Forex News

(Last Updated August 12, 2022 0:24 GMT)

Today’s Main Forex Events

Here’s a look at the main macroeconomic data coming out later today that may impact the forex market.

Metric Name	Reference Period	Currency	Date	Time	Forecast	Outcome
Australia HIA New Home Sales MoM	Jul 2022	Australian Dollar	2022-08-12	00:30 GMT
Euro Area Industrial Production MoM	Jun 2022	Euro	2022-08-12	09:00 GMT	0.2%
United Kingdom GDP MoM	Jun 2022	British Pound	2022-08-12	06:00 GMT	-1.3%
Turkey Industrial Production YoY	Jun 2022	Turkish Lira	2022-08-12	07:00 GMT	6.7%
United States Michigan Consumer Sentiment	Aug 2022	US Dollar	2022-08-12	14:00 GMT	52.5

FX Market Hourly Update

Over the past hour, USDMXN has been an especially big mover in the forex market, declining -285 pips (-0.14%). Intraday trend traders may wish to note that GBPAUD has the strongest trend on the hourly timeframe over the last 50 price bars. Last but not least, AUDNZD‘s 20 hour moving average has just been breached.

Price Action on the Daily Chart

The pairs that made the biggest moves, on a percentage basis, over the past day were USDZAR, USDNOK, and AUDUSD. The chart below illustrates. Note that ZARJPY, NZDCAD, NZDCHF, NZDJPY, GBPCHF, USDHKD and GBPJPY made especially large and surprising moves over the past day.

The chart below summarizes the price news by currency, showing which currency strengthened vs which weakened when equally averaged against other currencies. Of note is that NOK was the outperformer for the day, moving by 1.79%. Alternatively, USD moving by -1.3%, making it the worst performer of the bunch.

Forex Trend News

Over the past two weeks, the strongest trend has been on EURSEK. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Price action traders will also want to note that a base appears to be forming on USDHKD, GBPAUD and USDCAD. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

For those who pay attention to moving averages, USDHKD may be of particular interest. It crossed its 20 and 50 day moving averages. Below is a list of currency pairs that crossed key moving average levels over the past day.

Currency Pair	Moving Average Period Crossed
USDCHF	200
GBPJPY	100
USDMXN	100
USDNOK	100
GBPUSD	50
AUDNZD	50
CADJPY	50
USDZAR	50
AUDCHF	20
NZDCHF	20
EURGBP	20

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDTRY has perhaps the strongest trend. See the chart below.

One other point on moving averages: instruments in the Forex asset class that are near their 200 day moving average are USDHKD, CADCHF, EURGBP, USDCAD and USDCHF.

News from the BIS

The Bank of International Settlements helps central banks coordinate their policies. As such, it can be an important institution for forex traders to monitor. Here is the latest from them:

Link	Publication Date	Summary
Benjamin E Diokno: Philippines – resilient today, economic powerhouse tomorrow	2022-08-11	Given its commitment to macroeconomic stability and unrelenting reform momentum, the Philippines is harnessing its potential to remain among the most resilient economies of today and become an economic powerhouse of tomorrow.Under the “Build, Build, Build” program, big-ticket infrastructure projects were rolled out.
Joachim Nagel: Digital euro – opportunities and risks	2022-08-10	One of them is central bank digital currency (CBDC), specifically the digital euro.With a digital euro, future digital payments in the euro area could be carried out independently of non-European payment infrastructures.
Joachim Nagel: Speech at the ceremony marking the change of office at the Regional Office in Bavaria	2022-08-10	Welcome to this ceremony marking the change of office at the Bundesbank’s Regional Office in Bavaria.At the end of July, you, Mr Benedikt, will retire, and Mr Vollbracht will then take over as president of this Regional Office.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on EURJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 0.14 for eurjpy, suggesting traders are quite bearish on the asset.

Looking for More Forex News?

For more forex news beyond what is offered on CFDTrading, check out Forex Factory, FX Empire, and ForexLive. For the latest stories on specific currency pairs, try the articles below.