• ?? Become Premium and participate to up to 30 Premium online classes with the most experienced traders and speakers in FX markets! Today we have Sam Seiden's webinar starting at 15:00GMT! Link
    FXStreet News Thu 23 Jan 2020 11:05

    Sam Seiden originally developed his rule based Supply & Demand strategy over 20 years ago on the trading floor of the Chicago Mercantile Exchange (CME). During this session, he will cover 2 key parts of the strategy and demonstrate them live in the market. 

  • France's La Maire: Reached agreement with US on basis for discussions on digital tax By @eren_fxstreet Link #France #UnitedStates #Politics
    FXStreet News Thu 23 Jan 2020 10:50

    While speaking at the World Economic Forum in the Swiss resort of Davos, French Finance Minister Bruno Le Maire said that they reached an agreement with the United States on the basis for discussions on a global digital tax at the OECD-level, per Reuters.

    "The agreement should allow discussions next week at the OECD," La Maire added. "The US proposal for future tax deal to be optional is no longer on the table."

  • USD/CNH: Near-term bottom in place? – UOB By @pabspiovano Link #China #Banks
    FXStreet News Thu 23 Jan 2020 10:45

    24-hour view: “While USD did not advance further to 6.9250 as expected yesterday (high: 6.9180), the upside bias remains intact. However, as the momentum has moderated, the path to 6.9250 is likely to be gradual rather than explosive. Support is at 6.9020 followed by 6.8840 and only a break of the latter would indicate that USD is transiting into a sideways pattern.”

    Next 1-3 weeks: “We highlighted yesterday (21 Jan, spot at 6.8700) that the decline in USD ‘is in oversold territory’ but held the view that it ‘could dip below 6.8400 but the July 2019 low near 6.8170 is likely out of reach’. The manner by which USD subsequently surged to a high of 6.9126 came as a surprise. While our ‘strong resistance’ at 6.9200 is still intact, the outsized gain is enough to indicate that USD has found a short-term bottom at 6.8460 on Monday (20 Jan). The current USD strength is viewed as the early stages of a correction phase. From here, the recovery could extend to 6.9650. At this...

  • 2020 TOP NEWS! We could get regulated Ethereum futures in 2020? Ethereum futures could have the same initial effect on ETH/USD that Bitcoin futures had on BTC/USD? Read complete article here: Link
    FXStreet News Thu 23 Jan 2020 10:45

    Ethereum futures are set to hit the markets next year and traders are wondering if they could have the same initial effect on ETH/USD that Bitcoin futures had on BTC/USD. The digital currency is currently the second-largest cryptocurrency with a market cap of $14,285,029,568 and is third on the volume rakings ($9,865,011,248 ave) behind Tether and Bitcoin. The one issue I have with cryptocurrency derivatives is the fact it could take volume away from the underlying asset. Some say this is a good thing as it takes away some of the so-called "not so serious" traders away from the markets.

  • NZD/USD remains stuck in tight range below 0.6600 ahead of NZ inflation data By @eren_fxstreet Link #NZDUSD #Currencies #Majors
    FXStreet News Thu 23 Jan 2020 10:40

    The NZD/USD pair is struggling to find direction on Thursday and trading in a very tight 15-pip range below the 0.6600 handle with investors staying on the sidelines ahead of the key inflation data from New Zealand. As of writing, the pair was up 0.05% on the day at 0.6594.

    The lack of significant macroeconomic data releases from China and New Zealand caused the pair to stay stuck in its narrow channel. Although the positively-correlated AUD/USD pair gained nearly 40 pips during the Asian trading hours following the upbeat labour market data from Australia, the NZD/USD failed to react.

    On the other hand, the greenback's uninspiring performance since the start of the week allows the pair to extend its sideways action. The US Dollar Index, which tracks the USD's value against a basket of six major currencies, seems to have gone into a consolidation phase after meeting resistance near 97.70 on Monday.

  • GBP/USD has surged after the second upbeat figure cast doubts about an imminent rate cut #GBPUSD #Brexit #TechnicalAnalysis Link
    FXStreet News Thu 23 Jan 2020 10:40
    GBP/USD has surged after the second upbeat figure cast doubts about an imminent rate cut. Parliament approval of Brexit, the coronavirus outbreak and further BOE speculation is eyed. Thursday's four-hour chart is pointing to oversold conditions after the wedge breakout.
  • Copper Futures: Decline still seen limited By @pabspiovano Link #Copper #Futures #OpenInterest #Metals
    FXStreet News Thu 23 Jan 2020 10:35

    Copper futures continue its way down in the second half of the week on broad-based concerns over global growth, particularly exacerbated by the outbreak of the Wuhan coronavirus in China some days ago. However, the recent pullback was on the back of shrinking volume and open interest, allowing for a rebound in the short-term horizon.

  • EUR/CHF stays offered below 1.0836 – Commerzbank By @pabspiovano Link #EURCHF #Crosses #Currencies #Banks
    FXStreet News Thu 23 Jan 2020 10:25

    “EUR/CHF will remain directly offered below resistance at 1.0836 (mid August low) and we target the June 2016 and January 2017 lows at 1.0632/23. The market has traded through its accelerated downtrend but not sustained the break and we suspect will consolidate further near term.”

    “Initial resistance is 1.0836, but while contained by 1.0891 (55 day ma) it will remain offered.”

    “In order to alleviate downside pressure the cross will need to regain the 1.1058 October high on a daily chart closing basis to generate some upside interest (not favoured).”

  • Crude Oil Futures: downside looks unabated By @pabspiovano Link #Oil #WTI #Energy #OpenInterest #Futures
    FXStreet News Thu 23 Jan 2020 10:20

    Prices of the WTI remain under heavy selling pressure and are already trading in fresh 2020 lows in sub-$56.00 levels, some $10/bbl lower than early January tops. Wednesday’s drop was on the back of rising open interest, leaving the bearish view intact for the time being and allowing for extra losses to, initially, late November low at $54.77.

  • EU’s Gentiloni: EU can do a trade deal if UK keeps level playing field Link #Europe #UnitedKingdom #ForeignTrade #Brexit #GBPUSD
    FXStreet News Thu 23 Jan 2020 10:15

    The European Union (EU) Economic Commissioner Paolo Gentiloni said on Thursday, the EU is ready to seal in a trade deal with post-Brexit UK should London ensure a level playing field, as reported by Reuters.

  • WTI off seven-week lows, re-takes $56 ahead of EIA data Link #Oil #WTI #Commodities #Energy #RiskAversion
    FXStreet News Thu 23 Jan 2020 10:05
    WTI attempts a bounce amid profit-taking after steep losses. China virus outbreak could weigh on oil demand if it dents economic growth. All eyes on US weekly EIA Crude Stock data for fresh direction.
  • USD/JPY Price Analysis: Bearish pressure likely to ease near 109.30 region (38.2% Fibo.) By @HareshMenghani Link #USDJPY #Technical Analysis #Majors #Currencies
    FXStreet News Thu 23 Jan 2020 10:00

    The USD/JPY pair witnessed some follow-through selling for the third consecutive session on Thursday and retreated further from multi-month tops set last week.

    The ongoing downward trajectory to near two-week lows has now dragged the pair below the 109.70 support zone – a previous strong horizontal resistance breakpoint.

    A subsequent break through the 23.6% Fibonacci level of the 107.65-110.30 recent positive move might have already set the stage for an extension of the corrective slide.

    Meanwhile, technical indicators on the daily chart have moved on the verge of breaking into the negative territory and add credence to the near-term bearish outlook.

    However, oscillators on hourly charts are already flashing slightly oversold conditions and seemed to be the only factor holding investors from placing any aggressive bearish bets.

    Hence, any follow-through weakness might attract some buying interest near 38.2% Fibo. level, around the 109.30...

  • Yohay Elam on EUR/USD: Remains under pressure as tensions mount ahead of the all-important ECB decision #EURUSD #ECB #TechnicalAnalysis Link
    FXStreet News Thu 23 Jan 2020 10:00
    EUR/USD remains under pressure as tensions mount ahead of the all-important ECB decision. Fears of the coronavirus disease are boosting the dollar. Thursday's four-hour chart is pointing to further falls for the currency pair.
  • GBP/USD: Scope for a test of 1.3285 – Commerzbank By @pabspiovano Link #GBPUSD #Banks #Currencies #Majors
    FXStreet News Thu 23 Jan 2020 09:50

    “GBP/USD saw another recovery yesterday, which has eroded last weeks high and we will assume that there is scope for a deeper recovery to the 1.3285 Fibonacci retracement.”

    “The market should remain underpinned by the 1.2874 uptrend and the December low at 1.2908. Failure at the 4 month uptrend would put the 200 day moving average at 1.2689 back on the plate.”

  • Higher USD/JPY is still on the cards – UOB By @pabspiovano Link #USDJPY #Banks #Currencies #Majors
    FXStreet News Thu 23 Jan 2020 09:45

    24-hour view: “As with yesterday’s update, the immediate risk continues to be on the downside. That said, the move looks increasingly stretched although a further move to 109.50 would not come as a surprise. A sustained push below the strong support at 109.30 is not expected at this juncture. Resistances are at 110.05 and 110.20 and only a move above the latter would indicate that the downside pressure has eased.”

    Next 1-3 weeks: “After breaking above the major 109.75 resistance earlier last week, the gain made by USD has been relatively modest as it touched 110.28 last Friday. Despite the lack of ‘urgency’ after breaking a major resistance, the risk is still clearly on the upside. However, the lackluster price action suggests the prospect for a sustained rise above the next strong resistance at 110.67 is not high. On the downside, only a breach of 109.45 (no change in ‘strong support’ level) would indicate the current USD strength has run its course.”

  • SNB’s Jordan: The US watchlist does not affect ability to intervene Link #SNB #CentralBanks #USDCHF
    FXStreet News Thu 23 Jan 2020 09:45

    Further comments are crossing the wires from the Swiss National Bank (SNB) Thomas Jordan, via Reuters, as he now about the US adding Swiss to the currency manipulation watchlist earlier this month.

  • GBP/JPY retreats further below 144.00 handle By @HareshMenghani Link #GBPJPY #BOE #RiskAversion #Currencies
    FXStreet News Thu 23 Jan 2020 09:30

    The GBP/JPY cross edged lower through the early European session on Thursday and eroded a part of the previous session's positive move to over one-month tops.

    A combination of factors failed to assist the cross to build on the overnight strong gains, triggered by improvement in the gauge of optimism in the manufacturing sector, rather prompted some selling on Thursday.

    It is worth recalling that the CBI's Quarterly Business Situation Index jumped sharply to +23 in January from -44 in October and marked the stronger level since April 2014 – also the largest quarterly swing since 1958.

    The data added to the latest optimism led by Tuesday's stronger-than-expected UK wage growth figures and forced investors to temper expectations for an imminent interest rate cut by the Bank of England.

    As investors assess the possibility of a BoE rate cut at its upcoming meeting on January 30, British pound consolidated the previous session's strong intraday gains and...

  • Italy’s EcoMin Gualtieri: Italy economy minister confident on 0.6% growth forecast in 2020 Link #Italy #Growth #GDP #EconomicIndicator
    FXStreet News Thu 23 Jan 2020 09:30

    “We think we will get our forecast for 0.6 in 2020. Of course, we want to do better,” Italian Economy Minister Roberto Gualtieri said in a Bloomberg TV interview on Thursday.

    He further said that the ruling coalition was committed to maintaining government stability despite the resignation of Luigi Di Maio as head of the co-governing 5 Star Movement, per Reuters.

  • EUR/USD comes under pressure near 1.1080 ahead of ECB By @pabspiovano Link #EURUSD #Currencies #Majors #ECB #InterestRate
    FXStreet News Thu 23 Jan 2020 09:15

    The pair has so far maintained the side-lined theme in the lower end of the weekly range although still within the broader bearish view, which is expected to persist as long as the 55-day SMA continues to cap the upside.

    On the broader scenario, the risk appetite trends continue to dominate the sentiment in the global markets, particularly driven by developments around the Chinese Wuhan coronavirus and its potential effects on global growth prospects.

    Later in the day and absent releases in Euroland, the most relevant event will be the ECB meeting and the subsequent press conference by President C.Lagarde. Market consensus, however, sees the central bank refraining from acting on rates, as the Governing Council is still assessing the impacts of the latest stimulus package delivered in the last part of 2019.

  • SNB’s Jordan: We don't manipulate Swiss franc exchange rate Link #SNB #USDCHF #CentralBanks
    FXStreet News Thu 23 Jan 2020 09:10

    We know that negative rates also have side effects, that is the reason why we changed the threshold.

    That gives us the freedom to maintain negative rates for longer and also to cut the rate if necessary.

    Negative rates have side effects, SNB trying to minimise those side effects.

    Balance of risks is tilted to the downside.

    SNB conducts independent monetary policy, does not follow the ECB.

    But needs to take international environment into account.

    SNB could still cut rates if needed.

    Franc is still highly valued.

    Must maintain negative rates, interventions.

    SNB can intervene as necessary.

  • EUR/USD remains under pressure as tensions mount ahead of the all-important ECB decision by Yohay Elam #EUR/USD #ECB #Lagarde #TechnicalAnalysis Link
    FXStreet News Thu 23 Jan 2020 09:00
    EUR/USD remains under pressure as tensions mount ahead of the all-important ECB decision. Fears of the coronavirus disease are boosting the dollar. Thursday's four-hour chart is pointing to further falls for the currency pair.
  • Bank Indonesia: status quo, for now – ANZ By @HareshMenghani Link #Indonesia #CentralBanks #Banks
    FXStreet News Thu 23 Jan 2020 08:55

    “Bank Indonesia (BI) has left its 7-day reverse repo rate on hold at 5.00% today, as expected.”

    “Notably, the tone of the press conference was reasonably upbeat, suggesting BI is likely to maintain a wait-and-see stance in the near term.”

    “While we remain of the view that BI’s easing cycle is nearing its end, it’s still too early to rule out a further cut. We continue to see scope for one last 25bp rate reduction in the current cycle.”

  • Gold turns lower for the day, remains confined in a range above $1550 level By @HareshMenghani Link #Gold #Commodities #RiskAversion #XAUUSD
    FXStreet News Thu 23 Jan 2020 08:50

    Gold failed to capitalize on the early uptick to the $1564 area and has now drifted into the negative territory, albeit remained well within this week's broader trading range.

    Following the overnight modest intraday rebound from the $1550 region, fears over the outbreak of coronavirus in China continued weighing on the risk sentiment and provided a minor lift to the precious metal's perceived safe-haven status.

  • USD/CAD sits near multi-week tops, just above mid-1.3100s By @HareshMenghani Link #USDCAD #BOC #Majors #Currencies
    FXStreet News Thu 23 Jan 2020 08:25
    USD/CAD added to the post-BoC strong positive move on Wednesday. Weaker oil prices undermined the loonie and remained supportive. A subdued USD price action did little to provide any additional boost.
  • #ECB's first meeting of 2020 is here! Want to know the different scenarios for #Lagarde to come up with? #InterestRates #EURUSD Link
    FXStreet News Thu 23 Jan 2020 08:20
    The ECB is set to leave rates unchanged in its first meeting of 2020. President Lagarde may find hope at the potential of fiscal stimulus and improving inflation. A focus on downside risks – which remain significant – may send the euro down. The bank's freshly-launched strategic review is still in focus.
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