FX Daily Outlook| 07-03-2016
Posted on March 7, 2016 at 10:09 am GMT[..]
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Technical Analysis – Oil rises above cloud; bias turns positive
Posted on March 7, 2016 at 8:16 am GMTUS crude oil futures rallied above the Ichimoku cloud last week, rising above it as well as the 50-day moving average for the first time since November 2015. Prices currently stand above 36 – the highest since January 5. The momentum indicators are all positive with RSI moving towards 70 and the MACD turning positive also for the first time since November. This is an indication that there is scope for further gains. Further bullish signals are provided by the [..]
Asian Session – Dollar subdued ahead of NFP; Gold at 1-year high
Posted on March 4, 2016 at 9:37 am GMTThe US dollar hovered near yesterday’s lows when it fell following data from the ISM non-manufacturing composite showing that employment in the services sector fell in February. The greenback extended its slide in early Asian trading to drop to 113.23 yen but rebounded to 113.93 yen in late session. The yen was broadly weaker against other currencies on Friday as steady oil prices provided some risk appetite, taking the shine off the yen’s safe haven appeal. There was also little [..]
Oil in retreat after Saudi Arabia rules out cut; doubts remain over freeze
Posted on February 24, 2016 at 2:07 pm GMTCrude oil prices erased their gains made after the deal to freeze output was struck as Saudi Arabia’s oil minister yesterday ruled out cutting production anytime soon. Saudi Oil Minister Ali Al-Naimi, who was speaking at a conference in Houston, Texas, said on Tuesday that a production cut is “not going to happen” because he was sceptical about other countries enforcing it even if such a decision was taken. On February 16, OPEC members Saudi Arabia, Venezuela and Qatar reached [..]
Oil rebound brings relief to markets but outlook remains uncertain
Posted on February 18, 2016 at 1:08 pm GMTCrude oil prices extended their gains on Thursday as the deal announced between OPEC and Russia continued to provide support. On Tuesday, OPEC members Qatar, Venezuela and Saudi Arabia agreed with Russia, a non-OPEC member, to freeze output at January levels in a bid to halt the freefall in oil prices. Markets were initially disappointed with the outcome of the Saudi- and Russia-led talks in Doha as the deal did not involve any production cuts. There were also fears of [..]
Oil rout intensifies as Iran re-enters global oil market
Posted on January 18, 2016 at 11:40 am GMTOil prices extended their slide on Monday after the international community decided to lift sanctions on Iran over the weekend. The decision to ease sanctions against Iran comes after the International Atomic Energy Agency said in its report that Iran has fulfilled its obligations under last year’s nuclear accord that prohibits Iran from developing nuclear weapons. Analysts estimate that Iran will be able to raise production by 500,000 barrels a day immediately after the suspension of sanctions. This would add [..]
FX Daily Outlook| 23-12-15
Posted on December 23, 2015 at 9:27 am GMT[..]
Asian Session – Dollar attempts a rebound ahead of key data later in the day
Posted on December 23, 2015 at 8:34 am GMTThe US dollar edged higher in quiet Asian trading on Wednesday as Japanese markets are closed for the Emperor’s birthday. Profit taking drove the US currency lower for a third straight day on Tuesday. There was limited reaction to mixed US economic data yesterday. The third revision to third quarter growth showed the US economy expanded at a slightly slower pace than had been estimated in the second revision. However, the data was above forecasts and shows US growth remains [..]
Dollar strength, China concerns push metals to multi-year lows as oil tests $40
Posted on November 23, 2015 at 3:54 pm GMTThe commodities rout continues to haunt metal prices such as copper, iron ore, nickel and zinc, which have all plummeted to multi-year lows in recent days. The strong dollar is one of the reasons commodity prices continue to come under pressure as the two have traditionally shared an inverse relationship (see graph). This is because the majority of commodities are priced in dollars so when the value of the dollar goes up, it will require fewer dollars to buy commodities. Another [..]
European Session – Loonie falls on oil price drop and BoC decision; dollar tests 120 yen
Posted on October 21, 2015 at 2:16 pm GMTWith the absence of any major data releases today, a drop in oil prices and anticipation ahead of tomorrow’s ECB meeting were the main currency drivers in today’s European session. Crude oil prices extended their losses for a third day after the American Petroleum Institute report showed US commercial crude stocks rising by more than expected in the week to October 16. More data on US oil inventories is released later today from the US Energy Information Administration, which is [..]
