below 50.0 indicates a contraction in sector activity.

Ireland was the only Euro-zone country to see a rise in business activity according to the PMI; the rate of expansion barely changed from October’s 20-month high. The rates of decline eased a bit in France, Spain, and Germany.

The level of new business in Euro-zone services and manufacturing contracted for the 16th month in a row in November. Employment fell for the eleventh straight month according to the PMI.

The Euro-zone hit a technical recession when its GDP declined for the previous two quarters, and Euro investors are looking for a sign that the economy will return to growth in Q4. The PMI’s do not suggest economic expansion in Q4, but not all signs were bad according to Markit. Chief Economist Chris Williamson said, ‘There are signs that the recession may have reached a nadir, however, at least in terms of the rate of decline, and it is reassuring to see that the final Eurozone PMI reading came in higher than the earlier flash estimate.

The Euro seemed unaffected by the improved PMI’s, and trading in forex markets remained steady. EURUSD continued yesterday’s rally in today’s session despite the meeting of finance ministers failing to reach a final agreement on the banking supervisor. The pair is currently trading above 1.3100, and resistance could be provided by a 2-month high at 1.3139. Support could be provided at 1.3026, by the 76.4% retracement of the drop from October’s high to November’s low.

EURUSD Daily: December 5, 2012

_Improved_Composite_Output_Fails_to_Move_the_Euro_body_eurusd_daily_chart.png, Forex News: Improved Composite Output Fails to Move the Euro

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