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
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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • 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/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
EURUSD Extends on Losses After ECB Draghi's Cautious Comments

EURUSD Extends on Losses After ECB Draghi's Cautious Comments

Justin McQueen, Analyst

EURUSD Analysis and Talking Points

  • EURUSD Dips on Cautious Draghi
  • Current Accounts Sees Significant Fall

See our Q2 FX forecast to learn what will drive the Euro through the quarter

Eurozone Current Accounts Falls Significantly

A muted reaction seen in EUR/USD and the DAX after the Eurozone’s current account for April fell to EUR 28.4bln from EUR 32.0bln a year earlier. This was due to the EUR 21bln surplus in goods and EUR 9.6bln in services, while the NSA adjusted reason fell to EUR 26.2bln from 40.6bln.

President Draghi Cautious on Outlook

Following last week’s surprise announcement by the ECB, attention had been placed on today’s comments from President Draghi. In the speech, the ECB President stated that inflation and growth had been returning to objective, while also stating that the central bank will be patient in determining timing of first rate hike. Reminder, the ECB noted that rates will remain low until at least summer 2019, implying that the first “live” meeting would be September 2019. Additionally, the President highlighted that uncertainty surrounding the growth outlook had recently increased amid the escalation of trade wars, as such risks to growth are tilted to the downside.

Following these relatively cautious remarks from President Draghi, EURUSD has slipped through 1.16 and is now back towards the mid-1.15. Eyes now on the June low at 1.1510, whereby a break could see a run in for 1.1448.

US President Trump Escalates US-China Trade War; Gold Unmoved

EURUSD PRICE CHART: DAILY TIME FRAME (December 2016-June2018)

EURUSD Extends on Losses After ECB Draghi's Cautious Comments

Chart by IG

-- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES