Daily Market Analysis

Forex Market Review (European Session) – Sterling boosted by election poll; gold hits 6-week high

Posted on June 5, 2017 at 3:10 pm GMT

The dollar was mixed against its major counterparts. The euro slipped and the pound rallied despite soft UK data. Oil prices erased earlier gains while gold hit a six-week high. The pound rose to its highest level against the dollar in over a week after an election poll showed the Torie’s lead was back in double digits. The ICM poll showed an eleven-point lead for Prime Minister Theresa May’s Conservative Party over the opposition Labour Party just days before the [..]

Forex Market Review (Asian Session) – Sterling slips after London attacks; oil surges on tensions in the Gulf

Posted on June 5, 2017 at 5:43 am GMT

The dollar hovered near seven-month lows against the yen following Friday’s disappointing US jobs report, while sterling weakened after the news of the attacks in London over the weekend. Gold hit its highest in over six week and oil was lifted due to tensions in the Middle East. The greenback held onto losses made on Friday after the release of the non-farm payrolls report which showed fewer jobs were added to the US economy in May, while the previous two [..]

Forex Market Review (European Session) – Dollar tumbles to 7-month low versus euro after big NFP miss; gold surges

Posted on June 2, 2017 at 3:03 pm GMT

Most major pairs were mostly range-bound until the big moves after the all-important US non-farm payrolls report. Despite a drop in the unemployment rate to a 16-year low of 4.3%, this was not enough to make up for the huge miss in the non-farm payroll number, causing a big tumble in the dollar. During the month of May, a mere 138,000 new jobs were added to the US economy, versus an expected 185,000. Adding to the disappointing headline number, the [..]

Forex Market Review (Asian Session) – Dollar firmer after ADP jobs; all eyes on NFP; oil drops after US decision to withdraw from Paris Climate Accord

Posted on June 2, 2017 at 7:19 am GMT

The dollar consolidated gains made after a solid ADP jobs report on Thursday which gave investors optimism that today’s non-farm payrolls number could also be upbeat. This would strengthen expectations for a rate hike by the Federal Reserve at its meeting this month. The ADP private employment report was better than expected and increased by 253,000 jobs in May versus forecasts for a gain of 185,000 jobs. A separate report showed US factory activity picked up last month after slowing [..]

Forex Market Review (European Session) – Dollar jumps higher on strong ADP employment data; pound recoups losses but aussie slumps

Posted on June 1, 2017 at 2:52 pm GMT

The US dollar turned sharply higher in today’s European session after the ADP employment report showed a bigger-than-expected increase in private sector payrolls. The pound managed to recoup its earlier losses but the Australian dollar extended its slide to three-week lows. The greenback had its best day in a fortnight against the yen today as it got a boost from strong jobs data. Private sector employment rose by 253k in May according to the ADP employment report. Analysts were expecting [..]

Forex Market Review (Asian Session) – Aussie swings from gains to losses on Australian retail sales and Chinese data; oil rebounds after API

Posted on June 1, 2017 at 7:19 am GMT

The Australian dollar had a choppy session after domestic and Chinese data. The greenback moved higher while oil rebounded from a two-day decline after the API report. The aussie jumped against the greenback to a high of $0.7453 after Australian retail sales were stronger than expected. It reversed gains on disappointing Chinese manufacturing PMI data, which took the currency down to its lowest level since May 12 at $0.7383. China is Australia’s major trading partner. Australian retail sales rebounded sharply [..]

Forex Market Review (European Session) – Sterling rebounds from 6-week lows; euro shrugs off weak inflation data

Posted on May 31, 2017 at 2:58 pm GMT

The euro and the pound made a comeback in today’s European session, but the dollar was subdued as investors awaited the Fed’s Beige Book for further direction. The euro was one of the stronger performing currencies on Wednesday as traders overlooked weaker-than-expected Eurozone CPI figures to bet on a more hawkish European Central Bank at next week’s policy meeting. Headline inflation fell from 1.9% to 1.4% year-on-year in May’s flash reading, missing forecasts of 1.5%. This was the lowest rate [..]

Forex Market Review (Asian Session) – Sterling tumbles to 5-week low versus yen after new UK election poll; kiwi jumps on NZ confidence data

Posted on May 31, 2017 at 7:18 am GMT

Sterling was one of the worst performing major currencies against the dollar as it slumped on election jitters. The aussie was briefly boosted by PMI data out of China. The kiwi jumped on business confidence data. The pound fell half a percent against the greenback in early Asian session trading after a UK election poll showed the risk of a hung parliament. A poll conducted by YouGov showed the Conservative Party might lose as many as 20 of the 330 [..]

Forex Market Review (European Session) – Dollar choppy after mixed US data; euro and sterling recover recent losses

Posted on May 30, 2017 at 3:06 pm GMT

The dollar was boosted after solid US personal spending and consumption data which helped reaffirm expectations of a Fed rate hike in June. Sterling continued its recovery as markets focused on the Conservatives’ likely victory on June 8 despite a narrowing lead in recent polls. The impact of ECB President Mario Draghi’s dovish remarks was diminished by new reports that the ECB will upgrade its assessment on the economic outlook for the Eurozone at its upcoming policy meeting, while a [..]

Forex Market Review (Asian Session) – Euro slips on dovish Draghi; yen gains on risk aversion

Posted on May 30, 2017 at 7:32 am GMT

The euro came under pressure on dovish comments from European Central Bank President Mario Draghi. The yen was supported by general risk off sentiment in the markets today. Safe haven gold saw another leg higher. Japan and Australia released economic data during the Asian session. The unemployment rate in Japan held steady near its lowest level in 20 years at 2.8% in April. Retail sales rose more than expected by 3.2% year-on-year in April and were up from a prior [..]

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