Forex News

(Last Updated May 6, 2021 2:24 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 Debelle Speech	NA	Australian Dollar	2021-05-06	09:00 GMT
Euro Area Retail Sales YoY	Mar 2021	Euro	2021-05-06	09:00 GMT	9.6%
United Kingdom BoE Interest Rate Decision	2021	British Pound	2021-05-06	11:00 GMT	0.1%
Norway Norges Bank Interest Rate Decision	2021	Norwegian Krone	2021-05-06	08:00 GMT	0%
Sweden Monetary Policy Meeting Minutes	NA	Swedish Krona	2021-05-06	07:30 GMT
Turkey TCMB Interest Rate Decision	2021	Turkish Lira	2021-05-06	11:00 GMT	19%
United States Jobless Claims 4-week Average	May/01 2021	US Dollar	2021-05-06	12:30 GMT

FX Market Hourly Update

In the preceding hour, USDNOK stands out as the biggest mover in the forex asset class on a percentage basis, rising 160 pips (0.19%). Intraday trend traders may wish to note that NZDCAD has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, it’s worth noting that EURJPY 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 EURNZD, NZDUSD, and NZDCHF. The chart below illustrates. Note that NZDCHF 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 NZD was the big outperformer, moving by 0.65%. On the flip side, EUR fared the worst, moving by -0.22%.

And in terms of interesting streaks, GBPJPY has now rallied 8 out of the past ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on USDJPY. Alternatively, on a 90 day basis, the strongest trend appears on CADJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURCHF, USDCHF and GBPCHF. 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 ZARJPY and EURGBP. 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, AUDUSD 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
NZDUSD	100
USDMXN	100
EURNZD	50
NZDCHF	20
ZARJPY	20
USDNOK	20

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

Finally, instruments in the Forex asset class that are near their 200 day moving average are USDHKD, EURSEK, EURUSD, AUDNZD, GBPAUD and 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
Shaktikanta Das: Statement	2021-05-04	New mutant strains have emerged, causing severe strains on healthcare and medical facilities, vaccine supplies and frontline health personnel.India was at the foothills of a strong recovery, having regained positive growth, but more importantly, having flattened the infections curve.
Sam Woods: Mutual interests	2021-05-04	A rather ingenious member of my team at the PRA came up with the title of “mutual interests” for this speech.Across strong and simple, the leverage and MREL reviews, and mortgage risk-weights we all have a very strong mutual interest in getting it right.
Maxwell Opoku-Afari: Launch of the 20th anniversary celebration of IT Consortium Ghana Limited	2021-05-03	Goodwill message by Dr Maxwell Opoku-Afari , First Deputy Governor of the Bank of Ghana, at the launch of the 20th anniversary celebration of IT Consortium Ghana Limited, 23 April 2021.With a high sense of pride and appreciation, I extend my warm congratulations and best wishes to IT Consortium Ghana Limited on the occasion of the twentieth anniversary of its foundation.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on CADCHF. Our TradingView Sentiment Indicator notches a buy/sell ratio of 9, which suggests traders are very bullish 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.