Forex News

(Last Updated July 28, 2021 7:22 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 Inflation Rate YoY	Jun 2021	Canadian Dollar	2021-07-28	12:30 GMT	3.2%
Turkey MPC Meeting Summary	NA	Turkish Lira	2021-07-28	11:00 GMT
United States Fed Interest Rate Decision	2021	US Dollar	2021-07-28	18:00 GMT	0.25%

FX Market Hourly Update

Over the past hour, NZDJPY stands out as the biggest mover in the forex asset class on a percentage basis, rallying 11 pips (0.14%). Traders interested in intraday trends may wish to observe CADJPY, which has been in a downtrend over the past 50 price candles. Last but not least, AUDCHF‘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 USDSEK, USDNOK, and GBPUSD. The chart below illustrates. None of the moves in the past day were especially noteworthy in terms of their size relative to their volatility over the past 30 days.

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 SEK was the outperformer for the day, changing by 0.58%. On the flip side, USD fared the worst, changing by -0.29%.

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 GBPAUD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for TRYJPY and USDTRY. 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 CHFJPY, USDJPY and USDCHF. 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, GBPUSD may be of particular interest. It crossed its 20 and 200 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
GBPCAD	200
USDCHF	100
GBPJPY	20
NZDUSD	20
EURSEK	20

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

One other point on moving averages: instruments GBPUSD, GBPCAD, USDHKD, AUDJPY, NZDCHF, USDZAR and EURSEK 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
Alejandro Díaz de León: Remarks – How can central bankers and supervisors support climate risks and green finance and manage risks?	2021-07-26	Remarks by Mr Alejandro Díaz de León , Governor of Bank of Mexico, at The Toronto Centre Virtual Panel Session: How can central bankers and supervisors support climate risks and green finance and manage risks?, 14 July 2021.We 1need to upgrade our economies resilience and prepare the financial system to manage these risks.
Alejandro Díaz de León: Remarks – The next global financial cycle in a divergent global economy	2021-07-26	Remarks by Mr Alejandro Díaz de León , Governor of Bank of Mexico, at the 13th Annual Conference by the Central Reserve Bank of Peru, the Re-inventing Bretton Woods Committee, and the Inter-American Development Bank “The next global financial cycle in a divergent global economy, panel: central banking in a new era?The global economy is highly heterogeneous and in uncharted territory.

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.