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
Bearish
Wall Street
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
Gold
Bullish
GBP/USD
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
USD/JPY
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
More View more
Real Time News
  • Heads Up:🇹🇭 Balance of Trade (MAR) due at 03:30 GMT (15min) Expected: $0.6B Previous: $7.25B https://www.dailyfx.com/economic-calendar#2021-04-22
  • RT @FxWestwater: #Euro Technical Analysis: $EURUSD, $EURAUD, $EURNZD, $EURJPY Chart Setups Link: https://www.dailyfx.com/forex/market_alert/2021/04/22/Euro-Technical-Analysis-EURUSD-EURAUD-EURNZD-EURJPY-Chart-Setups.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/nX…
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.07% Silver: -0.25% Oil - US Crude: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/24SAvh8ude
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/egstowtltH
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.12% 🇬🇧GBP: 0.09% 🇪🇺EUR: 0.09% 🇦🇺AUD: 0.04% 🇨🇦CAD: 0.01% 🇳🇿NZD: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/D9tyhgy0CG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.65%, while traders in Wall Street are at opposite extremes with 71.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YldZ1a7abi
  • Update on #Cryptocurrencies #BITCOIN -2.72% #BITCOINCASH -5.01% #ETHEREUM +5.15% #RIPPLE -4.21% #LITECOIN -0.24% #DOGECOIN -5.15%
  • Tokyo Governor Yuriko Koike asked central government to declare state of emergency -BBG
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/EXYkozlj21
  • 🇯🇵 Foreign Bond Investment (17/APR) Actual: ¥906.5B Previous: ¥1715.5B https://www.dailyfx.com/economic-calendar#2021-04-21
US Dollar Strength Persists: Euro, Yen, Pound and Gold Suffer

US Dollar Strength Persists: Euro, Yen, Pound and Gold Suffer

Martin Essex, MSTA, Analyst

USD price, news and analysis:

  • USD remains on an upward path as Powell’s testimony and trade war fears outweigh profit-taking.
  • That is weakening other currencies such as EUR, JPY and GBP, as well as gold.

Our trading forecasts for Q3 have been published; you can find the USD guide here.

US Dollar in demand

USD remains on an upward trajectory after Federal Reserve Chairman Jerome Powell reiterated Wednesday that he thinks the US economy is in rude good health, implying that the Fed will continue to raise US interest rates this year – perhaps twice more.

In a second day of testimony to Congress, he also downplayed trade war fears but that failed to boost the “risk on” currencies despite some profit-taking in USD after its recent strength.

The US Dollar basket (DXY), which measures it against a range of other major currencies, moved closer to the highs reached on June 21 at 95.21 and June 28 at 95.20 – its strongest levels for a year.

US Dollar Basket Price Chart, Daily Timeframe (July 3, 2017 – July 19, 2018)

Latest USD price chart.

Chart by IG

Other major currencies, including the Euro, the Japanese Yen and the British Pound all suffered from Dollar strength. EURUSD is falling Thursday for the third successive session, although it remains in the middle of a sideways channel it has traded in since May.

USDJPY remains in the upward channel that also began in May and is now not far from its highs for the year, while GBPUSD continues to be damaged by the political turmoil in the UK over Brexit, Wednesday’s news that UK inflation in June was lower than analysts had predicted and data on Thursday showing UK retail sales last month were below the levels forecast.

Gold suffers too

As for gold, that has now eased for three consecutive sessions and looks to be breaking lower, out of a downward channel in place since the gold price hit a high of $1,365.36 on April 11. Trader sentiment data suggest further downside for gold, as well as for EURUSD and GBPUSD.

Gold Price Chart, Daily Timeframe (Year to Date)

Latest gold price chart.

Chart by IG

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: analytical and educational webinars hosted several times per day, trading guides to help you improve your trading performance, and one specifically for those who are new to forex. You can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES