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.

Free Trading Guides
Oil - US Crude
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
  • China #coronavirus update February 19: 1,779 patients discharged 74,576 total confirmed reports 114 new Wuhan virus deaths 394 additional cases -BBG
  • Markets turning "risk off" after South Korea reported 31 more cases of the #coronavirus and when China cut prime rates (as expected). Seems like the latter was not enough to satisfy the markets. $NZDUSD and $AUDUSD pointing lower with #SPX and #Nikkei225 futures down https://t.co/ttqb5MnfVL
  • RT @GunjanJS: Declining growth rate in coronavirus cases hint that outbreak is subsiding, via JPMorgan https://t.co/phVNTWpZCM
  • South Korea confirms 41 additional #coronavirus cases, bringing total to 82 -BBG
  • 🇨🇳 CNY 5-Year Loan Prime Rate (FEB), Actual: 4.75% Expected: 4.75% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-02-20
  • 🇨🇳 CNY 1-Year Loan Prime Rate (FEB), Actual: 4.05% Expected: 4.05% Previous: 4.15% https://www.dailyfx.com/economic-calendar#2020-02-20
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/9bSzv7ivVc
  • If you missed my coverage of the Australian jobs report where I discussed $AUDUSD, $AUDJPY, $AUDNZD and $AUDCAD, check out the recording on YouTube here - https://t.co/nZkHmgznFF
  • Heads Up:🇨🇳 CNY 1-Year Loan Prime Rate (FEB) due at 01:30 GMT (15min), Actual: N/A Expected: 4.05% Previous: 4.15% https://www.dailyfx.com/economic-calendar#2020-02-20
  • Heads Up:🇨🇳 CNY 5-Year Loan Prime Rate (FEB) due at 01:30 GMT (15min), Actual: N/A Expected: 4.75% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-02-20
Price Action Uncertain Ahead of Stress Test, Q2 Earnings

Price Action Uncertain Ahead of Stress Test, Q2 Earnings

2010-07-07 10:48:00
Jonathan Granby;DailyFX Research Team,

 Joel is out of the office and will be returning on the 8th of July


Price action has remained very uncertain so far in Europe and is therefore subject to change quickly in any direction. Trade has been slightly risk averse as equities and higher yielding FX re-trace some of their hefty gains notched up yesterday. 
Relative Performance Versus the USD on Wednesday (as of 10:45GMT) - 

1)YEN                   +0.29%
2)SWISSIE           -0.01%
3)STERLING        -0.24%
4)EURO                 -0.43%
5)CAD                   -0.43%
6)KIWI                   -0.58%
7)AUSSIE              -0.73%
The dollar has made some gains versus members of the Euro bloc as worries over the EMU stress tests begin to take their toll. It does appear that focus has shifted from sovereign debt to global recovery prospects alleviating some of the pressure on the euro. 
In Germany, reports have come out that the cabinet has officially rubber-stamped Eur80b in budget balancing measures over the 3-year period from 2011-2014. Details are not yet out regarding the measures, however speculation is rife about the impact of these austerity measures will have on the economic outlook.
Elsewhere, the European Commission has said this morning that the data coming from Greece is positive, the reform program is on track and fiscal consolidation is going according to plan. This came on the heels of ECB’s Provopoulos who said that the government is on target to cut the deficit to 8.1%/GDP by years end without implementing further measures.
Meanwhile, China’s SAFE has said that the US Treasury market remains an important one, but gold will not become a major component of their FX reserves. Gold has already been badly beaten down over the recent session as banks and funds liquidate holdings in need of cash. In Japan, the automaker group was out over-night calling on the government to take action to counter recent yen strength.
On the data front, the French trade balance came in worse than expected and Euro-zone GDP for Q1 came in as expected. German factory orders disappointed in the month-on-month reading but the year-on-year number remains solid negating the lower reading.
Looking ahead, US MBA mortgage applications are due at 11GMT followed by Canadian Ivey PMI (64.0 expected) at 14:00GMT wrapping things up for another light session on the data release front. US equity futures are pointing lower while commodities are diverging with crude trading mildly higher and gold weaker.  
Written by Jonathan Granby, DailyFX Research Team

If you wish to receive Joel's reports in a more timely fashion, e-mail instructor@dailyfx.com and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our 
Forum page


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


News & Analysis at your fingertips.