Forex News

(Last Updated May 19, 2022 0:25 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 Unemployment Rate	Apr 2022	Australian Dollar	2022-05-19	01:30 GMT	3.9%
Euro Area Construction Output YoY	Mar 2022	Euro	2022-05-19	09:00 GMT
United Kingdom Gfk Consumer Confidence	May 2022	British Pound	2022-05-19	23:01 GMT	-39
Japan Inflation Rate YoY	Apr 2022	Japanese Yen	2022-05-19	23:30 GMT
New Zealand Balance of Trade	Apr 2022	New Zealand Dollar	2022-05-19	22:45 GMT
United States Existing Home Sales	Apr 2022	US Dollar	2022-05-19	14:00 GMT	5.65M
South Africa Interest Rate Decision	2022	South African Rand	2022-05-19	13:00 GMT	4.75%

FX Market Hourly Update

Over the past hour, EURTRY has been an especially big mover in the forex market, rallying 451 pips (0.27%). Intraday trend traders may wish to note that EURJPY has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, intraday traders may wish to take note of the fact that EURTRY just breached 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 EURTRY, ZARJPY, and USDTRY. The chart below illustrates. Note that EURTRY and GBPCHF 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 ZAR was the big outperformer, changing by 1.81%. On the flip side, TRY fared the worst, changing by -2.16%.

And in terms of interesting streaks, EURTRY, USDTRY and GBPCHF have now rallied 8 out of the past 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 USDHKD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for CHFJPY, NZDJPY, GBPJPY, GBPNZD, AUDJPY, EURJPY and USDJPY. 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 EURCAD. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

Below is a list of currency pairs that crossed key moving average levels over the past day.

Currency Pair	Moving Average Period Crossed
GBPNZD	200
GBPJPY	50
EURJPY	50
CADJPY	20
USDJPY	20
NZDCHF	20
EURGBP	20
USDCAD	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.

One other point on moving averages: instruments in the Forex asset class that are near their 200 day moving average are GBPCHF, GBPNZD, EURCHF, EURNZD and EURGBP.

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
Commodity market disruptions, growth and inflation	2022-05-18	The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process.
Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies	2022-05-18	This “shadow crypto financial system” serves both retail and institutional clients, such as dedicated investment funds.While the role of retail investors has received much attention, we know less about the role of financial intermediaries in this sector.
Christine Lagarde: Challenges along Europe’s road	2022-05-15	Speech by Ms Christine Lagarde , President of the European Central Bank, at the international conference to mark the 30th anniversary of Banka Slovenije, Ljubljana, 11 May 2022 It is a pleasure to be in Ljubljana today to discuss “the road already travelled and contemporary challenges”.In that period, Europe has faced repeated shocks, each one different.

Forex Market Insights from TradingView

Regarding the forex pairs getting the most technical talk on TradingView, EURCHF may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:

When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.
–EURCHF

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.