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. See our updated Privacy Policy here.



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
More View more
Real Time News
  • US Senator Schumer: Senate will finish infrastructure and budget bills before August recess $USD $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.95%, while traders in France 40 are at opposite extremes with 81.86%. See the summary chart below and full details and charts on DailyFX:
  • Fed's Bowman: - It may take time for some people to return to work - The record number of job opportunities is a good sign
  • Fed's Bowman: - There is still work to be done to get the US economy back on track - Employment remains significantly below where it was
  • USD/CAD bounced off support, but looks only corrective in nature. Short-term charts suggest we will soon see price turn down. Get your $USDCAD market update from @PaulRobinsonFX here:
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.60% US 500: 0.60% France 40: 0.22% Germany 30: 0.18% FTSE 100: 0.13% View the performance of all markets via
  • Heads Up:🇺🇸 Fed Clarida Speech due at 18:00 GMT (15min)
  • Bitcoin cooling off after an impressive run to end the month of July $BTCUSD #Bitcoin
  • Narrator: Not today. Nice rebound staged off that critical support level with oil and yields firming up a bit on the session. Will bulls push onward to print a higher high? $SPY #Trading #Markets
  • NY Fed accepts $909.44 billion in reverse repo operations $USD $DXY
Correlation Doesn't Align Traders Positions Among EURUSD, Shares, Gold

Correlation Doesn't Align Traders Positions Among EURUSD, Shares, Gold

John Kicklighter, Chief Strategist

Talking Points:

  • There are a number of strong correlations in the financial market from the thematic to the practical
  • Yet, despite strong statistical correlations, related assets often see very disparate positioning
  • We look at a number of remarkable divergences including: USDCAD-Oil; USDJPY-SPX and EURUSD-USDCHF amongst others

See how retail traders are positioning in the majors using the FXCM SSI readings on DailyFX's sentiment page.

There are a number of popular correlations drawn across pairs, assets and markets. Yet, the speculation doesn't always conform like price does. Among the motivators there are fundamental supply-demand connections, practical capital flows linking and thematic drivers (like risk trends). Yet as clear and pervasive as some of the most popular cross-market connections may be, there are frequently wide gulfs in the way that traders are positioned in the bedfellows. On a 'risk' basis, price correlation between USDJPY and the S&P 500 has proven remarkable. Yet, despite the strong link, we find speculative positioning among retail traders (SSI) and speculative futures traders (COT) very different. It can vary so dramatically in fact that there are severe disparities in trading views across global equity indexes. We look at a range of correlations with surprising speculative backing including US Oil - USDCAD, AUDUSD - NZDUSD, gold - silver, and EURUSD - USDCHF as well as what the market and trading implications may be 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.