Daily Market Analysis

Forex Market Review (Asian Session) – Dollar softens ahead of FOMC meeting; Saudi Arabia helps push oil prices up

Posted on July 25, 2017 at 7:27 am GMT

During the Asian session, forex markets didn’t have much to react to in the absence of important economic releases. Hence, yesterday’s events along with the upcoming two-day US Federal Open Market Committee meeting that starts today have been commanding most of the moves today. The US dollar weakened against most currencies as investors await the news from the two-day FOMC meeting on interest rate policy that starts later today. Many investors expect the Federal Reserve to announce that it will begin [..]

Forex Market Review (European Session) – Euro pulls back from 2-year highs on disappointing PMIs; dollar steadier; oil up on OPEC pledge

Posted on July 24, 2017 at 3:05 pm GMT

The euro retreated from fresh 23-month highs set earlier in the day as the single currency was hurt by disappointing PMI data out of the Eurozone. The US dollar came off its lows but remained near the 13-month lows reached during the Asian session, while oil reversed higher on OPEC’s latest efforts to curb supply. Eurozone PMI releases by IHS Markit dominated the European trading session on Monday as the data missed expectations on all fronts. The composite PMI for [..]

Forex Market Review (Asian Session) – Dollar weighed by political woes, close to 13-month low; aussie gains

Posted on July 24, 2017 at 7:42 am GMT

As Asian traders were about to complete their trading day, the dollar index was up on the day after previously hitting a fresh 13-month low. Excluding aussie/dollar, most major pairs were moving within a relatively narrow range during Asian trading hours, while gold was down after recording a one-month high. The dollar’s index against a basket of major currencies fell to 93.82 today – it’s lowest since June 24 of last year. It later managed to recover to last trade [..]

Forex Market Review (European Session) – Dollar at 13-month lows; loonie gains on rising hike prospects; euro at fresh high

Posted on July 21, 2017 at 3:11 pm GMT

Barring inflation and retail sales data out of Canada, today’s European session was a rather quiet one in terms of data releases. In the absence of data during the rest of the session, forex market participants placed their orders having in mind developments from yesterday’s European Central Bank meeting, as well as developments on the US political front. The dollar index, which gauges the greenback against the currencies of six major US trading partners, fell to 93.99 today, a 13-month [..]

Aussie tumbles on Deputy Governor’s dovish speech; US dollar weak on political woes

Posted on July 21, 2017 at 7:15 am GMT

The Australian dollar tumbled amid a dovish speech by Reserve Bank of Australia Deputy Governor Guy Debelle. The US dollar remained under pressure against most majors following the plunge yesterday when news broke out about expansion of an investigation into Trump’s links with Russia. The aussie fell to $0.7907 during Asian trading as the RBA Deputy Governor said that no importance should be given to the board’s discussion around the neutral rate and that it doesn’t imply monetary policy tightening. [..]

Forex Market Review (European Session) – Euro rallies despite dovish Draghi; sterling weakens despite upbeat retail sales

Posted on July 20, 2017 at 3:13 pm GMT

The euro rallied to a near 14-month high against the dollar during the European session following ECB President Mario Draghi’s speech at a news conference today. Sterling was briefly lifted against the US currency, but gave up on gains and was down on the day as the US session started. During the end of the session, forex markets reacted significantly on the back of just released news regarding Trump’s links with Russia. The dollar index was down 0.60% at 94.22. [..]

Forex Market Review (Asian Session) – Yen weakens following BoJ meeting; aussie gains on healthy job market

Posted on July 20, 2017 at 7:53 am GMT

Forex markets experienced more volatility today as it was busier one compared to others this week. The yen weakened against the dollar following the release of the Bank of Japan monetary policy report. The aussie had an initial boost against the greenback after employment data had been released, however it fell soon after. The euro was slightly up ahead of the European Central Bank meeting later in the day. The BoJ kept monetary policy steady, a report showed today. While [..]

Forex Market Review (European Session) – Oil surges on inventories draw; dollar drops against yen despite upbeat construction figures

Posted on July 19, 2017 at 2:55 pm GMT

Today’s European session was a relatively quiet day as no major data releases were reported. US figures pointing to healthy construction activity and crude oil inventories were the main figures of the day. The dollar continued sliding against the yen while sterling and the euro were under some pressure against the greenback. US homebuilding rebounded more than expected in June after declining for three consecutive months. However, this pick-up did little for the second quarter expansion that remained subdued when [..]

Forex Market Review (Asian Session) – Markets calm ahead of ECB, BoJ meetings; oil pressured on US inventories

Posted on July 19, 2017 at 7:45 am GMT

It has been a quiet overnight session ahead of what could be a stormy Thursday with the European Central Bank and the Bank of Japan holding their policy meetings. Most majors traded in a narrow range, while oil prices recorded the biggest move of the day. The Australian and New Zealand dollars continued gaining against their US counterpart during the Asian session. Aussie/dollar was up to last trade at 0.7932, supported by comments perceived to be hawkish from the Reserve Bank of Australia’s policy [..]

Forex Market Review (European Session) – Dollar at fresh 10-month low; sterling hurt by weaker-than-expected inflation

Posted on July 18, 2017 at 3:04 pm GMT

In terms of economic releases, UK inflation numbers were by far the most important release during today’s European session. The downside miss hurt sterling which posted a ten-month high versus the dollar earlier in the session. In other news, the currency markets were once again anything but deaf to political developments, pushing the dollar to new lows on the seeming inability by the Trump administration to repeal and replace Obamacare. The dollar index, a broader gauge of the US currency’s [..]

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