EURUSD

US PMIs: What’s the damage? – Forex News Preview

Posted on March 30, 2020 at 1:21 pm GMT

It’s a busy data week in America, as besides the nonfarm payrolls report, there’s also the latest ISM manufacturing and non-manufacturing PMIs coming up on Wednesday and Friday respectively, both at 14:00 GMT. These surveys will give us a taste of how much damage the virus has inflicted on the US economy and therefore, of how deep the upcoming recession will be. As far as economic data go these days, these are extremely important, and a serious disappointment could derail [..]

Daily Market Comment – Dollar edges up, stocks muted in cautious start to week

Posted on March 30, 2020 at 8:32 am GMT

Stocks steady somewhat after Friday’s dip Dollar heads higher after worst week since 2009 Oil skids again; Brent hits 17-year low as world economy shuts down US stock futures attempt to rebound; risk of increased volatility Wall Street was unable to extend its winning streak to a fourth day on Friday but still managed to post its strongest week since 2009. Stocks had been steadily rising after a big gap lower at the open but went into reverse after the [..]

Technical Analysis – EURUSD lacking direction as appreciation turns neutral

Posted on March 30, 2020 at 7:15 am GMT

EURUSD looks to be mostly neutral after an ascent from the 35-month low of 1.0635 returned the price back above the 1.1000 handle, overcoming the simple moving averages (SMAs) and the Ichimoku cloud. The short-term oscillators reflect a stall in the positive momentum. The MACD, in the negative area, has moved above its red trigger line and near to zero, while the RSI hovers above its neutral mark, pointing slightly down. Additionally, backing this view are the stochastics, which are [..]

Week Ahead – China and US PMIs eyed for virus impact; NFP report poses threat to relief rally

Posted on March 27, 2020 at 1:34 pm GMT

The global crisis from the coronavirus pandemic has produced much turmoil in financial markets even though economic data on the impact has so far been scarce. That is about to change as March figures start rolling in. Given the extent of the market fallout, investors may already be expecting the worst. That’s not to say, however, that once the data lay bare the true scale of the economic damage, investors won’t be unnerved. The main releases next week that could [..]

Daily Market Comment – Stocks rally despite recessionary US data, is the bottom in?

Posted on March 27, 2020 at 9:17 am GMT

US jobless claims signal the economy is in recession, but stocks gain ~6% Is this the beginning of a new uptrend, or just a bear market rally? In FX, dollar continues to sink as liquidity pressures ease, but yen stays in demand Markets shrug off horrible US jobless numbers A record-shattering 3.3 million Americans filed for unemployment benefits last week, more than quadrupling the previous record and providing the clearest indication to date that the US is headed for a [..]

Daily Market Comment – US jobless data: A trial by fire for markets

Posted on March 26, 2020 at 9:42 am GMT

US jobless claims today will reveal how much economic damage the virus has already inflicted Make or break moment for stocks – a worse than feared number could quash the recent recovery Yen leads, aussie lags as risk aversion slowly creeps back into markets US jobless data could derail the latest recovery Economic data finally comes back into the spotlight today, as the number of Americans filing for unemployment benefits last week will give us a taste of just how [..]

Technical Analysis – EURUSD recovery halted by downtrend line

Posted on March 25, 2020 at 11:47 am GMT

EURUSD recovered in recent sessions following an aggressive sell-off, but the bulls seem to be having trouble overcoming a downtrend line drawn from the March peak. The near-term outlook therefore remains negative for the time being, though a break above the downtrend line and more importantly above the 1.0890 zone, could turn it back to neutral. Short term momentum oscillators rest near their neutral levels, providing no clear directional signals. The RSI is currently testing its 50 zone while the [..]

Daily Market Comment – Stocks roar back as Congress reaches deal on rescue package

Posted on March 25, 2020 at 10:11 am GMT

Global stocks rebound sharply as Democrats and Republicans agree on $2 trillion stimulus package But has the market truly bottomed, or is this another dead cat bounce? In FX, risk-taking is back; commodity currencies recover as dollar and yen retreat Is gold turning the corner? Epic turnaround for stocks Global markets staged a heroic recovery on Tuesday. The Dow Jones climbed almost 11.4% to record its strongest day since 1933 as investors took heart that the US Congress would [..]

Most important US jobless claims ever? – Forex News Preview

Posted on March 24, 2020 at 2:57 pm GMT

In the United States, all eyes will be on the weekly jobless claims, which will be released at 12:30 GMT on Thursday. This will reveal how much damage the virus outbreak has already inflicted on the US economy, and investors are terrified that the number of Americans filing for unemployment benefits is about to skyrocket as consumption collapses and businesses lay people off. A huge surge in jobless claims could cement fears of a recession and therefore spell more trouble [..]

Daily Market Comment – Fed drops hydrogen bomb on markets, wounds dollar

Posted on March 24, 2020 at 11:23 am GMT

Dollar inches down as Fed goes all out, announces unlimited QE and expands purchase universe Wall Street closes lower, unimpressed by Fed – but set to recover today as Congress moves closer to a deal In broader FX market, the retreating dollar lifts all other boats Fed drops equivalent of hydrogen bomb on markets The Federal Reserve went ‘all in’ yesterday, promising to buy unlimited amounts of Treasury bonds and mortgage backed securities (MBS) to stabilize financial markets and negate [..]

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