Forex News

(Last Updated December 8, 2021 10:24 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
Australia RBA Gov Lowe Speech	NA	Australian Dollar	2021-12-08	22:00 GMT
Canada BoC Interest Rate Decision	2021	Canadian Dollar	2021-12-08	15:00 GMT	0.25%
United States JOLTs Job Openings	Oct 2021	US Dollar	2021-12-08	15:00 GMT	10.369M

FX Market Hourly Update

In the preceding hour, EURNOK has has made the biggest move in the forex asset class, dropping -412 pips (-0.41%). The strongest trend on the hourly timeframe can be seen on GBPCAD — it’s clearly been in a downtrend over the past 50 candles. Finally, it’s worth noting that GBPJPY has crossed its 100 hour moving average.

Price Action on the Daily Chart

The pairs that made the biggest moves, on a percentage basis, over the past day were EURTRY, TRYJPY, and USDTRY. The chart below illustrates. None of the moves in the past day were especially noteworthy in terms of their size relative to their volatility over the past 30 days.

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 TRY was the outperformer for the day, changing by 2.19%. Alternatively, EUR changing by -0.66%, making it the worst performer of the bunch.

Forex Trend News

Over the past two weeks, the strongest trend has been on EURNZD. Alternatively, on a 90 day basis, the strongest trend appears on TRYJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURNZD, EURAUD, USDJPY, EURNOK, CADJPY and EURUSD. Trading against the 14 day trend in favor of the 90 day trend may be an opportunity some traders would favor on these pairs.

Moving Averages in the Forex World

For those who pay attention to moving averages, GBPAUD may be of particular interest. It crossed its 20 and 100 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
EURNZD	200
GBPNZD	200
EURAUD	100
CADCHF	20
USDCHF	20
USDCAD	20
EURCAD	20
USDMXN	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.

Lastly, instruments in the Forex asset class that are near their 200 day moving average are USDHKD, GBPNZD, EURNOK and EURAUD.

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
BIS Quarterly Review, December 2021 – media briefing	2021-12-06	The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process.

Forex Market Insights from TradingView

As for which forex pairs are getting the most insightful technical conversations, GBPCAD may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:

I am going long after seeing some bullish action at support on the lower time frames.
–GBPCAD LONG TRADE

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.