CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an account
✖

European Open: EUR/USD Higher Ahead of Trade Data and CB Speakers

Article By: ,  Market Analyst
November 9, 2021 6:29 AM

Asian Indices:

  • Australia's ASX 200 index fell by -5.4 points (-0.07%) and currently trades at 7,446.80
  • Japan's Nikkei 225 index has fallen by 174.7 points (-0.59%) and currently trades at 29,332.35
  • Hong Kong's Hang Seng index has fallen by -17.85 points (-0.07%) and currently trades at 24,745.92
  • China's A50 Index has fallen by -82.1 points (-0.53%) and currently trades at 15,496.31

 

UK and Europe:

  • UK's FTSE 100 futures are currently down -23 points (-0.32%), the cash market is currently estimated to open at 7,277.40
  • Euro STOXX 50 futures are currently down -18.5 points (-0.43%), the cash market is currently estimated to open at 4,334.03
  • Germany's DAX futures are currently down -49 points (-0.31%), the cash market is currently estimated to open at 15,997.52

 

US Futures:

  • DJI futures are currently up 104.27 points (0.29%)
  • S&P 500 futures are currently down -24 points (-0.15%)
  • Nasdaq 100 futures are currently down -11.5 points (-0.24%)

 

 

Indices

Despite a positive start, equity markets across Asian traded lower overnight as investors squared up positions ahead of this week’s first set of inflation data from the US. The ASX 200 was an underperformer following weak earnings from banks.

Japan’s equity markets were the weakest performers on the day, with the TOPIX down around -0.7% and the Nikkei around -0.5% lower. Traders were seemingly underwhelmed with the government of Japan’s announcement that it would provide around ¥100k (around US $870) per child under 18, although reports had surfaced of this scenario over the weekend.  

Futures markets are pointing to a lower open for European indices today.

 

FTSE 350: Market Internals

FTSE 350: 4190.92 (-0.05%) 08 November 2021

  • 133 (37.89%) stocks advanced and 210 (59.83%) declined
  • 14 stocks rose to a new 52-week high, 3 fell to new lows
  • 64.1% of stocks closed above their 200-day average
  • 63.82% of stocks closed above their 50-day average
  • 21.08% of stocks closed above their 20-day average

 

Outperformers:

  • + 12.4%-Darktrace PLC(DARK.L)
  • + 7.06%-Investec PLC(INVP.L)
  • + 5.89%-TI Fluid Systems PLC(TIFS.L)

 

Underperformers:

  • -5.37%-Baltic Classifieds Group PLC(BCG.L)
  • -4.21%-Discoverie Group PLC(DSCV.L)
  • -3.91%-Sirius Real Estate Ltd(SRET.L)

 

 

Forex:

It’s a busy day for central bank speeches. The Fed’s Bullard kicks off at 12:50, Jerome Powell’s pre-recorded speech rolls from 14:00, BOE’s Governor Andrew Bailey speaks at 16:00, The Fed’s Daly at 16:35, BOC’s Beaudry speaks at 17:10 and the Governor himself at 22:45.

Then at 13:30 traders have US producer prices to look forward to, which in some ways could be seen as the warm-up act for Wednesday’s inflation report. Strong producer prices combined with weak data from Germany could see the dollar recoup some lost ground.

But first, German trade balance data is scheduled for 07:00 GMT. In October, exports contracted for the first month in 15 as bottlenecks in the supply chain continued to bite. They are expected to recover by 0.5% in October, up from -1.5% in September. Then at 10:00 the German ZEW economic report is released. It has fallen for five consecutive months and expected to slip for a 6th. A weak ZEW report with weaker exports could spell trouble for the euro today, whilst a (welcomed) upside surprise could help EUR/USD hold onto early gains.

EUR/USD has broken out of a bull flag pattern ahead of today’s open. A bullish trend is forming on the hourly chart and holding above the 20 and 50-bar eMA’s. At the time of writing, the euro is trying to close above the monthly pivot. If it can perform a solid close then bulls need to break it above the 1.16 handle to continue its trend, in which case our bias would then be bullish above 1.1575 as we seek a run towards the 1.1616 high / weekly R1 pivot.

 

 

Commodities:

Silver’s rally has stalled just beneath the weekly R1 pivot and retraced, and currently show the potential for a bull flag breakout on the hourly chart.

Platinum futures are holding above trend support on the daily chart, with a swing low also resecting the 50 and 20-day eMA’s. We suspect it will eventually break higher (along with other metals) although inflation data and the US dollar’s reaction around this week’s inflation data will be key.

 

Up Next (Times in BST)

 

 

How to trade with FOREX.com

Follow these easy steps to start trading with FOREX.com today:

  1. Open a Forex.com account, or log in if you’re already a customer.
  2. Search for the pair you want to trade in our award-winning platform.
  3. Choose your position and size, and your stop and limit levels.
  4. Place the trade.

StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.

StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Europe Limited, and FOREX.com/ie is a domain operated by StoneX Europe Ltd, a member of StoneX Group Inc. StoneX Europe Ltd, is a Cyprus Investment Firm (CIF) company registered to the Department of Registrar of Companies and Official Receiver with a Registration Number HE409708, and authorized and regulated by the Cyprus Securities & Exchange Commission (CySEC) under license number 400/21. StoneX Europe is a Member of the Investor Compensation Fund (ICF) and has its registered address at Nikokreontos 2, 5th Floor, 1066 Nicosia, Cyprus.

StoneX Europe Limited is registered with the German Federal Financial Supervisory Authority (BaFin). BaFin registration ID: 10160255

FOREX.com is a trademark of StoneX Europe Ltd, a member of StoneX Group Inc.

The statistical data and the awards received refer to the Global FOREX.com brand.

This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy.

Through passporting, StoneX Europe is allowed to provide its services and products on a cross-border basis to the following European Economic Area ("EEA") states: Austria, Bulgaria, Croatia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Additionally, StoneX Europe Ltd is allowed to provide Investment and Ancillary Services to the following non-EU jurisdiction: Switzerland.

StoneX Europe Ltd products, services and information are not intended for residents other than the ones stated above.

Tied Agent Information: KQ Markets Europe Ltd with Company No. HE427857.
Address: Athalassas 62, Mezzanine, Strovolos, Nicosia Cyprus.
Services Provided: Reception and Transmission of Orders.
Commencement Date: 06/12/2022
Website: KQ Markets - CFD Trading | KQ Markets

We may pay inducements, such as commissions or fees, to affiliates or third-party introducers for referring clients to us. This is in line with regulatory guidelines and fully disclosed where applicable.

StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation. StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.

© FOREX.COM 2025