oil

European Session – Dollar tumbles against yen on soft US retail sales data; oil set to end week higher

Posted on August 12, 2016 at 2:40 pm GMT

Major currency pairs were mostly consolidating the previous day’s moves in the early part of today’s European session until the release of US data which resulted in some substantial moves. The dollar was overall underperforming all week and the release of disappointing US retail sales figures today added to its losses especially against the yen. The highlight of the day was the US retail sales data which was unexpectedly unchanged in July. A 0.4% m/m increase was forecast. Meanwhile, June’s figure was upwardly revised to show [..]

Asian Session – Dollar extends rally driven by Fed’s Williams support for rate hikes; oil higher on Saudi oil Minister’s comments

Posted on August 12, 2016 at 8:48 am GMT

The US dollar extended gains versus the yen in Asian trading on Friday after being lifted late on Thursday by comments from San Francisco Fed President John Williams. The US central bank official said in an interview with the Washington Post that he supported the view that there should be more Fed rate hikes this year as labour market conditions improve in the US economy and inflation is likely heading higher. The dollar reacted positively to the expectation of another [..]

European Session – Sterling dips to 1-month low; oil rallies on softer dollar

Posted on August 11, 2016 at 3:16 pm GMT

Currency markets were relatively subdued during the European session due to a lack of key economic data and also due to light trading during the summer holidays. Consequently, there was no clear direction in the markets today. The euro started off the session on a soft note against the dollar, falling to a low of $1.1136 before bouncing back up to beat the early session highs. The pair reached a high of $1.1173 as the greenback reversed earlier strength. Despite [..]

European Session – Dollar recovers following ADP jobs and ISM data; gold retreats

Posted on August 3, 2016 at 2:57 pm GMT

The US dollar trimmed some of yesterday’s losses especially against the euro and has stabilized against the yen. Despite stronger Eurozone PMI data, the euro was softer today, falling back below the key $1.12 level. Final July PMI figures showed slightly stronger services and composite readings than the preliminary estimates. The index for Services PMI came in at 52.9, higher than the 52.7 expectation and up from the preliminary 52.7 number. The final composite PMI printed a reading of 53.2 [..]

FX Daily Outlook| 02-08-16

Posted on August 2, 2016 at 9:29 am GMT

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Technical Analysis – Oil bearish after fall below key $40 support for first time in 3 months

Posted on August 2, 2016 at 7:18 am GMT

WTI oil fell below the key $40 a barrel level on Monday for the first time since April. The break below the 200-day moving average accelerated the decline. Prices have stabilized today just above $40 but the bias remains to the downside. RSI is trending down and is in bearish territory but as it is approaching oversold levels at 30, there could be some consolidation in the near term. Just below the $40 level lies the 50% Fibonacci retracement level [..]

Technical Analysis – Oil strengthens bearish bias as it tests 200-day MA

Posted on July 29, 2016 at 9:11 am GMT

WTI oil futures continue to extend lower today, dipping below the key $41 a barrel level. The outlook is bearish as a falling RSI below 50 supports further downside momentum. Prices are at a critical level, testing the 200-day moving average at the $41 mark. It provided support yesterday but if there is a close below it today this would open the way for a fall towards $38.76. This level is the 78.6% Fibonacci retracement of the recent upleg from $35.24 [..]

FX Daily Outlook| 29-07-16

Posted on July 29, 2016 at 9:04 am GMT

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European Session – Oil prices tumble after inventories data; Dollar weak on dismal durable goods data and caution ahead of FOMC

Posted on July 27, 2016 at 2:54 pm GMT

Currency markets were relatively quiet ahead of the FOMC outcome later today. The Federal Reserve will conclude a two-day policy-setting meeting and is widely expected to keep rates on hold. But investors will look at the statement for clues into when the Fed will hike interest rates next. The US dollar was broadly weaker against its major counterparts. It came under pressure following a bigger-than-forecast drop in US durable goods orders in June which may spur some concerns about the [..]

European Session – Sterling pressured after discouraging CBI survey; weak oil prices weigh on loonie

Posted on July 25, 2016 at 2:46 pm GMT

There was little real direction in the currency markets during the European Session as a light economic calendar today and big central bank meetings later this week resulted in little activity. Investors were being cautious ahead of the scheduled policy meetings of the Fed and the Bank of Japan on Wednesday and on Friday respectively. During the European session the pound fell against the dollar from a session high of $1.3163 to touch a session low of $1.3093 following a gloomy CBI [..]

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