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.



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
More View more
Real Time News
  • The US Dollar could lose some ground against ASEAN currencies such as the Singapore Dollar and Thai Baht amid slowing Emerging Asia Covid case growth. Softer US NFPs may also bode well.Get your market update from @ddubrovskyFX here:
  • This week's non-farm payrolls (NFP) will likely be key to gauge the direction of gold as markets look ahead to the Jackson Hole Economic Symposium. Get your market update from @FxWestwater here:
  • Will be discussing the Japanese #Yen and what you can expect throughout this week in about 15min! Signup for the webinar in the link below!
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here:
  • RT @FxWestwater: $NZDUSD Wedge Breakout Back in Play on Stellar Q2 Jobs Report Link:
  • 🇦🇺 Markit Services PMI Final (JUL) Actual: 44.2 Previous: 56.8
  • $AUDNZD likely to attempt closing at a new 2021 low over the remaining 24 hours following the stellar New Zealand jobs report The December 2020 low has been further exposed at 1.0418 since July's #RBNZ rate decision New Zealand bond yields on the rise
  • Strong jobs report lifts $NZD - Money markets pricing in a 93% probability of a 25bps hike at the August meeting (previously 77%) - Over the forecast horizon, the RBNZ had projected (in the May MPS) the unemployment rate to gradually fall to 4.3%
  • #NZDUSD cautiously higher after solid New Zealand jobs report Unemployment rate declined to 4.0% in Q2 from 4.7% prior (vs 4.4% anticipated) Job gains were at 1.7% y/y vs 1.2% expected Data seems to be supporting the case for a less-dovish #RBNZ given the cease to QE recently
  • 🇳🇿 Unemployment Rate (Q2) Actual: 4% Expected: 4.5% Previous: 4.7%
Forex News: EU Finance Ministers Appoint ECB as Bank Supervisor

Forex News: EU Finance Ministers Appoint ECB as Bank Supervisor

Benjamin Spier, Technical Strategist

THE TAKEAWAY: EU Ministers appoint the ECB as banking supervisor -> Supervision to be enacted over at least 200 banks on March 1, 2014 -> Euro rises

European Union finance ministers have finally agreed to put the European Central Bank at the head of a Euro-zone wide banking supervision, which is set to be enacted on March 1 2014. The decision came following yesterday’s second day of deliberations following the failure to come to an agreement at the end of last week’s meeting.

EU Financial Services Commissioner Michel Barnier said that 200 banks should automatically qualify for the banking supervision, and any bank with direct banking supervision will be allowed direct access to bailout funds. Banks to be included in the supervision are those with at least 30-billion Euros of assets or with balance sheets that equal 20% of its country’s GDP. Until the banking supervisor is set up, banks may already apply for direct recapitalization from the ESM bailout fund. EU banks that are not in Euro-zone countries may also ask to be included in the supervision.

The European Parliament has to create the legal framework to allow the ECB to take up this new role, and its decision is expected by February 2013. Banking supervision will allow struggling banks to accept aid without adding to the country’s debt level.

The Euro rallied more than 25 points against the US Dollar in forex markets on news of the agreement, which was announced slightly after 03:00 GMT this morning. EURUSD is currently trading around 1.3095, and resistance has been provided over the last 3 month around 1.3139. Support could be provided by a year long downward trend line currently near 1.3063.

EURUSD Daily: December 13, 2012

EU_Finance_Ministers_Appoint_ECB_as_Bank_Supervisor_body_eurusd_daily_chart.png, Forex News: EU Finance Ministers Appoint ECB as Bank Supervisor

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