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
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
Oil - US Crude
Mixed
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
Mixed
GBP/USD
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
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
  • Rising Treasury yields inspired a broad selling in global equities last week. The longer-term outlook remains positive however on the back of the reflationary theme, strong earnings and vaccine progress. Get your market update from @margaretyjy here: https://t.co/LLlhEpmJxI https://t.co/bJebULtjLG
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/kuqShllQFp
  • Although the longer-term technical outlook for AUD remains skewed to the topside, recent developments suggest the commodity-sensitive currency could lose ground against USD and JPY. Get your market update from @DanielGMoss here: https://t.co/Rl1h8WdXwp https://t.co/49RKx86FzG
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
US Dollar Falls Further as Important Data and FOMC Meeting Near

US Dollar Falls Further as Important Data and FOMC Meeting Near

Nick Cawley, Strategist

US Dollar Price, News and Analysis:

  • High importance data releases ahead of FOMC decision.
  • US dollar basket looking to break below 90.00.
Advertisement

The US dollar continues to slip lower ahead of the last FOMC meeting of the year. As discussed before, all policy measures are expected to be left untouched but Fed chair Jerome Powell may well look to talk the greenback even further lower by leaving monetary policy as loose as possible for as long as possible. While economic data releases have been marginally better of late, the US economy is still feeling the full effects of the coronavirus outbreak with new case numbers continuing to rise sharply. Before the FOMC decision, the latest look at US retail sales and the flash Markit PMI reading for December, both potentially market-moving releases.

US Dollar Falls Further as Important Data and FOMC Meeting Near

For all market-moving events and data see the DailyFX Calendar

The US dollar basket is now touching 90.00 and continues to trade around lows last seen over two-and-a-half years ago. While the greenback is weak in itself, the recent strength of the Euro, and of Sterling this week, continues to weigh. The dollar weakness against the Chinese Yuan also continues with the pair having fallen steadily from around 7.20 in late-May to a current low of 6.5070, its lowest level since June 2018.

USD/CNH Daily Price Chart (December 2019 – December 16, 2020)

US Dollar Falls Further as Important Data and FOMC Meeting Near

The US dollar basket is looking to break below the 90.00 level, leaving an old monthly low at 89.90 as the next port of call. Below here, 88.81 and 88.49 guard an eventual low of 87.93.

US Dollar (DXY) Daily Price Chart (March – December 16, 2020)

US Dollar Falls Further as Important Data and FOMC Meeting Near
Forex for Beginners
Forex for Beginners
Recommended by Nick Cawley
Forex for Beginners
Get My Guide

What is your view on the US Dollar – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES