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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Bearish
Gold
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
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/5KaUvfGM4I
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/J0EPMD2Cfi https://t.co/9Bjkh5413e
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/FqAsp91Gia
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cKOUmtj7Dj
  • 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/Yl9vM7kO6a https://t.co/TnL91f7sl7
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/cDcjl3Ue09
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/KWOX5wSipe
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/cwSWCpKtaj
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zu5hMovbz6
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/QMKyTBOKNG
US Dollar Jump on FOMC Faded, EUR/USD Recovers

US Dollar Jump on FOMC Faded, EUR/USD Recovers

Justin McQueen, Analyst

EUR/USD Price Analysis & News

  • USD Pop on FOMC Pared
  • EUR Reclaims 1.22 With Focus on PMI
  • AUD/JPY Continues to Track Cryptos

Recap: The main comment that had grabbed the markets attention in the FOMC minutes was that “A number of participants suggested if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases”. However, while this hints at the “T” word (taper), this is not entirely new, given that the comment has come from the small hawkish contingent on the committee and not the core. Keep in mind, since the minutes, NFP was notably soft, while higher than expected inflation data had been quickly talked down by Fed members. As such, in response to the FOMC minutes, the USD saw a slight bid to reclaim the 90 handle, while US yields picked up, however, the move has been largely retraced given the fact that the minutes are somewhat light on substance, providing little in the way of new information.

US Dollar Reaction to FOMC Minutes

US Dollar Jump on FOMC Faded, EUR/USD Recovers

Source: Refinitiv

EUR/USD: Following the FOMC minutes the Euro had stood its grounds, holding onto support at 1.2170-80 to make another test of the 1.22 handle. Given the relatively light economic calendar, focus will be on the upcoming PMI releases tomorrow, which are expected to highlight an improvement in the Euro Area and thus underpin the currency. Thus far, the backdrop remains supportive for EUR/USD to challenge 1.2245-50 again.

EUR/USD Chart: Hourly Time Frame

US Dollar Jump on FOMC Faded, EUR/USD Recovers

Source: Refinitiv

AUD/JPY Continues to Track Bitcoin

For FX traders, yesterday crash in cryptocurrencies presented an opportunity to fade high beta crosses such as AUD/JPY, which the chart below highlights. Given that I have mentioned this correlation previously, I will refer you to this link below.

Can Bitcoin Prices Provide a Leading Signal for Currencies?

AUD/JPY vs Bitcoin

US Dollar Jump on FOMC Faded, EUR/USD Recovers

Source: Refinitiv

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

DISCLOSURES