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
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
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/CRFKPoTOdL
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33% Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33 Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇲🇽 Mid-month Inflation Rate MoM (JAN) Actual: 0.51% Expected: 0.34% Previous: 0.34% https://www.dailyfx.com/economic-calendar#2021-01-22
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 67.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RmN06yuSM0
  • Heads Up:🇲🇽 Mid-month Inflation Rate MoM (JAN) due at 12:00 GMT (15min) Expected: 0.34% Previous: 0.34% https://www.dailyfx.com/economic-calendar#2021-01-22
  • Heads Up:🇲🇽 Mid-month Inflation Rate YoY (JAN) due at 12:00 GMT (15min) Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/IwX3SFsqVY
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: -1.19% Silver: -2.46% Oil - US Crude: -2.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fni0enw4eB
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.08% 🇨🇭CHF: 0.01% 🇯🇵JPY: -0.20% 🇳🇿NZD: -0.52% 🇨🇦CAD: -0.53% 🇦🇺AUD: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ET1uzMrL8i
US Dollar Inches Higher Following Consumer Sentiment Report

US Dollar Inches Higher Following Consumer Sentiment Report

Thomas Westwater, Contributor

US Dollar, Consumer Confidence, Coronavirus, recession – Talking Points

  • US Dollar bid slightly higher on Michigan consumer sentiment beat
  • Expectations for an economic recovery remain dim
  • US Dollar ticked slightly higher but remains lower following grim retail sales data

The University of Michigan’s preliminary consumer sentiment report for May crossed the wires Friday morning at 73.7, beating expectations of 68.0. While the headline figure beat expectations, it remains sharply lower from pre-pandemic levels. The downbeat report adds to earlier troubling news for the economy as retail spending for April released earlier Friday showed a record drop of 16.4 percent. US Dollar price action ticked slightly higher on the report, but remains lower from overnight highs.

US Dollar Basket (1-Min Chart)

US Dollar Basket

Source: IG Charts

Traits of Successful Traders
Traits of Successful Traders
Recommended by Thomas Westwater
Traits of Successful Traders
Get My Guide

While this morning’s retail sales and consumer sentiment data paints a picture for a full-blown economic contraction, other major events seem to be brewing as well, including a potential renewal of the US-China trade war. Viewing the broad macro landscape from the top down, it seems almost certain that the US is entering a recession. The Michigan sentiment report reflects those recession worries, with the expectations component of the index dropping to 67.7, down from 70.1.

University of Michigan Consumer Sentiment

Consumer sentiment

States are already moving forward with reopening plans, which may provide a near-term bounce in economic activity. However, expectations for a recovery remain highly uncertain, and economic forecasts continue to degrade. The Atlanta Fed GDPNow forecast for second quarter economy growth currently stands at -34.9%.

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

DISCLOSURES