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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.59%, while traders in Germany 30 are at opposite extremes with 74.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/iW6hnADxXY
  • Heads Up:🇺🇸 MBA Mortgage Applications (26/FEB) due at 12:00 GMT (15min) Previous: -11.4% https://www.dailyfx.com/economic-calendar#2021-03-03
  • Heads Up:🇵🇱 Interest Rate Decision (MAR) due at 12:00 GMT (15min) Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-03-03
  • Heads Up:🇧🇷 GDP Growth Rate YoY (Q4) due at 12:00 GMT (15min) Expected: -1.6% Previous: -3.9% https://www.dailyfx.com/economic-calendar#2021-03-03
  • Heads Up:🇧🇷 GDP Growth Rate QoQ (Q4) due at 12:00 GMT (15min) Expected: 2.8% Previous: 7.7% https://www.dailyfx.com/economic-calendar#2021-03-03
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.89% Silver: -0.79% Gold: -0.90% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/s6gSdtSyzk
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.17% 🇨🇦CAD: 0.16% 🇦🇺AUD: -0.05% 🇳🇿NZD: -0.11% 🇨🇭CHF: -0.17% 🇯🇵JPY: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gbOKCTOkIE
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/LLkrZwdTae
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.90% FTSE 100: 0.80% France 40: 0.76% Wall Street: 0.67% US 500: 0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GbHvaz35ZV
  • ECB's Weidmann says the ECB can flexibly adjust PEPP purchase pace $EUR
G20 Drives Australian Dollar Trade Despite Plentiful Local Data

G20 Drives Australian Dollar Trade Despite Plentiful Local Data

David Cottle, Analyst

Australian Dollar, China Caixin PMI Talking Points:

  • The Australian Dollar made strong gains on the back of the China, US trade agreement
  • Those gains have held despite some quite lackluster local data
  • China’s manufacturing sector could certainly do with the lifting of tariff

Fourth-quarter technical and fundamental forecasts from the DailyFX analysts here.

Australian Dollar trade remained focus on the trade thaw negotiated between China and the US at last weekend’s Group of 20 meeting in Argentina, despite a plethora of local data released Monday.

China’s final Caixin Purchasing Managers Index came in at 50.2 for November, very slightly better than the 50.1 previously reported. In the logic of PMI numbers, it takes a reading above 50 to signify expansion for the sector in question.

These figures follow last week’s official data for the same month, which showed notable weakness in the manufacturing sector. That PMI came in right on the 50.0 line, for its weakest showing since early 2016. The official data focus on large concerns, which often have heavy State involvement. The Caixin version meanwhile drills down into the doings of smaller, private firms.

There will be some hope now that whatever dampening effect US tariffs may have had on Chinese factory output can be banished. However, until there is an actual trade deal, hope it will remain.

The Australian Dollar has had a volatile start to the week. It was boosted initially to new three-month highs as news of a trade ceasefire between China and the US at the weekend’s G20 meet in Argentina crossed the wires. A lasting peace between the two global titans is of perhaps special importance to Australia, given its huge export links with one and its security ties with the other. A revival of global growth hopes should a trade deal be struck would also support the growth-linked Australian currency.

G20 Drives Australian Dollar Trade Despite Plentiful Local Data

Domestic data released since were lackluster. Company profits and inventory levels both missed expectations in October while building approvals 1.5% fall was better than the 2% slide markets had feared.

On its broader, daily chart, AUD/USD remains in the well-respected uptrend channel which has been in place since late October when the Aussie at last broke out of the malaise which had dogged it all year. Signs of a more co-operative trade relationship between China and the US may very well boost the Australian Dollar further. It has after all strong trading and political links with both the main players.

G20 Drives Australian Dollar Trade Despite Plentiful Local Data

However, signs that the current trade thaw could become a trade deal may very well be taken in the markets as an indication that US interest rate rises will continue well into 2019. With no increase expected in Australia’s record-low rates through all of next year, the Australian Dollar could once again start to fade.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter @DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES