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.

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
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • if looking to fade the recent run of $USD strength, $GBPUSD a compelling option. Prior high-flyer beset by a sizable pullback on the USD spike. https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/01/British-Pound-Technical-Analysis-GBPUSD-GBP-USD-Pullback-Grinds-Support.html https://t.co/trjy7gn1Ty
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.25% Oil - US Crude: -0.23% Gold: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nqH4Sv6kKM
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.95% 🇨🇦CAD: 0.69% 🇳🇿NZD: 0.58% 🇯🇵JPY: -0.09% 🇪🇺EUR: -0.11% 🇨🇭CHF: -0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6y7ipeRMTH
  • interested to see the responses here $Gold https://t.co/NBz8Jyy1qu
  • Gold prices hit a fresh seven-month low last week, eventually finding Fibonacci support. But with US rates in focus for the Fed on 3-16 - what will happen first?
  • https://t.co/mviHFA68q9
  • #Bitcoin, #Gold, #Dollar, $EURUSD, $AUDUSD and $USDCAD Technical Levels - (Webinar Archive) - https://t.co/YozHhSFHxc
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 2.39% Wall Street: 2.18% FTSE 100: 0.23% Germany 30: 0.17% France 40: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/O0R5hSwfSN
  • #Gold attempted to rebound from multi-month lows today, climbing as high as $1,760 before hitting resistance and turning back downwards. The precious metal is now trading back around $1,735. $XAU $GLD https://t.co/QgXRBljgWe
  • Equities have managed to start the new month on the front foot as bond yields are taking a breather from their rapid surge over the last few weeks. DAX 30 bulls aim towards the 14,000 mark. Get your #DAX market update from @HathornSabin here:https://t.co/E7CYIM0KQC https://t.co/bnFyQfXLP6
U. of Michigan Confidence Plunges to Lowest Level in Over a Year, USD Hurt

U. of Michigan Confidence Plunges to Lowest Level in Over a Year, USD Hurt

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: USD U. of Michigan Confidence (MAR P) > 71.8 versus 78.0 expected, from 77.6 > USDJPY BEARISH

The US consumer is raising their proverbial eyebrows and beginning to doubt the future of the US economy, all thanks to the self-induced budget sequestration imposed by feckless politicians. The U. of Michigan Confidence (MAR P) had its biggest drop ever, falling by -5.8 points, to 71.8 from 77.6, well-below the expected reading of 78.0, according to a Bloomberg News survey.

Largely speaking, consumers are finding that the future is becoming less bright, with the Economic Outlook subcomponent sliding from 70.2 to 61.7, the lowest reading since November 2011. In the near-term, however, confidence is more stable, with the Economic Conditions subcomponent easing to 87.5 from 89.0 in February.

USDJPY 1-minute Chart: March 15, 2013

U._of_Michigan_Confidence_Plunges_to_Lowest_Level_in_Over_a_Year_USD_Hurt_body_Picture_3.png, U. of Michigan Confidence Plunges to Lowest Level in Over a Year, USD Hurt

Charts Created using Marketscope – Prepared by Christopher Vecchio

Following the release, the USDJPY, perhaps the most sensitive USD-pair to shifting Treasury yields, fell from 95.80 to fresh session lows below 95.50.

U._of_Michigan_Confidence_Plunges_to_Lowest_Level_in_Over_a_Year_USD_Hurt_body_original_12570122.png, U. of Michigan Confidence Plunges to Lowest Level in Over a Year, USD Hurt

Considering that confidence tends to lead equity markets, this could bode poorly for the S&P 500 has it tries to retake all-time highs above 1570.

U._of_Michigan_Confidence_Plunges_to_Lowest_Level_in_Over_a_Year_USD_Hurt_body_Original_12570523.png, U. of Michigan Confidence Plunges to Lowest Level in Over a Year, USD Hurt

Likewise, if the S&P 500 is coming into a top, so too might the USDJPY, which have been moving in lockstep since mid-November 2012, when the Japanese elections were announced and it became clear that arch-dove Shinzo Abe would become the prime minister of Japan.

--- 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, please fill out this form

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

DISCLOSURES