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
Bullish
Oil - US Crude
Bullish
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/dWaWQ0MK1V https://t.co/GIR5NQK5G7
  • Italian PM Conte confirms to cabinet that he is resigning - government source https://t.co/tYi5sjp79w
  • BoJ's Kuroda says monetary policy does have some limits in trying to achieve inflation target $JPY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 66.22%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RaCg87Zqau
  • Yen, Dollar May Extend Rise as Stocks Fall After China Drains Liquidity - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/01/26/US-Dollar-May-Extend-Rise-as-Stocks-Fall-After-China-Drains-Liquidity.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #Dollar #jpy #China #PBOC https://t.co/l14R7r65XH
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/YPng7ACJtV
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Gold: 0.05% Oil - US Crude: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/EPww5cFVWS
  • 'We're going on bear hunt....' https://t.co/ejyyLFmhj8
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇨🇭CHF: -0.08% 🇪🇺EUR: -0.10% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.33% 🇬🇧GBP: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/A3NmWO1BdA
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.24% FTSE 100: 0.16% France 40: -0.05% Wall Street: -0.46% US 500: -0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/HpRrB8QiTm
Strong Euro-Zone PMI Data Unlikely to Persuade ECB to Change Course

Strong Euro-Zone PMI Data Unlikely to Persuade ECB to Change Course

Martin Essex, MSTA, Analyst

Talking Points:

- Euro-Zone manufacturing PMI climbs to 53.5 in October from 52.6 in September

- EUR/USD continues to climb through mid-$1.1000s.

- ECB still likely to extend its asset-purchase program at December policy meeting.

See what live coverage is scheduled to cover key event risk for the FX and capital markets on the DailyFX Webinar Calendar.

The Euro built on its recent gains against the US Dollar Wednesday after news that the Purchasing Managers’ Index for the Euro-Zone climbed to 53.5 in October, up from 52.6 in September and from a “flash” October reading of 53.3. Any figure above 50 implies expansion rather than contraction.

Despite hopes that the Euro-Zone economy will pick up in the final three months of 2016, the growth outlook for 2017 is more than usually uncertain because of the UK’s Brexit vote to leave the EU, elections in Germany and France, and political problems in Italy and Spain. Moreover, core Euro-Zone consumer price inflation remains weak: it remained at just +0.8% in October, according to figures released earlier this week. That was below the +0.9% recorded in both June and July.

Against this background, the ECB is likely to extend its 80 billion per month bond-buying program from March to September when it meets on December 8 although the amount is expected to remain unchanged, as its deposit rate, which is already at -0.40%.

On Wednesday, the German Council of Economic Experts – formerly called the Five Wise Men but now including a woman – called on the ECB to scrap or at least reduce its asset-buying program but, for now at least, that seems likely to be ignored.

Chart 1: EUR/USD 1-hour Chart (November 2, 2016)

Strong Euro-Zone PMI Data Unlikely to Persuade ECB to Change Course

EUR/USD has advanced from a recent low of $1.0848 on October 25 to a high of $1.1100 in morning European trading Wednesday. However, the European Central Bank is still widely expected to keep Euro-Zone monetary policy loose and to extend its asset-purchase program by six months to September next year.

Upcoming Event Risk

Events

Date, Time (GMT)

Forecast

Previous

Swiss Consumer Confidence (Oct)

11/3, 06:45

-13

-15

UK New Car Registrations (YoY) (Oct)

11/3, 09:00

1.6%

ECB Economic Bulletin

11/3, 09:00

UK Official Reserves (Oct)

11/3, 09:30

$722m

UK Services PMI (Oct)

11/3, 09:30

52.5

52.6

UK Composite PMI (Oct)

11/3, 09:30

53.5

53.9

Euro-Zone Unemployment (Sep)

11/3, 10:00

10.0%

10.1%

Bank of England Rate Decision

11/3, 12:00

0.25%

0.25%

Bank of England Asset Purchase Target

11/3, 12:00

£435bn

£435bn

Bank of England Inflation Report

11/3, 12:00

Bank of England Corporate Bond Target

11/3, 12:00

£10bn

£10bn

Bank of England Deputy Governor Jon Cunliffe Speaks in London

11/3, 20:55

Notable Markets

UK Index / Exchange Rate

Change (Exchange Hours/GMT Session Rollover)

Market Close/Last

DAX

-0.92%

10,429

CAC 40

-0.77%

4,435

EUR/USD

+0.49%

1.1105

EUR/GBP

-0.21%

0.9008

EUR/CHF

+0.01%

1.0782

Read more: Euro Continues Gains as German Unemployment Falls to 25-Year Low

--- Written by Martin Essex, DailyFX Research

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

DISCLOSURES