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  • US Indices have pared some of their losses, with the S&P and Nasdaq trading back in the green. DOW -0.19% NDX +0.39% SPX +0.17% RUT -0.76% $DOW $QQQ $SPY $IWM
  • USD/MXN is in the midst of a bullish breakout from a short-term falling wedge pattern, but this plots in the midst of a much longer-term falling wedge pattern. Get your $USDMX market update from @JStanleyFX here:
  • Italian PM Conte convenes cabinet for Tuesday to inform ministers he is resigning - Cabinet office $EUR Confirming earlier reports
  • Gains on $WTI Crude have stalled out this month below $54.00. The commodity is currently trading around $52.30 after falling to a two-week low late last week. $OIL $USO
  • No notable reaction in BTPs given that resignation from Conte has been touted earlier in order to put together a new government. Also, a resignation does not necessarily mean that a snap election will be the next step as of yet.
  • The retail speculative crowd is throwing around serious weight with GameStop today, but its appetites have been showing through with the likes of Tesla and FAANG before that. The Broader $NDX to $SPX ratio seems to similarly exhibit the charge:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.51%. See the summary chart below and full details and charts on DailyFX:
  • AUD/USD still tracks the opening range for January amid the limited reaction to Australia’s Employment report. Get your $AUDUSD market update from @DavidJSong here:
  • The focus will shift as to whether Conte will search for a new parliamentary majority As a reminder, PD Lawmakers noted that they would guarentee support for Conte as head of new government if he resigns $EUR
  • Italian PM Conte is expected to resign as early as Monday - Officials $EUR
Forex: Gauging Risk Trends for Dollar, Stocks, Yen Crosses

Forex: Gauging Risk Trends for Dollar, Stocks, Yen Crosses

John Kicklighter, Chief Strategist

Talking Points:

• While equities and Emerging Markets tumbled this past session, the dollar and euro bucked trend

• This initial jolt of risk aversion has not yet gone 'mainstream', but it can with conviction

EURUSD and AUDUSD have unique positions whether the outlook is for 'risk off' or rebound

Sign up for DailyFX-Plus to have access to Trading Q&A's, educational webinars, updated speculative positioning measures, trading signals and much more!

We have hit a new milestone for volatility in 2014. Overdue technical breaks in US equities, sharp reversals from the yen crosses and crisis headlines out of the emerging market have stoked fear. Yet, if we are witnessing the long-awaited return of market-wide risk aversion, then why did the liquidity-primed dollar drop while the speculative-favorite euro rally? A minor fire has broken out in the global financial system, and the most sensitive and leveraged assets (S&P 500, Yen crosses) have moved preemptively. Yet, the situation is not yet deemed contageous, meaning full blown trends have yet to develop and a panicked liquidity grab has yet to take place. We could still see this escalation in the final 24 hours of this week, but next week's loaded docket may break that focus up and even instigate the situation itself. We discuss this past session's incredible moves and their trading implicaitons in today's Trading Video.

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