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
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $EURGBP dropped from 0.8890 to below 0.8860 this morning, pushing to its lowest level since May. $EUR $GBP https://t.co/5TotJhsKzT
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.74% US 500: 0.66% France 40: 0.47% Wall Street: 0.36% FTSE 100: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/NvjQjChgXS
  • The @bankofcanada is widely expected to stand pat on monetary policy with the overnight rate to remain at 0.25% alongside no change in the current pace (CAD 4bn/week) or composition of QE purchase. Get your market update from @JMcQueenFX here:https://t.co/gK5wVUwxlG https://t.co/YbME7aXeeM
  • Reports of an explosion heard in Madrid - La Sexta TV Station
  • #Gold dropped quickly this morning, falling from $1,850 to below $1,835 before bouncing back. The precious metal is now trading around $1,850 again. $XAU $GLD https://t.co/gAs3ytl9g2
  • $EURGBP at risk of extended losses after breaking to the downside of a 12-month Symmetrical Triangle pattern and slashing through the support range at 0.8865 - 0.8875 A push towards 0.8670 - 0.8690 looks on the cards if sellers hurdle psychological support at 0.8800 $EUR $GBP https://t.co/zS9CyhUqMf
  • *Slight move higher in USDCAD
  • $EURCAD fell to its lowest level since the weekend following Canada December CPI print and ahead of the BoC's policy decision. $EUR $CAD https://t.co/wSzoYavl55
  • Slight move higher in $CAD following lower than expected CPI figures - Average of common, trim and median now 1.6% from 1.7% BoC next up where there have been some suggestion of a micro-cut. Although, analysts are widely expecting policy to remain unchanged
  • 🇨🇦 Core Inflation Rate YoY (DEC) Actual: 1.5% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-01-20
Asia AM Digest: ECB President Hurts Euro, Merkel Unnerves Markets

Asia AM Digest: ECB President Hurts Euro, Merkel Unnerves Markets

DailyFX Research,

To get the Asia AM Digest every day, SIGN UP HERE

The Euro was the worst performing major on Wednesday, held down by comments from ECB’s President Mario Draghi. He noted the currency’s strength could weigh on inflation down the line. If you look back to 2017, it appreciated over 15% against the US Dollar and went up against all other majors.

The anti-risk Japanese Yen on the other hand had a more robust session, boosted by the possibility of more US tariff retaliation threats. Germany’s Chancellor Angela Merkel noted that she was unsure if Europe can get exemptions from the tariffs and that a response could come in such a scenario. Stocks took a hit from these developments and Wall Street finished the day mostly in the red once more.

Meanwhile the US Dollar was unphased by a worse-than-expected local February retail sales report. While the data was mostly sour, some of the outcomes were in-line with January’s statistics and in some cases even better.

Towards the end of the day, the New Zealand Dollar took a hit after softer local GDP data cooled RBNZ rate hike expectations. We will see what the central bank has to say about the release next week at their March monetary policy announcement.

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

Asia AM Digest: ECB President Hurts Euro, Merkel Unnerves Markets

DailyFX Webinar CalendarCLICK HERE to register (all times in GMT)

Asia AM Digest: ECB President Hurts Euro, Merkel Unnerves MarketsAsia AM Digest: ECB President Hurts Euro, Merkel Unnerves MarketsAsia AM Digest: ECB President Hurts Euro, Merkel Unnerves Markets

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

Asia AM Digest: ECB President Hurts Euro, Merkel Unnerves Markets

CLICK HERE to learn more about the IG Client Sentiment Index

Retail trader data shows 71.1% of USD/JPY traders are net-long with the ratio of traders long to short at 2.46 to 1. In fact, traders have remained net-long since Dec 29 when USD/JPY traded near 112.595; price has moved 5.8% lower since then. The number of traders net-long is 5.4% higher than yesterday and 3.0% higher from last week, while the number of traders net-short is 11.1% 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-long suggests USD/JPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/JPY-bearish contrarian trading bias.

Five Things Traders are Reading:

  1. New Zealand Dollar Unable to Fall Below Support After Soft GDP by Daniel Dubrovsky, Jr. Currency Analyst
  2. US Dollar Index (DXY) Forecast: WH Economic Advisor Favors Strong USD by Tyler Yell, CMT, Forex Trading Instructor
  3. Canadian Dollar Rate Forecast: Poloz Gives CAD Bulls a Cold Shower by Tyler Yell, CMT, Forex Trading Instructor
  4. GBP/USD: February Flop Leads to March Strength, 1.4000 Re-Test Likelyby James Stanley, Currency Strategist
  5. With 38% of Traders Net-Long, S&P 500 May Climb Higherby the DailyFX Research Team

To get the Asia AM Digest every day, sign up here

To get the US AM Digest every day, 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