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
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
Wall Street
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
Gold
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Tech stocks suffer further declines as bond yields pick up momentum again. FTSE 100 continues to revert to its mean, bias tilts upward. Get your #FTSE market update from @HathornSabin here:https://t.co/IsU8RCkXFn https://t.co/BXAJEXrFTn
  • RT @Amena__Bakr: No clarity on the 1m saudi voluntary cut yet #OOTT #opec
  • Russia tells OPEC+ meeting gradual release of supply needs to be very careful, step by step - source
  • RT @Amena__Bakr: BUT Russia is making a case for increasing supply - delegates #OOTT #opec
  • RT @Amena__Bakr: The ministers are considering rolling over April and May - sources #OOTT #opec
  • Saudi Arabia is considering extending voluntary oil cut of 1mbpd by one month in April - OPEC+ sources #OOTT
  • $EURUSD is currently trading back around the 1.2040 level today, which has been a key level of support over the past month. The pair headed lower yesterday after attempting to rebound back above the 1.2100 level. $EUR $USD https://t.co/ahaAb0htgK
  • it's strange to see $USDJPY like this. prolonged uptrend continuing to stretch despite overbought conditions. RSI overbought on daily, h4 and h1 charts but it's just kept going big test at 107.50 as another psych level comes back into the equation https://t.co/kXRUbx4VzO
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.64% Gold: 0.05% Silver: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/z20HglaOQd
  • tech out of favor of late, but $NAS coming up on a big decision point ~12.5 RSI not quite in oversold territory on Daily, but that hasn't happened here since last March (before the low was in place) $QQQ $NDX https://t.co/mujJRPmDta
Euro Surges, Driving EUR/USD 150 Pips Higher In Extreme Illiquidity

Euro Surges, Driving EUR/USD 150 Pips Higher In Extreme Illiquidity

Daniel Dubrovsky, Strategist

Talking Points:

  • A EUR/USD surge in the ‘after hours’ Thursday night rippled through the FX market
  • Periods around market holidays are known for illiquid trading conditions
  • There were no obvious headlines promoting the dramatic move

Would you like to know more about trading currencies or commodities? Check out our DailyFX webinars.

A seemingly quiet transition into Friday’s trading session was shaken by a surge in activity for the Forex market’s most stalwart corners. EUR/USD, the FX market’s most liquid cross, surged between the US close and Tokyo open for the final trading day of the 2016. The exchange rate surged as much as 132 pips - or 1.2 percent – in the span of two minutes starting at 23:39 GMT. All Euro crosses responded with the scale of the move spilling over to most Dollar and Pound crosses.

There was a notable absence of newswire fodder to source the dramatic move. However, these large moves do not come as much of a surprise given the conditions usually experienced at this time of the year. As Currency Strategist Ilya Spivak noted, sudden drops (or gains) seem to be a textbook case study in the amplifying effects of illiquid market conditions. Looking at Euro futures, the active contract turned over more than 20,000 contracts during the hour it fell under. That was the heaviest volume since December 22nd and the heaviest ‘after hours’ since November 8th – US elections night.

Further leveraging the impact through shallow market depth, these moves occurred during the early hours of Friday’s Asia session. Compared to the time of day when the London and New York market overlap, this period is generally considered the most illiquid period of the 24 hour cycle.

Euro Surges, Driving EUR/USD 150 Pips Higher In Extreme Illiquidity

Chart compiled in tradingview

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

DISCLOSURES