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
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
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
  • Coinbase’s impending initial public offering could provide the necessary fuel for Bitcoin to push to fresh record highs in the coming days. Get your market update from @DanielGMoss here:https://t.co/twdu0zqmIM https://t.co/72HRMZlKUn
  • The Swiss Franc has positioned itself against key levels versus the Australian Dollar, New Zealand Dollar and Euro over the past week. Where next for AUD/CHF, NZD/CHF and EUR/CHF? Find out from @FxWestwater here:https://t.co/CrtQGzvWnm https://t.co/j5Zjn5zY0D
  • (Weekly Fundy) Australian Dollar Forecast: AUD/USD May Rise as Dovish Fed Calms Yields, US Dollar $AUDUSD #AUD #USD #Bonds #Fed https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/04/17/Australian-Dollar-Forecast-AUDUSD-May-Rise-as-Dovish-Fed-Calms-Yields-US-Dollar.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gQDr5fBosb
  • The Japanese Yen and Swiss Franc may outperform the US Dollar amid rising long bets in USD/JPY and USD/CHF. But, broader uptrends since January could still remain in play. Get your market update from @ddubrovskyFX here:https://t.co/Qpeuuyrxhj https://t.co/EfgW9aj7wo
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Get your $btc market update from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/xxMX4YFKCC
Dow Jones Gyrates at New High as Consumer Confidence Misses

Dow Jones Gyrates at New High as Consumer Confidence Misses

Thomas Westwater, Analyst

Consumer Confidence- Talking Points

  • Consumer Confidence declined to 125.5 in November while expectations for the economy rose as outlook for business conditions improved
  • Consumers confidence remains relatively high compared to historical norms and the survey suggest consumers have a healthy willingness to spend this holiday season on upbeat income expectations
  • Outlook on labor market conditions were mixed with expectations for future job openings decreasing to 15.7% from 16.9%

Markets remain largely unchanged after the Conference Board’s Consumer Confidence Survey dropped to 125.5 for November – the fourth consecutive drawdown for the index. The Dow Jones Index moved modestly lower subsequent to the Consumer Confidence report release. This followed the Dow and other US stock market benchmarks like the S&P 500 and Nasdaq all printing fresh record highs in early morning trading. While consumer confidence declined this month from the prior reading of 125.9, consumer expectations over the short-term climbed to 97.9 from 94.9 as consumers grew slightly more optimistic about the economy.

Dow Jones Price Chart – 5 Minute Time Frame

Dow Jones Price Chart

USDCHF, a proxy for market risk appetite, ticked down slightly following the consumer confidence data release and indicates a pause in upbeat sentiment. While market participants remain keenly focused on the latest US-China trade talk headlines, which have broadly helped bolster equity indices to record highs, the impact of ongoing trade war uncertainty has nonetheless weighed on business investment and hiring decisions. Also, ambiguity over a potential US-China trade war resolution could have an adverse effect on consumption ahead of the quickly approaching holiday shopping season. Nevertheless, consumer spending so far seems widely unfazed, but a recent retail sales report revealed a sharp slowdown in month-on-month growth. Other cracks in the US economy are also starting to show up like the manufacturing sector remaining in contraction territory while there may be signs that the US labor market is beginning to come under pressure. Correspondingly, the US Dollar could face downward pressure if the American economy fails to match FOMC forecasts for US economic outlook.

USDCHF 1-Min Chart

USDCHF Price Chart

Check out Swiss Franc Forecast: CHF/JPY, AUD/CHF, CAD/CHF, NZD/CHF for additional technical outlook on the Swiss Franc.

Expectations in the Conference Board survey ticked up to 97.9 for November, up from 94.5 in the previous month, largely on upbeat income expectations. Seeing that US economic growth is overwhelmingly driven by consumers, however, the robustness of America’s economy should remain intact if consumers are optimistic about their income and are willing to spend.

On that note, those anticipating fewer jobs in the coming months decreased notably from 18.0% to 13.2%, but the proportion of consumers expecting more jobs in the months ahead decreased from 16.9% to 15.7%. Likewise, consumers responding that jobs are ‘plentiful’ decreased from 47.7% to 44.8% and those saying jobs are ‘hard to get’ rose from 11.6% to 12.7%. Income prospects shifted higher with 21.8% expecting an increase in their wages, which is up slightly from 21.4% previously.

Dow Jones Gyrates at New High as Consumer Confidence Misses

With markets printing all-time highs on trade war hopes almost daily – as clearly pointed out by tweets from President Trump – the coming months could be quite decisive for the market’s direction. There is an outstanding risk that holiday spending disappoints, which could destabilize the recent rally in stocks, considering consumer spending is a primary economic driver for the United States.

A stark drop in willingness to spend, should it manifest, would raise an alarming red flag. This could, in turn, grab the attention of the Federal Reserve to provide more accommodation (i.e. monetary stimulus) as the central bank aims to sustain the US economic expansion and insure against downside risks that stem overwhelmingly from the ongoing US-China trade war.

Read More: Top Retail Stocks to Watch Ahead of Black Friday

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

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.

DISCLOSURES