Forex News

(Last Updated October 5, 2022 0:25 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
Australia Retail Sales MoM Final	Aug 2022	Australian Dollar	2022-10-05	00:30 GMT
Canada Balance of Trade	Aug 2022	Canadian Dollar	2022-10-05	12:30 GMT	C$3.45B
Euro Area ECB Non-Monetary Policy Meeting	NA	Euro	2022-10-05	07:00 GMT
United Kingdom S&P Global/CIPS UK Services PMI Final	Sep 2022	British Pound	2022-10-05	08:30 GMT	49.2
Japan Jibun Bank Services PMI Final	Sep 2022	Japanese Yen	2022-10-05	00:30 GMT
Mexico Consumer Confidence	Sep 2022	Mexican Peso	2022-10-05	11:00 GMT
New Zealand RBNZ Interest Rate Decision	2022	New Zealand Dollar	2022-10-05	01:00 GMT	3.5%
United States ADP Employment Change	Sep 2022	US Dollar	2022-10-05	12:15 GMT	200K

FX Market Hourly Update

In the preceding hour, NZDCAD stands out as the biggest mover in the forex asset class on a percentage basis, increasing 13 pips (0.17%). Intraday trend traders may wish to note that USDCHF has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, it’s worth noting that USDTRY 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 NZDCHF, AUDCHF, and NZDUSD. 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. We see that NOK was the big outperformer, moving by 2.08%. On the flip side, CHF fared the worst, moving by -1.6%.

Forex Trend News

Over the past two weeks, the strongest trend has been on USDTRY. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for 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 EURCHF and GBPCAD. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

For those who pay attention to moving averages, GBPJPY 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
NZDJPY	200
ZARJPY	200
AUDJPY	100
EURCHF	50
EURTRY	50
CADCHF	20
GBPUSD	20
CHFJPY	20
EURGBP	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 NZDJPY, USDHKD 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
Measuring the past to better understand the present and chart the future: the central bank network on historical monetary and financial statistics	2022-09-30	This is the central bank network on historical monetary and financial statistics (HMFS), which brings together central bank statisticians and academics.Why do we need historical economic statistics?
Historical monetary and financial statistics for policymakers: towards a unified framework	2022-09-30	In recent years, many central banks have engaged in data projects aimed at the collection and documentation of historical monetary and financial statistics (HMFS) for their respective countries.Information from these historical databases is used to draw parallels between current developments and historical events to shed light on today’s policy issues in the areas of monetary and financial stability.
Gediminas Šimkus: The future of central banking	2022-09-30	, at the international conference “Future of Central Banking” organised by the Bank of Lithuania and the Bank for International Settlements (BIS) on the occasion of the centenary of the Bank of Lithuania, Thank you, Your Excellency President Gitanas Nausėda, for opening this International Conference on the Future of Central Banking.Rather, we will talk about the challenges, opportunities, and changes that await Lietuvos bankas – and central banking in general – over the next hundred years.

Forex Market Insights from TradingView

As for which forex pairs are getting the most insightful technical conversations, EURUSD may be one to watch. Here’s one comment we thought was especially interesting:

The rebound in EUR/USD appears to be stalling ahead of the former support zone around the July low (0.9952) as it struggles to extend the series of higher highs and lows from last week.
–EUR/USD Rate Rebound Struggles Ahead of Former Support Zone

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.