Forex News

(Last Updated October 6, 2021 15:22 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
Australia Ai Group Services Index	Sep 2021	Australian Dollar	2021-10-06	21:30 GMT
United States Fed Bostic Speech	NA	US Dollar	2021-10-06	15:30 GMT

FX Market Hourly Update

In the preceding hour, USDNOK has been an especially big mover in the forex market, rallying 292 pips (0.34%). Intraday trend traders may wish to note that EURUSD has the strongest trend on the hourly timeframe over the last 20 price bars. Last but not least, intraday traders may wish to take note of the fact that CADJPY just breached its 100 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 ZARJPY, EURNOK, and GBPJPY. 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. We see that NOK was the big outperformer, moving by 0.6%. Alternatively, JPY moving by -0.45%, making it the worst performer of the bunch.

And in terms of interesting streaks, CADJPY, GBPAUD and AUDNZD have 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 NZDCAD. Alternatively, on a 90 day basis, the strongest trend appears on AUDNZD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for NZDCAD, AUDNZD, CADJPY, USDCAD and AUDJPY. 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 NZDJPY and AUDCHF. 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, NZDJPY may be of particular interest. It crossed its 20 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
USDNOK	200
CADJPY	100
GBPAUD	100
USDCHF	20
AUDCHF	20
EURNZD	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.

Lastly, instruments in the Forex asset class that are near their 200 day moving average are ZARJPY, GBPJPY, GBPCHF, NZDJPY, NZDCHF, EURJPY, EURSEK, USDHKD and USDNOK.

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
Regulating big tech in the public interest	2021-10-06	With this, big techs can move very quickly from “too small to care”, to “too big to ignore” to “too big to fail”.8 Just four big techs provide nearly two thirds of global cloud services, which are becoming a critical service for the financial sector.9 Cloud services certainly bring advantages in terms of efficiency for individual institutions, but the dependence of the entire financial sector on just a few players makes the system more vulnerable to large-scale operational failures, insolvency or cyber attacks.10 A second challenge from big tech is preserving fair competition.Welcome to the BIS research conference on “Regulating big tech: between financial regulation, antitrust and data privacy”.

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.