Ready to Start Trading?
Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.
Apply onlineAny Questions?
Contact us:
phone: +1 849 9370815
email: sales@tradersway.com
USD
The US dollar continued to give up ground against its forex counterparts despite stronger than expected data from the economy.
Import prices posted a mere 0.1% decline instead of the projected 0.5% drop while the previous reading was revised slightly higher. For today, US traders are off on a Columbus Day holiday, which suggests lower liquidity and potentially higher volatility among dollar pairs.
EUR
The euro advanced against some of its peers on Friday, even though data from the region came in mixed. France reported a 1.6% jump in industrial production while Italy recorded a worse than expected 0.5% slide. There are no reports lined up from the euro zone today, suggesting that pairs could take their cue from market sentiment or stay in range.
GBP
The pound was still in a weak spot last week, particularly against the commodity currencies, due to bleak data from the UK. The trade balance was weaker than expected, as it showed a deficit of 11.1 billion GBP versus the projected 10 billion GBP shortfall while the previous reading was downgraded. Construction output was also weaker than expected with a surprise 4.3% decline. The UK CB leading index is due today, along with a speech by hawkish MPC member Weale.
CHF
The franc was able to regain ground to the dollar on Friday, despite the lack of data from Switzerland. It appears that European traders are looking for a safe-haven alternative, keeping the Swiss currency supported. There are still no reports due from the Swiss economy today, keeping market sentiment in play.
JPY
The yen gave up ground to its forex rivals, as risk appetite improved. There have been no reports out Japan recently, although the earlier ones have been mostly disappointing. Japanese traders are out on a holiday today, suggesting subdued price action during the Asian trading hours.
Commodity Currencies (AUD, NZD, CAD)
The comdolls continued to rally across the forex charts, thanks to improved data. However, the Loonie fell behind when the components of the Canadian jobs report showed a dismal picture. As it turns out, the strong headline figure was simply a result of part-time hiring while full-time employment showed losses. Canadian traders are out on holiday but BOC Governor Poloz has a speech lined up.
By Kate Curtis from Trader's Way
Any Questions?
Email Us: sales@tradersway.com
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
2023 Martin Luther King Holiday Schedule
Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....
Learn more