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
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
Bullish
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
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇬🇧 Construction PMI (APR) due at 08:30 GMT (15min) Expected: 62.3 Previous: 61.7 https://www.dailyfx.com/economic-calendar#2021-05-07
  • 🇮🇹 Retail Sales MoM (MAR) Actual: -0.1% Previous: 6.6% https://www.dailyfx.com/economic-calendar#2021-05-07
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.30%, while traders in Wall Street are at opposite extremes with 79.27%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/VZ9AbYGY0C
  • Heads Up:🇮🇹 Retail Sales MoM (MAR) due at 08:00 GMT (15min) Previous: 6.6% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.25% Oil - US Crude: 0.21% Silver: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DGtzbHsIac
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/cC80QLzTNk
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.26% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.14% 🇳🇿NZD: -0.07% 🇦🇺AUD: -0.10% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NIonmU6Z9P
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.98% France 40: 0.80% FTSE 100: 0.61% Wall Street: 0.09% US 500: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CehidrXOWz
  • 🇫🇷 Industrial Production MoM (MAR) Actual: 0.8% Expected: 2% Previous: -4.8% https://www.dailyfx.com/economic-calendar#2021-05-07
  • 🇫🇷 Balance of Trade (MAR) Actual: €-6.1B Previous: €-5.1B https://www.dailyfx.com/economic-calendar#2021-05-07
Asia AM Digest: ECB Sinks the Euro, Tax Cut Hopes Boost US Dollar

Asia AM Digest: ECB Sinks the Euro, Tax Cut Hopes Boost US Dollar

DailyFX Research,

Get the Asia AM Digest every day before Tokyo equity markets open sign up here!

The Euro sank in the aftermath of the ECB monetary policy announcement, as expected. The central bank halved the size of QE asset purchases to €30 billion/month and extended the program for nine months. President Draghi stressed that purchases won’t abruptly end in September however, signaling a “tapering” process to follow and thereby implying more stimulus than markets projected.

The US Dollar traded broadly higher after Republicans in the House of Representatives adopted a budget resolution fast-tracking the adoption of tax reform by year-end. Draft legislation is due by November 1. Markets have speculated that their plan to lower tax rates will prove inflationary, pushing the Fed into a steeper rate hike cycle. US Treasury yields dutifully rallied alongside the greenback.

DailyFX Economic Calendar: Asia Pacific (all times in GMT)

Asia AM Digest: ECB Sinks the Euro, Tax Cut Hopes Boost US Dollar

The economic calendar looks rather tame in Asia Pacific hours. Japanese CPI figures understandably passed without much fanfare. Inflation registered in line with expectations, offering little fodder for BOJ policy speculation. In any case, a dovish posture is probably locked in for the foreseeable future after Prime Minister Shinzo Abe’s recent triumph in a snap election handed his coalition the reins of power through 2021.

DailyFX Webinar CalendarCLICK HERE to register

Asia AM Digest: ECB Sinks the Euro, Tax Cut Hopes Boost US Dollar

IG Client Sentiment Index Chart of the Day: EUR/GBP

Asia AM Digest: ECB Sinks the Euro, Tax Cut Hopes Boost US Dollar

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 42.0% of traders are net-long EUR/GBP, with the ratio of traders short to long at 1.38 to 1. In fact, traders have remained net-short since Oct 12 when EUR/GBP traded near 0.89189; price has moved 0.4% higher since then. The number of traders net-long is 2.3% lower than yesterday and 0.5% lower from last week, while the number of traders net-short is 4.9% lower than yesterday and 11.3% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/GBP prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/GBP price trend may soon reverse lower despite the fact traders remain net-short.

Five Things Traders are Reading

  1. Japanese Yen Little Changed Following Strong CPI Data, BOJ on Tap by Varun Jaitly, DailyFX Research
  2. EUR/USD Flirts with Disaster as Post-ECB Selloff Targets Key Support by Michael Boutros, Currency Strategist
  3. USD/JPY Outlook Mired Ahead of US GDP Amid Failure to Test July-High by David Song, Currency Analyst
  4. Trading the U.S. Dollar Breakout: Price Action Setupsby James Stanley, Currency Strategist
  5. Near-term Setups in AUD/USD, Ethereum and EUR/JPY by Michael Boutros, Currency Strategist

To get the Asia AM Digest every day before the Tokyo cash equity open, sign up here

To get the US AM Digest every day before the US cash equity open, sign up here

To get both reports daily, sign up here

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

DISCLOSURES