Forex News

(Last Updated June 17, 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	Outcome
Canada ADP Employment Change	May 2021	Canadian Dollar	2021-06-17	12:30 GMT
Japan Inflation Rate YoY	May 2021	Japanese Yen	2021-06-17	23:30 GMT
Turkey TCMB Interest Rate Decision	2021	Turkish Lira	2021-06-17	11:00 GMT	19%
United States Jobless Claims 4-week Average	Jun/12 2021	US Dollar	2021-06-17	12:30 GMT
South Africa Retail Sales YoY	May 2021	South African Rand	2021-06-17	11:00 GMT	99.7%

FX Market Hourly Update

In the preceding hour, USDNOK stands out as the biggest mover in the forex asset class on a percentage basis, rising 487 pips (0.58%). Intraday trend traders may wish to note that USDNOK has the strongest trend on the hourly timeframe over the last 50 price bars. Last but not least, it’s worth noting that AUDCAD has crossed its 20 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 USDNOK, USDZAR, and USDMXN. The chart below illustrates. Note that USDNOK, USDMXN, USDSEK, USDCHF, USDCAD, GBPCHF, NZDCHF, NZDCAD, TRYJPY, GBPJPY, NZDJPY, AUDJPY, EURTRY, GBPUSD, AUDUSD and EURUSD 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. We see that USD was the big outperformer, moving by 1.05%. On the flip side, MXN fared the worst, moving by -1.76%.

As for who is on a hot streak, USDJPY and GBPCAD have now rallied 8 out of the past ten trading days.

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 EURJPY, CADJPY, USDCAD, EURUSD, GBPUSD and EURTRY. 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, EURSEK may be of particular interest. It crossed its 20, 50 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
AUDUSD	200
USDMXN	100
USDCAD	50
AUDJPY	50
GBPUSD	50
EURAUD	20
AUDCAD	20
EURCAD	20
EURGBP	20
EURJPY	20
CHFJPY	20
ZARJPY	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.

Finally, instruments in the Forex asset class that are near their 200 day moving average are USDMXN, USDCHF, EURCHF, USDHKD, AUDNZD, AUDUSD and EURUSD.

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
Fabio Panetta: Cash still king in times of Covid-19	2021-06-15	Keynote speech by Mr Fabio Panetta , Member of the Executive Board of the European Central Bank, at the Deutsche Bundesbank’s 5th International Cash Conference “Cash in times of turmoil”, Frankfurt am Main, 15 June 2021.Thank you for inviting me to speak today about “cash in times of turmoil”.
Frank Elderson: Patchy data is a good start – from Kuznets and Clark to supervisors and climate	2021-06-15	All banks have several blind spots and may already be exposed to material climate risks.Today I will share with you some of the ECB’s preliminary insights from looking at banks’ self-assessments of their climate risk undertakings.
Denis Beau: What will shape the future of crypto-assets?	2021-06-15	Opening address by Mr Denis Beau , First Deputy Governor of the Bank of France, at the Banque de France webinar, 15 June 2021.The two themes chosen are: “Crypto-assets, risks and regulation” and “Crypto-assets, what will become a standard?”.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on USDCHF. Our TradingView Sentiment Indicator notches a buy/sell ratio of 9, which suggests traders are very bullish on the pair. And as for which forex pairs are getting the most insightful technical conversations, see GBPAUD. Here’s a remark from one currency trader that we thought was especially worth sharing:

As you can see, gbpaud is in a buying trend right now, there may be a slight pull back where we can re-entry. Please do your own analysis and don’t forget to use when risk management.
–GBPAUD (POSSIBLE BUY)

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.