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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • 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:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Tech stocks pulled back from record territory after Amazon posted tepid Q3 guidance. Get your weekly equities forecast from @margaretyjy here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Recent price action in the US Dollar Index (DXY) casts a bearish outlook for the Greenback as it extends the series of lower highs and lows from earlier this week. Get your weekly USD technical forecast from @DavidJSong here:
  • USD/MXN drops back into its recent range as investors await further guidance from economic data. Get your weekly Mexican Peso forecast from @HathornSabin here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
EUR/USD Stands Steadfast After Italy's Outlook is Downgraded by S&P

EUR/USD Stands Steadfast After Italy's Outlook is Downgraded by S&P

Peter Hanks, Strategist

Talking Points:

  • Italy outlook revised lower to negative from stable by S&P, affirmed at ‘BBB’
  • Fitch affirms UK at ‘AA’ stable outlook while Germany affirmed by S&P at ‘AAA’ stable
  • The currency’s muted response is largely due to the report’s release time

After a week of trouble for equities, a final blow was dealt to global markets following the market’s close on Friday. Rating agency Standard & Poor’s downgraded Italy’s outlook to negative from stable amid ongoing budget disagreements with the European Union.

Conversely, S&P affirmed Germany at ‘AAA’ with a stable outlook. While Fitch ratings released their reports on the United Kingdom, Norway, Sweden and Denmark.


The EU member has become the focus of global markets as a showdown between the government in Rome and European Union officials in Brussels highlights the growing divide between the two parties. The budget disagreement is seen as a risk to the bloc’s stability and the common currency, resulting in sustained EUR/USD weakness as of late. Further, an identical outlook downgrade was issued last week by Moody’s.

EUR/USD Price Chart Hourly, October 22nd – 26th

EUR/USD price chart on italy downgrade.

Given the time of the report’s release, EUR/USD was largely indifferent as European banks were closed and the weekend had begun. While Friday’s immediate response may have been negligible, outlook cuts are often preludes to a ratings downgrade and thus a downgrade from two agencies is a worrisome sign for Italy and the European Union if an agreement is not met.

United Kingdom

Also affirmed Friday was the United Kingdom. Fitch affirmed the nation at ‘AA’ with a negative outlook. Political divisions within the UK regarding the nation’s withdrawal from the EU and the framework for future EU-UK relations were cited as key reasons for the negative outlook. The Pound was similarly unresponsive.

GBP/USD Price Chart Hourly, October 22nd – 26th

GBP/USD price chart on UK rating

Join our analysts for Live Webinars that range from live coverage of central bank decisions and economic data breakdowns to trading Q&A’s.


Unsurprisingly, Standard & Poor’s affirmed Germany at ‘AAA’ with a stable outlook. Germany continues to show consistent economic strength and fiscal responsbility.

Norway, Sweden and Denmark

The Nordic countries also had their ratings affirmed, all receiving an ‘AAA’ grade accompanied by stable outlooks. The affirmations were not surprising given the fiscal responsibility and economic condition of each country.

Larger Implications

While not immediately felt, the downgrade will surely weigh on global market sentiment. The outlook is effectively a vote of no-confidence from Standard & Poor’s and the Italian budget issues have been one of the headline issues plaguing markets in recent weeks.

--Written by Peter Hanks, Junior Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

Read more: S&P 500 to Look Elsewhere for Support After Disappointing Earnings

DailyFX forecasts on a variety of currencies such as the US Dollar or the Euro are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

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