(Last Updated November 29, 2022 0:25 GMT)
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 |
|---|---|---|---|---|---|---|
| Canada GDP Growth Rate QoQ | Q3 2022 | Canadian Dollar | 2022-11-29 | 13:30 GMT | ||
| Switzerland GDP Growth Rate QoQ | Q3 2022 | Swiss Franc | 2022-11-29 | 08:00 GMT | 0.3% | |
| Euro Area Economic Sentiment | Nov 2022 | Euro | 2022-11-29 | 10:00 GMT | 93.5 | |
| United Kingdom Mortgage Lending | Oct 2022 | British Pound | 2022-11-29 | 09:30 GMT | £5.023B | |
| Japan Industrial Production MoM | Oct 2022 | Japanese Yen | 2022-11-29 | 23:50 GMT | -1.5% | |
| Mexico Unemployment Rate | Oct 2022 | Mexican Peso | 2022-11-29 | 12:00 GMT | 3.2% | |
| United States S&P/Case-Shiller Home Price YoY | Sep 2022 | US Dollar | 2022-11-29 | 14:00 GMT | 10.8% | |
| South Africa Unemployment Rate | Q3 2022 | South African Rand | 2022-11-29 | 09:30 GMT |
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 SEK was the outperformer for the day, moving by 1.21%. On the flip side, USD fared the worst, moving by -1.01%.
As for who is on a hot streak, NZDCAD, GBPCAD, AUDCAD and NZDJPY have now rallied 8, 9, 8 and 8 out of the past ten trading days.
| Currency Pair | Moving Average Period Crossed |
|---|---|
| EURUSD | 200 |
| AUDUSD | 100 |
| NZDCHF | 100 |
| EURNZD | 100 |
| USDJPY | 100 |
| EURAUD | 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 EURUSD, AUDCAD, USDHKD and GBPNZD are close to their 200 day moving average.
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 |
|---|
Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Volatility for gbpnzd has been contracting over the past two weeks relative to volatility over the past month.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
Relative to other instruments in the forex asset class, gbpjpy ranked 34th the day prior in terms of percentage price change.
Relative to other instruments in the forex asset class, gbpchf ranked 29th the day prior in terms of percentage price change.
This move is a reversal from the hour prior, which saw price move down.
For additional context, note that price has gone up 8 out of the past 10 days.