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.

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
EUR/USD
Mixed
Oil - US Crude
Mixed
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
Wall Street
Bearish
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
Gold
Mixed
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • RT @Amena__Bakr: BUT Russia is making a case for increasing supply - delegates #OOTT #opec
  • RT @Amena__Bakr: The ministers are considering rolling over April and May - sources #OOTT #opec
  • Saudi Arabia is considering extending voluntary oil cut of 1mbpd by one month in April - OPEC+ sources #OOTT
  • $EURUSD is currently trading back around the 1.2040 level today, which has been a key level of support over the past month. The pair headed lower yesterday after attempting to rebound back above the 1.2100 level. $EUR $USD https://t.co/ahaAb0htgK
  • it's strange to see $USDJPY like this. prolonged uptrend continuing to stretch despite overbought conditions. RSI overbought on daily, h4 and h1 charts but it's just kept going big test at 107.50 as another psych level comes back into the equation https://t.co/kXRUbx4VzO
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.64% Gold: 0.05% Silver: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/z20HglaOQd
  • tech out of favor of late, but $NAS coming up on a big decision point ~12.5 RSI not quite in oversold territory on Daily, but that hasn't happened here since last March (before the low was in place) $QQQ $NDX https://t.co/mujJRPmDta
  • 🇺🇸 Factory Orders MoM (JAN) Actual: 2.6% Expected: 2.1% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.19%, while traders in Germany 30 are at opposite extremes with 69.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bP6TfUZLbt
  • $Gold trying to hold support above the 1700 marker but it's been a two-way fight over the past 24 hours perhaps places even more importance on the Average Hourly Earnings portion of tomorrow's #NFP report https://t.co/PN84yXhK9d https://t.co/UyIPcM7mRo
Dollar and Oil Prices Rally On Fed, OPEC Views

Dollar and Oil Prices Rally On Fed, OPEC Views

John Kicklighter, Chief Strategist

Talking Points:

• The most impressive move in the market this past session was easily the 9 percent surge in US oil after the OPEC meet

• A combination of robust private payrolls, Fed speak and inflation statistics levered another Dollar rally

• Though there is noteworthy event risk immediately ahead, account for the near NFPs and Italy Referendum events

See what live coverage is scheduled to cover key event risk for the FX and capital markets on the DailyFX Webinar Calendar.

Skepticism was beat back this past session. The market was skeptical of a production deal at the highly contentious OPEC meeting, but the group announced a 1.2 million barrel cut to its daily output that represents approximately 1 percent of the world's supply. An already stretched Dollar in the meanwhile seems to have fully priced in the Fed's next move - a rate hike on December 14th. And yet, the combination of the private payrolls from ADP, Fed speak and inflation data managed to squeeze another rally from the currency. Will the markets continue to defy expected limitations?

In response to the production cut, oil leveraged a massive 9 percent rally. That is the biggest move in nine months and comparable to moves at the start of thy year that marked a change in sentiment around the commodity not to mention a clear shift in trend. The question is how much run this shift has. The market is still short of the 15-month range high around 52 and an eventual cut certainly has some presence in current prices. For the Dollar, the past session's rally doesn't carry the same degree of statistical weight. The swell pushed the ICE Dollar Index back up towards its recently-set 13-year high; but the next phase of a true break will require a degree of conviction that will be difficult to achieve on rate forecasts.

While there are different scenarios for the Dollar, the options for the divergent outcomes are not evenly balanced amongst all majors. The head-and-shoulders patterns for EUR/USD is still in place. Fundamentally, the risk of a shift exposes USD/JPY as it nears the critical technical level that marked the strong bear wave from February. Ahead, there is another round of noteworthy economic data, but not the mix that shows high promise of the drama after the OPEC meeting. Heavier event risk stands just a little further out. NFPs and the Italian Referendum will draw our attention forward and make it difficult to secure decisive trends before they are resolved. We discuss these market developments and opportunities in today's Trading Video.

To receive John’s analysis directly via email, please SIGN UP HERE

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

DISCLOSURES