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
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
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/rFlQtyQS81
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • 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/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • 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/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • 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/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
US Dollar (DXY) Outlook: Inching Towards a Fresh Three-Month High Ahead of Important Data Releases

US Dollar (DXY) Outlook: Inching Towards a Fresh Three-Month High Ahead of Important Data Releases

Nick Cawley, Strategist

US Dollar Price, News, and Analysis:

  • US Dollar (DXY) chart remains positive.
  • US retail sales and sentiment data round off the week.

The US dollar basket (DXY) continues to edge higher, aided in part by a slightly weaker Euro, and is now pressing against a series of recent highs between 92.77 and 92.84, despite Fed Chair Jerome Powell’s dovish rhetoric. Powell continues to look through the recent surge in US price pressures – June core inflation y/y printed at 4.5% this week – believing that the current inflationary trend is temporary in nature and will subside soon. Later in the session, May US retail sales data will be released (13:30 BST) before the latest University of Michigan sentiment data crosses the screens at 15:00 GMT. The headline consumer sentiment reading is expected to move higher – 86.5 vs. 85.5 in June – while all eyes will also be on the two inflation expectations readings to see how American households view current and future US inflation trends.

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

The US dollar basket continues to move higher within a short-term channel uptrend with the support line holding repeated tests so far. All three simple moving averages are now in a bullish formation with the shorter-dated 20-dsma providing additional support over the last week. For the DXY to continue this move, the previously mentioned high at 92.84 needs to be broken conclusively which would then leave the March 31 high at 93.48 as the next target.

Using Moving Averages

US Dollar Basket (DXY) Daily Price Chart (November 2020 – July 16, 2021)

US Dollar (DXY) Outlook: Inching Towards a Fresh Three-Month High Ahead of Important Data Releases

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