oil

European Session – Canadian dollar rises after BOC holds rates and lifts growth outlook

Posted on April 13, 2016 at 3:16 pm GMT

Risk appetite was up in the markets today after better than expected Chinese trade data. The more upbeat sentiment shifted flows from safe havens to riskier assets and stock markets, which helped the US dollar gain versus the safe haven yen. The euro fell against the dollar. Meanwhile, soft Eurozone data also contributed to the euro’s weakness, pushing it to its lowest since March 29 after breaking below the key $1.13 level. Eurozone industrial production data for February fell by [..]

European Session – Sterling bounces, loonie gains on rising oil prices

Posted on April 11, 2016 at 2:55 pm GMT

It was quiet start to the week for the currency markets as there were no major data releases today. There was barely any reaction to Chinese inflation data this morning. Sterling surprisingly outperformed today while the yen gave back gains made after last week’s strong rally, as risk appetite picked up a bit today. An improved mood in the markets helped stocks rally in Europe. Cable was the main pair that stood out as it rose from levels just above [..]

European Session – Dollar falls to fresh 17-month lows versus yen as markets eye FOMC minutes

Posted on April 6, 2016 at 3:03 pm GMT

Sterling was one of the worst performing major currencies today as Brexit concerns weigh, while the yen continued to outperform due to risk aversion. The focus was also on the dollar, as investors await the FOMC minutes due at 2 pm ET. Attention will also be paid to Cleveland Fed President Loretta Mester who is scheduled to speak about the economic outlook later today. The minutes of the March 15-16 Fed policy meeting are expected to be dovish and will [..]

FX Daily Outlook| 04-04-16

Posted on April 4, 2016 at 8:52 am GMT

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Asian Session – Yen gains despite positive risk mood

Posted on April 4, 2016 at 8:00 am GMT

The Japanese yen seemed to be the main beneficiary of today’s Asian session, as traders were still adjusting to Fed Chair Janet Yellen’s message that caution was required in raising interest rates higher than their present 0.50% in the United States. Friday’s strong employment report was insufficient at this point to sway the Fed to change its mind, according to the prevailing market view. Yellen’s remarks continued to weigh on the US dollar, which traded near a 15-month low versus the Japanese [..]

Technical Analysis – US oil futures descend towards 50-DMA

Posted on April 4, 2016 at 7:31 am GMT

US oil futures opened lower on Monday to extend their losses to a ninth straight day. Oil has been heading lower since peaking at 42.47 on March 18, which was a 54% rally from the January low of 27.54. Prices have fallen below the 38.2% Fibonacci retracement level of the January-March upleg and the next support level is likely to come at the 50% Fibonacci level at 35.0. This is also where the 50-day moving average is converging. A break [..]

European Session – Dollar bounces higher after strong NFP, earnings growth

Posted on April 1, 2016 at 3:04 pm GMT

The US dollar saw some volatility after the release of stronger-than-expected non-farm payrolls data, which dragged US and European equities lower on Friday. Non-farm payrolls in the United States rose by 215k in March, slightly stronger than the expected figure of 205k but below February’s reading of 245k. The unemployment rate edged up to 5.0% despite the healthy jobs gain as the labor force participation rate increased to 63.0% from 62.9%, meaning that more Americans had entered the workforce. What [..]

Asian Session – Dollar eyes 113 yen as commodities continue to retreat

Posted on March 24, 2016 at 9:13 am GMT

Fed rate hike talk continued to drive the dollar higher on Thursday, helping the dollar index climb to a one-week high of 96.30 during Asian trading. St. Louis Fed President James Bullard was another Fed official to speak this week. In an interview on Bloomberg TV yesterday, Bullard said the Fed runs the risk of overshooting its inflation target. However, he also expressed concern about raising interest rates at a time of weak inflation expectations. The dollar attempted to break [..]

European Session – Dollar climbs to one-week highs but gold tumbles

Posted on March 23, 2016 at 3:34 pm GMT

European equity markets opened higher on Wednesday as fears of a wider security threat following the Brussels attacks yesterday receded. Helping market sentiment were improved business survey readings for the Eurozone and Germany, which got overshadowed yesterday from the terror attacks. The data included the flash Eurozone PMI numbers for March, which showed the first quarter looks set to end on a more positive note after the dismal start to the year. The dominant theme on Wednesday was the strength [..]

Asian Session – Dollar up on hawkish Fed comments; yen surges after Brussels explosions

Posted on March 22, 2016 at 9:27 am GMT

The US dollar extended its gains for a third day on Tuesday following hawkish comments by several Fed officials in recent days. Speaking on Monday, Atlanta Fed President Dennis Lockhart said the US economy had sufficient momentum to justify a rate rise as early as April. Earlier in the day, San Francisco Fed President John Williams expressed similar views saying there was little risk of a US recession and that a rate hike is possible in both the April and [..]

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