Forex News

NFP Data was BAD, but the Worst is Yet to Come

Nonfarm Payrolls (NFP) released today was -701,000 vs an expectation of -100,000 and a revised +275,000 in February. Although this reading is MUCH worse than expected, April’s reading is going to be worse.  The data collected for this reading was collected up until March 12th, which is before state lockdowns went into effect.  As we …

OIL MARKET WEEK AHEAD: OPEC and Russia Back at the Negotiating Table

It has been a long time coming, but on Monday OPEC and Russia will finally start discussing how to balance out falling oil prices. The evaporating demand caused by the coronavirus was further exacerbated by Russia and Saudi Arabia’s spat over production levels eventually leading to a 60% drop in prices this year. Despite its …

USD/SEK: Will Sweden’s “Herd Immunity” Strategy Backfire?

Across the globe, different countries are taking different approaches to managing their own experiences with the COVID-19 pandemic, running the gamut from the aggressive testing and medical intervention of South Korea to the UK’s brief experiment with continuing “business as usual” in an effort to accelerate “herd immunity.” Of course, the UK quickly abandoned its …

EUR/JPY Offers Volatility, Without Much USD Correlation

Since February 20th, when the S&P 500 began selling off from its all-time highs, EUR/JPY has been trading in a volatile trading range between 116.12 and 121.40.  However, over the last 4 trading days, the pair has traded lower from 121.08 to today’s lows near 116.96, down almost 1.5% today alone.  Support doesn’t come in …

US Initial Claims – Is It Possible to be Higher than Last Week?

Last week, US Initial Claims were 3,283,000 vs an expectation of 1,500,000.  It was the largest initial claims weekly filing in US history and something I’d imagine no one ever thought they would see in their lifetime.  Later today, at 8:30am ET, the US will release Initial Claims for the Week ending March 28th. The …

Is There a Better Currency to Trade vs GBP than USD?

In our most recent “Week Ahead” we highlighted daily GBP/USD chart as our Chart of the Week.  We discussed hot the 61.8% retracement level from the March 9th highs to the March 20th lows at 1.2510 was initial resistance.  The pair still has yet to break above; however, the pair may just be consolidating before …

AUD/USD could Move Lower if Stocks Can’t Bounce Higher

For all the talk we got about month-end buying because of pension fund rebalancing, it turned out to be  a quiet day, comparatively speaking.  The range on the day today in the S&P 500 was only 77.25 handles!  This was not only the smallest daily range of the month, but also since February 21st when …

South African Rand Hits Record Low

The South African Rand fell to 18.05 vs US Dollar as Moodys cut the country’s rating to junk, one level below investment grade, and kept the outlook negative.  This is the first time the USD/ZAR as ever been above 18.00.  Moodys joined S&P and Fitch with ratings below investment grade for South Africa.  The ratings …

USD/CAD Pulled Back from 17-Year Highs Last Week, but Bulls Remain in Control

Amidst the ongoing spread of COVID-19 over the weekend, with global cases reaching 740k+ and poised to eclipse 1,000,000 this week, risk assets are mixed in Monday’s trading. After a slightly bearish close for Asian indices, European and US stock markets are in positive territory. Gold is ticking lower, though Treasury bonds still remain in …

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