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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Heads Up:🇯🇵 Bank Lending YoY (JUN) due at 23:50 GMT (15min) Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/D0gLVmr3Oy
  • Will be discussing the outlook for equities such as the #DowJones and covering the growth-linked Australian and Canadian Dollars. Signup below! #AUDUSD $USDCAD https://t.co/3zrxxRtpEf
  • If you missed yesterday's live coverage of the #RBA rate decision where I discussed the outlook for the Australian Dollar, check out the recording below - https://t.co/KyXcN0ExHg
  • #AUDJPY May Extend Losses as Growing #Virus Cases Sour Risk Appetite⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/07/07/AUDJPY-May-Extend-Losses-as-Growing-Virus-Cases-Sour-Risk-Appetite.html
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/G4L3ed3Lj4
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/6APl3pMZhF
  • Join @ddubrovskyFX 's #webinar at 7:00 PM ET/11:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/NdLv5isHMg
  • A bullish 50-dma/200-dma crossover is about to be formed on the daily copper chart suggesting that further gains are likely in the short- to medium-term.Get your copper market update from @nickcawley1 here: https://t.co/arrykVq1nu https://t.co/bjmKvS7V0y
  • Hong Kong Monetary Authority (HKMA) boosts intervention to $HKD 10.331 billion to defend $USD currency peg
USD Holds Onto Gains, US GDP Revised Higher - US Market Open

USD Holds Onto Gains, US GDP Revised Higher - US Market Open

2018-08-29 13:15:00
Justin McQueen, Analyst
Share:

Check out the brand new DailyFX trading forecasts for Q3

MARKET DEVELOPMENTS – US GDP STRONGEST IN 4 YEARS AFTER SURPRISE BEAT

AUD: The Aussie is the worst performing currency is the G10 space today after Westpac hiked their home loan rates by 14bps. This is largely due to their recent decline in net interest margins which has been plagued by rising wholesale funding costs, as such, it is possible that the rest of the other big 4 Australian banks will follow suit. This in turn reduces the RBA’s scope to increase interest rates, consequently prompting the RBA to keep rates at record lows for longer. Consequently, the near-term fundamentals remain soft for the Australian Dollar, resistance from 0.7350 through to 0.7400 to cap near term upside. A test for the recent lows at 0.7200 is on the cards.

USD: Second estimate of US GDP data surprises to the upside with a reading of 4.2% vs. Exp. 4%, which is the highest level in 4 years. Subsequently, this has provided allowed the greenback to hold onto its best levels of the day against its major counterparts. Euro fails to break above 1.17, over 3bln worth of option expiries between 1.1650-1.1680 has seen the Euro trade in a relatively narrow range.

Crude Oil: Oil prices are a nudge higher this morning, with Brent crude futures back above $76 a barrel, dismissing yesterday’s slightly bearish API report as focus turns to Iran. Reports from WSJ stated that Iran’s crude oil and condensate exports in August are set to drop below 70mln bpd for the first time since April 2017, ahead of the second round of US sanctions on November 4th. This consequently suggests that countries are indeed following the United States demands in regard to reducing Iranian oil imports.

DailyFX Economic Calendar: Wednesday, August 29, 2018 – North American Releases

USD Holds Onto Gains, US GDP Revised Higher - US Market Open

DailyFX Webinar Calendar: Wednesday, August 29, 2018

USD Holds Onto Gains, US GDP Revised Higher - US Market Open

IG Client Sentiment Index: AUDUSD Chart of the Day

USD Holds Onto Gains, US GDP Revised Higher - US Market Open

AUDUSD: Data shows 59.0% of traders are net-long with the ratio of traders long to short at 1.44 to 1. In fact, traders have remained net-long since Jun 05 when AUDUSD traded near 0.75794; price has moved 3.6% lower since then. The number of traders net-long is 0.3% higher than yesterday and 8.9% higher from last week, while the number of traders net-short is 2.1% higher than yesterday and 12.0% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.

USD Holds Onto Gains, US GDP Revised Higher - US Market Open

AUDUSD: Data shows 66.5% of traders are net-long with the ratio of traders long to short at 1.99 to 1. In fact, traders have remained net-long since Jun 05 when AUDUSD traded near 0.75575; price has moved 3.8% lower since then. The number of traders net-long is 4.9% lower than yesterday and 23.9% higher from last week, while the number of traders net-short is 8.9% higher than yesterday and 26.8% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests AUDUSD prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed AUDUSD trading bias.

Five Things Traders are Reading

  1. US Dollar Working on Second Up Day in Two Weeksby Christopher Vecchio, CFA, Sr. Currency Strategist
  2. Crude Oil Price Analysis: Bullish Oil Signals as Iran’s Oil Loadings Drop" by Justin McQueen, Market Analyst
  3. Charts of Interest – DXY, EUR/USD, GBP/USD, and Gold Priceby Paul Robinson, Market Analyst
  4. Trade Wars Latest: Concerns About NAFTA, China Dominate USDby Martin Essex, MSTA, Analyst and Editor
  5. USD Price Analysis: Finding Support Ahead of Q2 US GDP Print” by Nick Cawley, Market Analyst

--- 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

News & Analysis at your fingertips.