oil

Forex Market Review (Asian Session) – Dollar little changed ahead of jobs report; aussie loses ground on weak retail sales

Posted on November 3, 2017 at 8:29 am GMT

As Asian traders were completing this week’s trading, the dollar was not much changed relative to most major counterparts with investors’ attention falling to the US jobs report due at 1230 GMT. At 0818 GMT, the dollar’s index against a basket of currencies was 0.1% higher, trading at 94.79. It yesterday fell to a one-week low of 94.41, perhaps on uncertainty related to US tax reform. Euro/dollar was 0.1% lower and not far below 1.1650. Dollar/yen was flat, a few [..]

Forex Market Review (European Session) – Dollar and pound bolstered by upbeat data ahead of rate decisions

Posted on November 1, 2017 at 3:31 pm GMT

The prevailing risk-on mood ahead of key risk events in the next few days lifted the US dollar and weakened the yen in European trading on Wednesday. Upbeat economic data also boosted the greenback along with the British pound. The aussie and kiwi were other notable gainers, while the euro joined the yen in being the day’s worst performers. Manufacturing PMI out of the UK was the main data release in Europe. The index rose from an upwardly revised 56.0 [..]

Technical Analysis – WTI oil futures are trending higher but pause recent rally

Posted on October 31, 2017 at 9:49 am GMT

WTI oil futures are trending higher and have shifted to a more bullish bias after breaking above the 53.00 level. The recent rally stalled at 54.43, a level not seen since late February. Risk is to the upside but the market is now consolidating recent gains and is pivoting around the 54.00 level after upside momentum got exhausted. The positively aligned 20 and 50-period moving averages support the bullish view. Soft support is at 53.71, the October 27 low and [..]

Forex Market Review (European Session) – Strong US data fails to halt dollar pullback; pound perks up but euro still struggling

Posted on October 30, 2017 at 3:41 pm GMT

The US dollar continued to consolidate in European trading on Monday after recording fresh three-month highs on Friday. Speculation that President Trump is likely to opt for a dovish candidate to head the Fed triggered the greenback’s sell-off on Friday, while new political headaches for the White House further weighed on the US currency today. In European currencies, the euro attempted to move away from last week’s three-month lows but struggled to regain momentum. The pound was stronger however, as [..]

Forex Market Review (European Session) – Dollar flexes its muscles on GDP beat; euro headwinds on Catalan independence

Posted on October 27, 2017 at 3:00 pm GMT

The dollar was standing broadly higher relative to most other major currencies as US quarterly GDP estimates beat expectations. However, the US currency gave up part of its gains later in the session as, according to a report by Bloomberg, US President Donald Trump is leaning towards Federal Reserve Governor Jerome Powell – a perceived dove – to lead the Federal Reserve after current Fed Chair Janet Yellen’s term expires next year. News of Catalonia declaring independence from Spain during [..]

Forex Market Review (Asian Session) – Dollar stands tall ahead of GDP; euro records 3-month low on “dovish tapering”

Posted on October 27, 2017 at 7:51 am GMT

The US currency stood higher on the day as the Asian session was nearing completion, though barring a development that makes US tax reform more likely, that was mostly due to other majors’ weakness rather than any dollar specific factors. Market participants are awaiting the advance estimate of US third quarter GDP growth which is due at 1230 GMT. The dollar’s index against a basket of currencies was trading 0.3% up on the day, near the day’s high and not [..]

Forex Market Review (Asian Session) – ECB in focus; dollar eases in need of fresh catalysts

Posted on October 26, 2017 at 7:49 am GMT

As the Asian session was about to complete, the euro was standing stronger ahead of the European Central Bank’s policy meeting, while the dollar was distancing itself on the downside from the highs it reached earlier in the week. The dollar index, which measures the strength of the US currency versus the currencies of six major US trading partners, was 0.1% lower at 0737 GMT, falling for a third straight day and moving further below Monday’s three-week high of 94.02. [..]

Forex Market Review (European Session) – Pound rises on GDP, hike speculation; loonie declines on BoC inflation expectations

Posted on October 25, 2017 at 3:07 pm GMT

The British pound was a notable gainer during today’s trading as forex market participants revised upwards their expectations for a quarter percentage point interest rate rise to be delivered by the Bank of England after UK third quarter growth beat expectations. The dollar was gaining ground relative to the loonie, aussie and the kiwi and retreating versus the euro, yen and of course sterling. At 1542 GMT, the dollar index, which gauges the greenback against the currencies of six major [..]

Technical Analysis – WTI oil futures lack clear trend during past month; short-term consolidation phase at upper end of range

Posted on October 24, 2017 at 8:34 am GMT

WTI oil futures have been moving sideways in the past two weeks and are trading in the upper half of a broader range that has been forming during the past month following the rise above 49.00 on September 13. On the 4-hour chart, there was a recent bounce ahead of the 49.00 level which is now considered to be strong support. Prices moved towards the upper end of the one-month range where they are now consolidating. As long as the [..]

Forex Market Review (European Session) – Dollar holds onto gains vs yen as Trump Fed decision awaited; euro slips

Posted on October 23, 2017 at 2:42 pm GMT

The US dollar held on to most of its Asian session gains in European trading on Monday as the yen remained weak after Abe’s landslide victory in Japan. The euro slipped further into losses as the stand-off between Madrid and the Catalan authorities intensified, while sterling also lost ground amid worries about the British economy. The yen maintained its broad weakness against most major currencies following Japanese prime minister Shinzo Abe’s election win on Sunday, which signalled policymakers in the [..]

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