Forex News

(Last Updated June 16, 2021 12:24 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
Canada Inflation Rate YoY	May 2021	Canadian Dollar	2021-06-16	12:30 GMT	3.5%
New Zealand GDP Growth Rate YoY	Q1 2021	New Zealand Dollar	2021-06-16	22:45 GMT	0.9%
United States Fed Interest Rate Decision	2021	US Dollar	2021-06-16	18:00 GMT	0.25%

FX Market Hourly Update

Over the past hour, USDSEK stands out as the biggest mover in the forex asset class on a percentage basis, rising 102 pips (0.12%). Intraday trend traders may wish to note that NZDUSD has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, intraday traders may wish to take note of the fact that AUDCHF just breached 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, USDTRY, and TRYJPY. The chart below illustrates. Note that GBPCHF made an especially large and surprising move 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 CHF was the outperformer for the day, moving by 0.28%. On the flip side, TRY fared the worst, moving by -1.04%.

Forex Trend News

Over the past two weeks, the strongest trend has been on AUDNZD. Alternatively, on a 90 day basis, the strongest trend appears on USDCAD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURUSD, CADJPY, EURJPY, USDCAD and GBPUSD. Trading against the 14 day trend in favor of the 90 day trend may be an opportunity some traders would favor on these pairs. Price action traders will also want to note that a base appears to be forming on ZARJPY and USDZAR. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

Below is a list of currency pairs that crossed key moving average levels over the past day.

Currency Pair	Moving Average Period Crossed
USDHKD	100
GBPCHF	100
USDMXN	50
GBPCAD	50
NZDJPY	50
CADCHF	50
USDTRY	20
EURAUD	20
EURCAD	20
EURGBP	20
GBPAUD	20
USDNOK	20
GBPJPY	20
AUDJPY	20
CADJPY	20

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

Lastly, instruments EURNZD, USDHKD, EURCHF and NZDCHF are close to their 200 day moving average.

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
Isabel Schnabel: From market neutrality to market efficiency	2021-06-13	Welcome address by Ms Isabel Schnabel , Member of the Executive Board of the European Central Bank, at the ECB DG-Research Symposium “Climate change, financial markets and green growth”, Frankfurt am Main, 14 June 2021.On behalf of the European Central Bank (ECB) and the co-organizers – the Centre for Economic Policy Research (CEPR) and the European Bank for Reconstruction and Development (EBRD) – I am pleased to welcome you to the Symposium “Climate Change, Finance and Green Growth”.
CBDCs beyond borders: results from a survey of central banks	2021-06-11	Central bank digital currencies (CBDCs) could ease current frictions in cross-border payments – and particularly so if central banks factor an international dimension into CBDC design from the outset.Based on a survey of 50 central banks in the first quarter of 2021, this paper explores initial thinking on the cross-border use of CBDCs.
The BIS Innovation Hub and central bank innovation	2021-06-11	This is an important milestone for the BIS Innovation Hub and the BIS.It is a great pleasure for me to join you today for the official opening of the BIS Innovation Hub London Centre.

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.