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
More View more
Real Time News
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.84% 🇦🇺AUD: 0.30% 🇬🇧GBP: 0.17% 🇪🇺EUR: -0.04% 🇨🇭CHF: -0.07% 🇯🇵JPY: -0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bj4qDvAPDE
  • US Dollar at the Mercy of Economic Data, ADP Jobs Report in View - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/08/04/US-Dollar-at-the-Mercy-of-Economic-Data-ADP-Jobs-Report-in-View.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #Dollar #ADP #Fed #EURUSD https://t.co/ioMIim3jia
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.78% France 40: 0.52% FTSE 100: 0.34% US 500: -0.08% Wall Street: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/eR5bjv9FSY
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/GsrgNzZU8h
  • AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Jul 22, 2021 when AUD/JPY traded near 81.31. A contrarian view of crowd sentiment points to AUD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/dB1g2SisC5
  • 💶 Retail Sales YoY (JUN) Actual: 5% Expected: 4.5% Previous: 8.6% https://www.dailyfx.com/economic-calendar#2021-08-04
  • Heads Up:💶 Retail Sales YoY (JUN) due at 09:00 GMT (15min) Expected: 4.5% Previous: 9% https://www.dailyfx.com/economic-calendar#2021-08-04
  • 🇬🇧 Markit/CIPS UK Services PMI Final (JUL) Actual: 59.6 Expected: 57.8 Previous: 62.4 https://www.dailyfx.com/economic-calendar#2021-08-04
  • 🇬🇧 Markit/CIPS Composite PMI Final (JUL) Actual: 59.2 Expected: 57.7 Previous: 62.2 https://www.dailyfx.com/economic-calendar#2021-08-04
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/Jge07H5DCY
Equities Rally on More of the Same From Yellen, Fed Beige Book

Equities Rally on More of the Same From Yellen, Fed Beige Book

Gregory Marks,

Yellen Comments:

-change in guidance didn’t mean altered path of policy

-decisions won’t be based on ‘any one indicator’

-longer run inflation expectations are steady

-labor market behaving in perplexing ways

-too-slow inflation is a greater risk than too-fast

-pledge on inflation is two-sided

-confident that Fed has the tools available to keep a lid on price levels

-Fed is mindful of spillover effect in removing stimulus

Fed’s Beige Book Summary:

-economic growth in the U.S. ‘increased in most regions’

-demand for loans has strengthened since the previous Beige Book

-labor market conditions are mixed, but are generally positive

-home prices have risen moderately, inventories remain low

Chair Yellen remarks today in New York remained in line with previous comments and set out to further mitigate fallout from what markets took to be hawkish stance at the last FOMC press conference. While ‘6 month after the end of QE3’ comments sent rumbles through market financial markets two weeks ago, the Fed has been adamant in dispersing this market disruptive rhetoric with further dovish comments.

Meanwhile the Fed’s Beige Book indicated more of the same in regards to growth, although the weather was heavily noted for causing disruptions in some sectors of the economy. Something quite different from the last Beige Book was the fact that the Fed noted demand for loans had strengthened over the past few weeks. In the coming quarter we will see to what degree this demand follows through with actual lending and economic growth.

US equity markets moved higher in anticipation of Chair Yellen’s comments and have since remained elevated post-Beige Book. Although markets may be muted in the face of holidays in the U.S. and Europe, note that we have Canadian inflation data coming out on Thursday at 12:30GMT and Chinese Property Prices for March at 01:30GMT on Friday.

Gregory Marks, DailyFX Research Team

Keep up to date on event risk with the DailyFX Calendar.

How does a Currency War affect your FX trading?

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

DISCLOSURES