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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
Asia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USD

Asia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USD

DailyFX Research,

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The US Dollar appreciated against its major counterparts for a fourth day, continuing inversely following Wall Street. You did not have to look far to find that the Fed’s minutes from the January meeting contributed to this towards the end of the trading session. In the report, there were references to heightened growth expectations that as a result, raises the likelihood of further gradual policy firming.

Such a scenario is not supportive for stocks, the S&P 500 and Dow Jones dived in the aftermath of the FOMC minutes. They ended the day 0.6% and 0.7% lower respectfully. Sentiment-linked currencies such as the Australian Dollar suffered as well.

Meanwhile, the British Pound was volatile as expected, swinging between losses and gains throughout the session. First, hindered by a soft employment report. Then, boosted by hawkish remarks from the Bank of England. Governor Mark Carney and Chief Economist Andy Haldane both talked about rising wage pressures.

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

Asia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USD

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Asia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USDAsia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USDAsia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USD

IG Client Sentiment Index Chart of the Day: USD/JPY

Asia AM Digest: FOMC Minutes Aftermath Hurt Stocks, Boosts USD

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 69.1% of USD/JPY traders are net-long with the ratio of traders long to short at 2.23 to 1. In fact, traders have remained net-long since Dec 29 when USD/JPY traded near 113.244; price has moved 5.1% lower since then. The number of traders net-long is 14.6% lower than yesterday and 6.3% higher from last week, while the number of traders net-short is 18.6% higher than yesterday and 29.7% higher from last week.

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

Five Things Traders are Reading:

  1. FX Overbought/Oversold Report: Finding Opportunities in Extremes by Tyler Cell, CMT, Forex Trading Instructor
  2. USD/CHF Rallies to Resistance: Will Sellers Respond? by James Stanley, Currency Strategist
  3. FOMC Minutes Further Rate Speculation but Not the Dollar’s Gains by John Kicklighter, Chief Currency Strategist, and the DailyFX Research Team
  4. AUD/NZD Price Tumbles to Five-Month Lows; Relief in Sight? by Michael Boutros, Currency Strategist
  5. Gold Prices Remain Vulnerable After Failing to Test 2018-Highby David Song, Currency Analyst

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