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  • $EURUSD is still sliding. US 10-year yields haven't really relented an a favorable fundamental wind from NFPs isn't exactly going to hurt the Dollar. Overlaid is the inverted implied Fed rate changes (+18 bps in hikes) through end of 2022 https://t.co/d4IQ6UosVv
  • $USD resistance putting up a fight around $NFP shorter-term, big question is whether buyers can hold up support around this level through today, lots of jostling on st charts (img 2) $DXY https://t.co/htIr1GaOvd https://t.co/bJPA6UeVGV
  • $EURUSD has headed lower today following a strong beat in US NFPs, hitting an intraday low around the 1.1900 level. The pair is currently trading at its lowest levels since late November. $EUR $USD https://t.co/XDMu4fEsJP
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.30% Gold: 0.02% Silver: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1vZEcB2s9V
  • The good NFP number this morning helped the Nasdaq 100 ($NDX) with a generous bullish gap, but we have unwound all the gains already https://t.co/lDm6VXegyn
  • 🇨🇦 Ivey PMI s.a (FEB) Actual: 60 Previous: 48.4 https://www.dailyfx.com/economic-calendar#2021-03-05
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.01%, while traders in Germany 30 are at opposite extremes with 65.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/q3gbYf0aeX
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 3.23% Gold: -0.13% Silver: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wepezTNX1A
  • $WTI Crude Oil is now trading right around the 66.00 level, at its highest point since April of 2019. $OIL $USO https://t.co/fA3XVobFms
  • Heads Up:🇨🇦 Ivey PMI s.a (FEB) due at 15:00 GMT (15min) Previous: 48.4 https://www.dailyfx.com/economic-calendar#2021-03-05
Webinar: USD & JPY Price Action Setups Post-NFP

Webinar: USD & JPY Price Action Setups Post-NFP

James Stanley, Senior Strategist

Talking Points:

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- the U.S. Dollar has been volatile of recent, falling after last month’s FOMC statement and abysmal GDP report, and then strengthening after last week’s NFP release. This raises numerous questions on near-term direction of the U.S. Dollar.

- While the Fed may not be near actually raising rates in September, the simple fact that they aren’t as dovish as many other Central Banks could equate to USD strength on the back of the Federal Reserve being simply ‘less dovish’ than the much of the rest of the world. This could necessitate a stance of dovishness from the Fed moving forward, so as not to trigger a rush of capital into the U.S Dollar in anticipation of higher rates. This may be why USD rallies have been sold so quickly while bad data has brought on a continuous-deluge of lower prices.

- We looked at price action setups in EUR/USD, GBP/USD, USD/JPY and then USD/CAD in regards to the recent volatility around USD; and then we looked at the precept of playing a reversal of Yen-strength in front of the Bank of Japan’s next meeting in September.

- While Europe and the U.K. are in the midst of extremely-dovish monetary policy, Japan largely underwhelmed at their last meeting after stoking expectations for a ‘comprehensive, bold economic stimulus program’ coming this fall (from the words of Japanese PM Shinzo Abe). While the most recent meeting didn’t bring much by way of new information, the BoJ meets again in September, reports just 12-14 hours ahead of the next FOMC rate decision, and could be opportune time for the Bank of Japan to ramp up efforts. And even if they don’t the likely anticipation of such leading into this meeting could be enough to carry short-Yen positions should this theme begin to show prominence.

- If you’re looking for trading ideas, check out our Trading Guides. And if you want something more short-term in nature, check out our SSI indicator. If you’re looking for an even shorter-term indicator, check out our recently-unveiled GSI indicator.

--- Written by James Stanley, Analyst for DailyFX.com

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