Forex News

(Last Updated March 9, 2021 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
Euro Area GDP Growth Rate QoQ 3rd Est	Q4 2020	Euro	2021-03-09	10:00 GMT	-0.6%
Mexico Inflation Rate YoY	Feb 2021	Mexican Peso	2021-03-09	12:00 GMT	3.72%
South Africa GDP Growth Rate YoY	Q4 2020	South African Rand	2021-03-09	09:30 GMT	-4.6%

FX Market Hourly Update

In the preceding hour, EURNOK has has made the biggest move in the forex asset class, declining -282 pips (-0.28%). Traders interested in intraday trends may wish to observe USDJPY, which has been in an uptrend over the past 20 price candles. Last but not least, it’s worth noting that NZDCHF 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 USDZAR, USDCHF, and CADCHF. The chart below illustrates. Note that NZDCAD 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 USD was the outperformer for the day, changing by 0.68%. Alternatively, ZAR changing by -0.99%, making it the worst performer of the bunch.

And in terms of interesting streaks, USDCHF, GBPCHF, USDTRY, EURCHF and EURTRY have now rallied 8, 8, 9, 8 and 8 out of the past ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on TRYJPY. Alternatively, on a 90 day basis, the strongest trend appears on GBPJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for TRYJPY, EURTRY, USDTRY and CHFJPY. 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 USDCAD and GBPCAD. 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
USDTRY	200
GBPNZD	200
USDZAR	100
USDSEK	100
CHFJPY	100
USDNOK	50
AUDCAD	50
AUDUSD	50
NZDUSD	50
EURNOK	20
EURNZD	20
USDCAD	20
GBPCAD	20
GBPUSD	20

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR 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, USDTRY, GBPNZD, GBPAUD, AUDNZD and USDHKD.

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.