Forex News

(Last Updated August 16, 2022 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
Australia RBA Meeting Minutes	NA	Australian Dollar	2022-08-16	01:30 GMT
Canada Inflation Rate YoY	Jul 2022	Canadian Dollar	2022-08-16	12:30 GMT	7.6%
China FDI (YTD) YoY	Jul 2022	Chinese Yuan	2022-08-16	07:00 GMT
Euro Area Balance of Trade	Jun 2022	Euro	2022-08-16	09:00 GMT	€-20B
United Kingdom Unemployment Rate	Jun 2022	British Pound	2022-08-16	06:00 GMT	3.8%
Japan Balance of Trade	Jul 2022	Japanese Yen	2022-08-16	23:50 GMT	¥-1405B
United States Building Permits	Jul 2022	US Dollar	2022-08-16	12:30 GMT	1.65M

FX Market Hourly Update

Over the past hour, USDNOK stands out as the biggest mover in the forex asset class on a percentage basis, rallying 580 pips (0.6%). The strongest trend on the hourly timeframe can be seen on EURCHF — it’s clearly been in a downtrend over the past 20 candles. Finally, EURNOK‘s 20 hour moving average has just been breached.

Price Action on the Daily Chart

The pairs that made the biggest moves, on a percentage basis, over the past day were USDZAR, USDNOK, and AUDUSD. The chart below illustrates. Note that ZARJPY, NZDCAD, NZDCHF, NZDJPY, GBPCHF, USDHKD and GBPJPY 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 NOK was the big outperformer, moving by 1.79%. Alternatively, USD moving by -1.3%, making it the worst performer of the bunch.

Forex Trend News

Over the past two weeks, the strongest trend has been on EURSEK. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Price action traders will also want to note that a base appears to be forming on USDHKD, GBPAUD and USDCAD. 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, USDHKD may be of particular interest. It crossed its 20 and 50 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
USDCHF	200
GBPJPY	100
USDMXN	100
USDNOK	100
GBPUSD	50
AUDNZD	50
CADJPY	50
USDZAR	50
AUDCHF	20
NZDCHF	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 USDHKD, CADCHF, EURGBP, USDCAD and USDCHF 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
Benjamin E Diokno: Philippines – resilient today, economic powerhouse tomorrow	2022-08-11	Given its commitment to macroeconomic stability and unrelenting reform momentum, the Philippines is harnessing its potential to remain among the most resilient economies of today and become an economic powerhouse of tomorrow.Under the “Build, Build, Build” program, big-ticket infrastructure projects were rolled out.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on EURJPY. Our TradingView Sentiment Indicator notches a buy/sell ratio of 0.14, which suggests traders are quite bearish on the pair.

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.