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
Mixed
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.79% Silver: 0.72% Gold: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YeN5uOchic
  • Brush up your knowledge on #tradewars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/i2X7EA6i10
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.12% 🇬🇧GBP: 0.09% 🇨🇦CAD: 0.05% 🇯🇵JPY: -0.10% 🇦🇺AUD: -0.12% 🇳🇿NZD: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iCnrKCNJSS
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.45% US 500: 0.14% Wall Street: 0.08% France 40: -0.06% Germany 30: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/RYDTcaLllr
  • EU Stoxx 50 Index at Risk on Vaccine Hiccup, #ECB Tempering Expectations - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/12/04/EU-Stoxx-50-Index-at-Risk-on-Vaccine-Hiccup-ECB-Tempering-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #EUStoxx50 $FESX $EUSTX https://t.co/s6k95MXei5
  • Heads Up:🇨🇿 Unemployment Rate (NOV) due at 08:00 GMT (15min) Expected: 3.8% Previous: 3.7% https://www.dailyfx.com/economic-calendar#2020-12-04
  • 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/II37qTqX0K
  • The US Dollar and the S&P 500 index exhibited high negative correlation over the past 12 months, with a correlation coefficient of -0.80. https://t.co/iBUCn5UWYp
  • Dividend investing is the practice of investing in dividend-paying stocks. Why should you invest in dividend stocks? Find out: https://t.co/v8jRlj0OvP https://t.co/FFK8cL1eMd
  • Check out today's commodities briefing below! #Gold #CrudeOil #OPEC #XAUUSD #NFP - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/12/04/Gold-Prices-Turned-Crude-Oil-Looking-to-Extend-Gains-After-OPEC-Deal.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/mjP8cR5y5C
USD Soars, ZAR Plunges as South Africa Enters Recession - US Market Open

USD Soars, ZAR Plunges as South Africa Enters Recession - US Market Open

2018-09-04 13:30:00
Justin McQueen, Analyst
Share:

Check out the brand new DailyFX trading forecasts for Q3

MARKET DEVELOPMENT – ZAR SLIDES AS SOUTH AFRICA ENTER RECESSION

USD: As US market participants return from their elongated break, the USD is bid. The greenback back above 95.50, which in turn has seen its major counterparts on the backfoot. The Euro has shed 0.5% to move towards support at 1.1550, a break below will bring the psychological 1.15 level into focus.

ZAR: The South African is the worst performing emerging market currency today after the latest GDP statistics has shown that South Africa slipped into a recession for the first time since 2009. Market participants had been looking for a bounce back in today’s GDP report, however, the quarterly rate showed a contraction of 0.7% after a fall of 2.6% in Q1. USDZAR hit highs of 15.25 with room for further upside given the fragile sentiment surrounding the EM complex, most notably, Turkey.

GBP: Another weak PMI, this time from the Construction sector added to the selling pressure for GBP with the spot rate pushing towards 1.28. Slight reprieve in the Pound as BoE Governor Carney signalled his willingness to stay on as Governor in order to help provide a smoothe Brexit.

DailyFX Economic Calendar: Tuesday, September 4, 2018 – North American Releases

USD Soars, ZAR Plunges as South Africa Enters Recession - US Market Open

DailyFX Webinar Calendar: Tuesday, September 4, 2018

USD Soars, ZAR Plunges as South Africa Enters Recession - US Market Open

IG Client Sentiment Index: GBPUSD Chart of the Day

USD Soars, ZAR Plunges as South Africa Enters Recession - US Market Open

Five Things Traders are Reading

  1. US Dollar Rallyin to Start September as August’s Concerns Carry Overby Christopher Vecchio, CFA, Sr. Currency Strategist
  2. EURUSD Under Pressure as US Dollar Soars Ahead of NFPs" by Nick Cawley, Market Analyst
  3. Gold Price Bounce Over? Technical Outlook for Crude Oil, DAX, and S&P 500by Paul Robinson, Market Analyst
  4. CoT Update for US Dollar, Euro, British Pound, Gold, and More” by Nick Cawley, Market Analyst
  5. Crude Oil Price Analysis: Crucial Resistance Breached, Return to $80?by Justin McQueen, 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