Daily Market Analysis

Forex Market Review (Asian Session) – Dollar hits 31-month low against euro; aussie gains following RBA statement

Posted on August 1, 2017 at 7:41 am GMT

The US dollar hit a more than two-and-a-half-year low against the euro during yesterday’s late session, with the euro breaching the 1.18 mark. The dollar index fell to its lowest level since May 2016, as it traded at 92.79. During the Asian session today, the US currency was broadly steady against most major currencies. The aussie gained following the Reserve Bank of Australia decision to keep its cash rate unchanged. The US dollar plunged against most major currencies in yesterday’s last session [..]

Forex Market Review (European Session) – Dollar edges up in quiet trading; euro unmoved by flash CPI data

Posted on July 31, 2017 at 3:00 pm GMT

Major currencies were steady in European trading on Monday as risk aversion and central bank meetings later in the week kept investors on the sidelines despite some key data releases. The US dollar inched higher against most other currencies but was weaker against the Japanese yen. The euro saw a mixed response to flash inflation numbers out of the Eurozone, while the pound held near last week’s 10-month highs ahead of ‘Super Thursday’. Fresh geopolitical tensions gave rise to some [..]

Forex Market Review (Asian Session) – Top world economies expand, but arising geopolitical risks take stage in forex markets

Posted on July 31, 2017 at 7:52 am GMT

The US dollar gained during the Asian session, with the dollar index up 0.20% to last trade at 93.44. The session was busy with ample of data from Asian economies signaling economic expansion. The euro and sterling declined against the US currency. Oil prices rose while gold gave up on some of Friday’s significant gains. Data signalling the latest economic activity in China was the main news of the day. While activity in the world’s second largest economy continued to [..]

Forex Market Review (European Session) – Dollar continues declining after robust growth; loonie eyes fresh high

Posted on July 28, 2017 at 3:05 pm GMT

Second quarter US GDP estimates dominated investors’ attention during today’s European session trading. Certain components within the data led to the dollar recording losses as the news became public, though those were short-lived. In other notable releases, Canadian growth figures for May were released today as well. The much-awaited preliminary US GDP estimates for the second quarter of the year showed the economy expanding at an annualized rate of 2.6%, as expected. First quarter growth was revised downwards to 1.2% [..]

Forex Market Review (Asian Session) – Positive eurozone data supports euro; dollar under pressure ahead of GDP figures

Posted on July 28, 2017 at 7:51 am GMT

As Asian traders were about to close the trading week, the dollar was pressured again, with the dollar index falling a tenth-of-a-percent to 93.76. The euro gained as a string of data came in as expected, leaving no room for disappointment. Economic data out of Japan signaled a sustainable growth in the second quarter, underpinning the Bank of Japan’s buoyant economic view. Japan’s economy expanded 1.0% annually in the first quarter, showing positive growth for more than a year. Analysts [..]

Forex Market Review (European Session) – Dollar recoups modestly on hopes of business spending underpinning GDP growth

Posted on July 27, 2017 at 2:44 pm GMT

The dollar somewhat rebounded during the European session with the dollar index up 0.1%. The latest data on durable goods orders, jobless claims and trade balance on goods supported the US currency to retrace some of earlier losses post the Federal Open Market Committee meeting. The euro declined against the greenback by 0.35% as the US session was about to start. Monthly orders for durable goods in the US rose 6.5% last month, expanding at more than double the expected [..]

Forex Market Review (Asian Session) – Fed’s inflation concern weakens dollar; aussie, kiwi at two-year high

Posted on July 27, 2017 at 7:47 am GMT

It was a relatively quiet data day in forex markets prompting traders to dwell over yesterday’s events, namely the Federal Open Market Committee (FOMC) meeting. As a result of the Federal Reserve’s dovish tone, the weakness in the US dollar unfolded, with the dollar index hitting a fresh 13-month low. The Australian and New Zealand dollars jumped to two-year highs as traders sold off the greenback. The Fed confirmed market anticipations of the federal funds rate remaining at the same target [..]

Forex Market Review (European Session) – Forex market awaits FOMC statement; pound helped by UK GDP

Posted on July 26, 2017 at 2:54 pm GMT

It was a relatively quiet day in forex markets as traders were mostly looking forward to the Fed statement later in the US session and as UK second quarter GDP figures were in line with estimates. In the day’s main economic news, the preliminary estimate of UK second quarter GDP came in line with expectations at 0.3% quarter-on-quarter and 1.7% year-on-year. This was on the one hand a slowdown from the previous quarter’s 2% year-on-year growth rate but the quarterly [..]

Forex Market Review (Asian Session) – Dollar gains ground ahead of FOMC; aussie suffers on softer inflation

Posted on July 26, 2017 at 7:43 am GMT

Inflation figures out of Australia were today’s main data release during Asian session trading. The softer than expected data led to the aussie posting losses. Beyond that, the dollar index seems to be maintaining some positive momentum following yesterday’s upbeat consumer confidence report. The dollar’s index against a basket of currencies was up 0.2% as Asian traders were about to complete their trading day. It stood above the 94 mark, but not far above 93.64, the 13-month low reached yesterday. [..]

Forex Market Review (European Session) – Pound and euro surge on rising yields; US data lifts dollar from doldrums

Posted on July 25, 2017 at 2:58 pm GMT

Risk appetite recovered in European trading on Tuesday as rising government bond yields helped financial stocks, as well as lift the euro and the pound. US treasury yields also moved higher on expectations that the Fed will soon proceed with shrinking its bond portfolio. However, the US dollar was stuck in the doldrums for much of the session as investor caution ahead of the FOMC meeting and political uncertainty weighed on the currency. The euro surged to a fresh high [..]

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