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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • The USD could still rally a bit from here, but has resistance not far ahead that it will need to overcome if it is to extend to a larger degree. Get your weekly $USD technical forecast from @PaulRobinsonFX here:
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • What is your forex trading style? Take the quiz and find out:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The results of this weekend’s German Federal Election will likely dominate Euro sentiment at the start of the week ahead but after a possible EUR/USD bounce they will have little long-term impact. Get your weekly $EUR forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • 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:
  • Sterling continues to contract into trend extremes and the focus is on a pending breakout in the weeks ahead. Get your weekly $GBP technical forecast from @MBForex here:
  • 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:
EUR/USD Nosedives on Record US Services PMI, Clarida Remarks

EUR/USD Nosedives on Record US Services PMI, Clarida Remarks

Rich Dvorak, Analyst


  • Major currency pairs whipsawing in an eventful morning for the broader US Dollar
  • US Dollar pivoting higher now as bulls unwind the reaction to weak ADP jobs data
  • EUR/USD plummets on record ISM Services PMI and comments from Fed’s Clarida

US Dollar price action has been on a roller coaster ride so far during Wednesday’s trading session. The broader DXY Index was off by -0.25% at intraday lows this morning, but the US Dollar has since reversed its bout of weakness and then some. Initial US Dollar selling pressure seemed to correspond with disappointing ADP jobs data, which came in at 330K versus the market forecast looking for 690K. This is being unwound by the latest ISM Services PMI report and relatively hawkish comments from the Fed’s Clarida.

As detailed on the DailyFX Economic Calendar, ISM Services PMI data smashed expectations and jumped to its highest reading on record. Not to mention, all 17 industries reported growth in activity while both employment and prices paid subcomponents increased at faster rates month-over-month. Vice Chair of the Federal Reserve, Richard Clarida, stated how he expects conditions for raising interest rates to be met by the end of 2022 and added that the economy has made enough progress to warrant the tapering of Fed asset purchases in December this year.


EURUSD Price Chart US Dollar Forecast

Chart by @RichDvorakFX created using TradingView

This one-two punch invigorated Fed hawks and US Dollar bulls. EUR/USD price action now trades in the red thanks to a 60-pip plunge from intraday highs and rejection of the 1.1900-handle. USD/JPY surged higher in similar fashion owing to the influx of US Dollar strength. While these developments are surely making waves across markets, volatility looks likely to linger throughout the rest of the week.

This is in consideration of high-impact event risk posed by the upcoming release of nonfarm payrolls data due Friday, 06 August at 12:30 GMT. A strong NFP report stands to reinforce the case for Fed tapering before year-end, which could see the US Dollar strengthen further. Conversely, a miss on NFPs would likely see the US Dollar whipsaw lower once more.

-- Written by Rich Dvorak, Analyst for

Connect with @RichDvorakFX on Twitter for real-time market insight

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