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  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19
  • USD/CAD testing short-term moving average support. Traders have cut their long exposure over the week. Get your market update from @nickcawley1 here:
  • In the West, that qualifies as a default action. Let's see how it is treated in the world's second largest economy
  • Some Evergrande offshore bondholders do not expect company to make interest payment by Thursday deadline
  • The flash September US PMIs slowed more sharply than expected. That was a general trend across the developed world with most economies continuing to slow from their post-Pandemic peak recovery paces
  • 🇺🇸 CB Leading Index MoM (AUG) Actual: 0.9% Expected: 0.7% Previous: 0.8%
  • $SPY showing some strength, support at the 50, res at the 23.6 $SPX $ES
  • 🇺🇸 Markit Manufacturing PMI Flash (SEP) Actual: 60.5 Expected: 61.5 Previous: 61.1
  • Heads Up:🇺🇸 CB Leading Index MoM (AUG) due at 14:00 GMT (15min) Expected: 0.7% Previous: 0.9%
  • Bank of England left policy measures unchanged as expected with the Bank Rate remaining at 0.1% and gilt purchases at GBP 875bln.Get your $GBP market update from @JMcQueenFX here:
Trading Video: EURUSD and S&P 500 Open Up the New Year With Big Bear Moves

Trading Video: EURUSD and S&P 500 Open Up the New Year With Big Bear Moves

John Kicklighter, Chief Strategist

Talking Points:

• Volatility posted another unexpectedly, holiday surge with a sharp S&P 500 correction bearing the pain

• Amid a broad Dollar rally, EURUSD dropped below 1.2000 for the first time since June 2010

• What will happen with these impressive market and volatility trends when liquidity returns?

Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.

Those expecting a quiet trading session to level off the long holiday weekend were caught off guard Friday. With a swell in volatility, a Dollar rally led EURUSD to a four-and-a-half year low below 1.2000 while the S&P 500 pitched into a convincing bearish reversal. This level of activity and the progress being made is atypical of the trading conditions we usually expect at this time of year. In turn, it is likely an indication of what kind of markets we will be dealing with in 2015: more volatile, more correlated on fundamental themes and more prone to risk aversion. Looking ahead to the first full week of the New Year, the docket fills out with US NFPs, key Eurozone data and a BoE rate decision among other releases. We look at the stage being set for the return of liquidity in the weekend Trading Video.

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