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.



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
Oil - US Crude
Wall Street
More View more
Real Time News
  • AUD/USD sharply higher following last week's decline $AUDUSD
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.71% Silver: -0.76% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX:
  • Biden administration to use 'all available tools' to challenge unfair China trade practices, still conducting comprehensive review of trade policy with China - BBG $USDCNH
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 2.42% Wall Street: 2.17% FTSE 100: 0.26% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via
  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL
  • 🇧🇷 Balance of Trade (FEB) Actual: $1.2B Expected: $0.9B Previous: $-1.125B
ECB, BoJ and Fed Signal the End of Monetary Policy Effectiveness

ECB, BoJ and Fed Signal the End of Monetary Policy Effectiveness

John Kicklighter, Chief Strategist

Talking Points:

  • The ECB's most recent wave of stimulus fell flat in markets, while previous efforts seem to have paid limited dividends
  • Central banks pursued massive QE programs, a cut to benchmark rates, the introduction of negative rates and more
  • Accommodative monetary policy may have already reached its natural lower bound, necessitating a shift in approach

See how retail traders are positioning with Monetary Policy views on DailyFX using FXCM's SSI figures.

The markets are not necessarily the target of monetary policy, but they are timely gauges for investors' confidence in the efforts' efficacy. Following the ECB's incredible upgrade to its program this past session, its previous upgrade in December and the BoJ's adoption of negative rates in February; we have seen clear departure in market response to the traditional procedure of stimulus lifting 'animal spirits'. Central banks losing their ability to lift the markets' confidence is not a small loss - nor explicitly speculative. Effective implementation of monetary policy is in no small part dependent on the authorities' credibility. Yet, furthermore, we see the limitations showing through in economic conditions. Growth, inflation, employment and other vital measures of economic health have shown a waning response to subsequent efforts. This shifts change the trading landscape in the FX market and leverage the risk to speculative appetite in the broader financial system. We discuss the changing tides of monetary policy and the investment adjustments to consider in today's Strategy 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.