Forex News

(Last Updated May 20, 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
Switzerland Industrial Production YoY	Q1 2022	Swiss Franc	2022-05-20	06:30 GMT
China Loan Prime Rate 1Y	2022	Chinese Yuan	2022-05-20	01:15 GMT
Euro Area Consumer Confidence Flash	May 2022	Euro	2022-05-20	14:00 GMT	-21.5
United Kingdom Retail Sales MoM	Apr 2022	British Pound	2022-05-20	06:00 GMT	-0.2%
Turkey Consumer Confidence	May 2022	Turkish Lira	2022-05-20	07:00 GMT

FX Market Hourly Update

In the preceding hour, USDNOK has has made the biggest move in the forex asset class, rising 174 pips (0.18%). Traders interested in intraday trends may wish to observe USDCHF, which has been in a downtrend over the past 20 price candles. Finally, it’s worth noting that USDTRY 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 USDNOK, GBPJPY, and NZDJPY. The chart below illustrates. Note that NZDCHF 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. Of note is that JPY was the outperformer for the day, changing by 1.59%. Alternatively, NOK changing by -1.88%, making it the worst performer of the bunch.

As for who is on a hot streak, USDTRY has experienced upwards move in 9 of the prior ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on TRYJPY. 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 CHFJPY, NZDJPY, GBPJPY, EURJPY, GBPNZD, AUDJPY, USDJPY, ZARJPY and CADJPY. 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 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, GBPCHF may be of particular interest. It crossed its 20, 50 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
EURJPY	50
GBPJPY	50
USDCAD	20
EURGBP	20
USDJPY	20
EURCHF	20
CADJPY	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: the instrument GBPNZD is close to its 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
Inequality hysteresis	2022-05-19	Growing economic inequality has become a matter of increasing public and policymaking concern in recent years, driven by the compounded effects of technical change and rapid globalisation not fully offset by anti-poverty and inequality mitigating policies.Taken together, these results point to the risk of an adverse feedback loop: recessions persistently worsen inequality, and greater inequality serves to deepen recessions.
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.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on USDMXN. Our TradingView Sentiment Indicator notches a buy/sell ratio of 5, which suggests traders are very bullish on the pair. And as for which forex pairs are getting the most insightful technical conversations, GBPJPY may be one to watch. Here’s one comment we thought was especially interesting:

The British pound has fallen hard during the trading session on Wednesday as we continue to see bearish behavior in the Sterling.
–GBP/JPY Price Forecast – The British Pound Falls Hard

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.