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
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
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
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/Je6kbxZLX5
  • Gold has fallen to US$ 1,874 - the 76.4% Fibonacci retracement level, before bouncing back slightly. Near-term momentum appears biased towards the downside. Read more: https://www.dailyfx.com/forex/market_alert/2020/09/23/Gold-Silver-Price-Forecast-Key-Supports-Broken-as-US-Dollar-Strengthens.html https://t.co/Y7LJ4O1Is0
  • Gold has fallen to US$ 1,874 - the 76.4% Fibonacci retracement level, before bouncing back slightly. Near-term momentum appears biased towards the downside. Read more: https://www.dailyfx.com/forex/market_alert/2020/09/23/Gold-Silver-Price-Forecast-Key-Supports-Broken-as-US-Dollar-Strengthens.html
  • #USDollar Tracks Shift in Risk Sentiment Despite #Powell Testimony $USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/09/23/US-Dollar-Tracks-Shift-in-Risk-Sentiment-Despite-Powell-Testimony.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/DsnIMRErgi
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.06% 🇯🇵JPY: -0.08% 🇪🇺EUR: -0.16% 🇬🇧GBP: -0.31% 🇳🇿NZD: -0.55% 🇦🇺AUD: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j02nCOakn0
  • Heads Up:🇩🇪 Markit Manufacturing PMI Flash (SEP) due at 07:30 GMT (15min) Expected: 52.5 Previous: 52.2 https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇩🇪 Markit Services PMI Flash (SEP) due at 07:30 GMT (15min) Expected: 53 Previous: 52.5 https://www.dailyfx.com/economic-calendar#2020-09-23
  • Heads Up:🇩🇪 Markit Composite PMI Flash (SEP) due at 07:30 GMT (15min) Expected: 54.1 Previous: 54.4 https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇹🇭 Interest Rate Decision Actual: 0.5% Expected: 0.5% Previous: 0.5% https://www.dailyfx.com/economic-calendar#2020-09-23
  • 🇪🇸 GDP Growth Rate YoY Final (Q2) Actual: -21.5% Expected: -22.1% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2020-09-23
Euro Slides in Thin Trading Session on EU-US Trade War Headlines

Euro Slides in Thin Trading Session on EU-US Trade War Headlines

2019-11-27 16:30:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Market Alert: Trump Expands US-led Trade Wars

  • The United States Trade Representative announced that it is moving forward with its investigation over the French digital tax and will release its findings on Monday, December 2.
  • Speculation has arisen that US President Donald Trump will open a new front on the US-led trade wars, turning his attention to the EU.
  • The Euro has slid while the US Dollar has gained ground versus its counterparts following the EU-US trade war headlines.

Looking for longer-term forecasts on the US Dollar? Check out the DailyFX Trading Guides.

Focus on the US-China trade war has temporarily shifted, although not off the topic of tariffs. This time, US President Donald Trump has turned his attention to the European Union. By all accounts, it appears that a new front will open in the US-led trade wars.

“The United States Trade Representative is in the process of completing its investigation, under Section 301 of the Trade Act of 1974, of France’s Digital Services Tax (DST) and intends to issue its report in that investigation on Monday, December 2, 2019. At that time, the United States Trade Representative also will announce any proposed action in the investigation.”

Much like the reaction of the Chinese Yuan around negative US-China trade war headlines, the Euro took a dive below 1.1000 versus the US Dollar during the thinly-traded pre-Thanksgiving holiday session. There has been some speculation that a response to the French digital tax may only be the beginning of an expanded EU-US trade war. If so, more weakness for the Euro may be on the way.

EUR/USD RATE TECHNICAL ANALYSIS: 1-minute CHART (NOVEMBER 27, 2019 INTRADAY)

Euro Slides in Thin Trading Session on EU-US Trade War Headlines

Following the news report, EUR/USD dropped from its near-session highs at 1.1013 to fresh session lows at 1.0993. At the time this note was written, EUR/USD was back at 1.0999. Although the Thanksgiving trading period tends to be quieter, it’s important for traders to remember that something as simple as a tweet could upend a low volume market very easily.

FX TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail at cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

View our long-term forecasts with the DailyFX Trading Guides

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

DISCLOSURES