Forex News

(Last Updated June 24, 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 Gov Lowe Speech	NA	Australian Dollar	2022-06-24	11:30 GMT
European Union European Council Meeting	NA	Euro	2022-06-24	08:00 GMT
United Kingdom Retail Sales MoM	May 2022	British Pound	2022-06-24	06:00 GMT	-0.7%
Turkey Business Confidence	Jun 2022	Turkish Lira	2022-06-24	07:00 GMT
United States New Home Sales	May 2022	US Dollar	2022-06-24	14:00 GMT	0.588M

FX Market Hourly Update

In the preceding hour, AUDJPY has has made the biggest move in the forex asset class, rallying 16 pips (0.17%). Intraday trend traders may wish to note that EURSEK has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, NZDCHF‘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 NZDCHF, NZDJPY, and EURNZD. The chart below illustrates. Note that EURNZD 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 CHF was the big outperformer, changing by 0.68%. On the flip side, NOK fared the worst, changing by -0.9%.

And in terms of interesting streaks, EURSEK has experienced upwards move in 8 of the prior ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on EURNOK. Alternatively, on a 90 day basis, the strongest trend appears on USDJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURCAD, CADCHF and AUDNZD. 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 GBPJPY. 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, GBPNZD may be of particular interest. It crossed its 100 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
CADCHF	100
AUDNZD	50

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.

One other point on moving averages: the instrument in the Forex asset class that is near its 200 day moving average is GBPNZD.

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
Jerome H Powell: Semiannual Monetary Policy Report to the Congress	2022-06-23	Chairman Brown, Ranking Member Toomey, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.At the Fed, we understand the hardship high inflation is causing.
Sethaput Suthiwartnarueput: The Thai economy – the current state and the way forward	2022-06-23	Then, I would like to conclude by offering you some thoughts about going beyond, not only about some of the things that we see in the financial sector but also more broadly about the Thai economy and how it might fit in with you and your strategy in the region.It is a great pleasure for me to be here.
Yi Gang: Global inflation, interest rate hikes and economic stability	2022-06-23	the Annual Conference of the Boao Forum for Asia Today, I will mainly talk about China’s economic outlook and monetary policy response.This is a good example of a combination of an accommodative monetary policy and proactive fiscal policy.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on AUDJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 5.5 for audjpy, which suggests traders are very bullish on the pair. And as for which forex pairs are getting the most insightful technical conversations, NZDCAD may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:

NZDCAD – We took out the previous weekly high, and we also look bearish on the HTF Monthly chart. I will wait to see how price will react below the previous weekly open. If price reject this area, break structure to the down from that level , hoppefully we can have an orderblock that price might mitigate before the down move to take out the previous weekly low.
–NZDCAD

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.