oil

Forex Market Review (European Session) – Nonfarm payrolls turn negative but wages feed dollar bulls; oil gives up gains on Tropical Storm Nate

Posted on October 6, 2017 at 3:28 pm GMT

According to the widely-expected nonfarm payrolls report, 1.5mn people stayed out of work due to dangerous weather conditions in September, dampening the number of jobs added to the economy. This, however, was not the biggest surprise, as investors had been warned about the negative consequences arising from the devastating hurricanes. What was instead a more unexpected fact, was the upside change in wage growth which consequently pushed the dollar to fresh highs and boosted confidence in the US economy. In [..]

Forex Market Review (Asian Session) – Dollar rallies as US tax reforms head to Senate; pound tumbles to one-month low

Posted on October 6, 2017 at 7:58 am GMT

A stream of upbeat US economic data, as well as the approval of the 2018 fiscal budget in the US on Thursday, boosted the dollar to a 7-week high on Friday ahead of the widely expected nonfarm payrolls due later today. Meanwhile, the pound stretched its downtrend as concerns over May’s leadership continued to weigh on the currency. Late on Thursday, the Republican-led US House of Representatives gave the green light to the 2018 fiscal spending to set the stage for a tax overhaul which is expected [..]

Forex Market Review (European Session) – Pound slides on political worries; euro weaker after ECB minutes

Posted on October 5, 2017 at 3:10 pm GMT

The pound was the worst performing major currency in Thursday’s European session as speculation mounted about whether the UK prime minister would resign. The euro also underperformed as the European Central Bank’s September meeting minutes showed policymakers wanted to maintain a “highly accommodative” monetary policy once tightening gets underway. The US dollar meanwhile was broadly firmer after another batch of solid US data. Fears about the possible resignation of British Prime Minister Theresa May were heightened today following a party [..]

Forex Market Review (Asian session) – Dollar holds strong amid rising economic confidence; aussie tumbles after retail sales shrink

Posted on October 5, 2017 at 8:01 am GMT

On Thursday, the dollar opened higher in the Asian session, gaining from investors’ increasing confidence on the US economy, while its Australian counterpart fell sharply after underpaid consumers tightened their spending, driving retail sales to the lowest level in five years. The dollar index moved from yesterday’s closing price of 93.28 to a high of 93.37 in Asia before it slipped back as upbeat US non-manufacturing data released on Thursday continued to support the dollar against its rivals and the Fed chair Janet Yellen failed to give any [..]

Forex Market Review (European Session) – Dollar shines on ISM non-manufacturing PMI numbers; oil up after Putin’s remarks and EIA report

Posted on October 4, 2017 at 3:22 pm GMT

Not long before the session-end, the dollar index shot higher against its peers, reversing daily losses after the ISM non-manufacturing PMI readings for the month of September posted the highest mark since August 2015. The index surged by 4.5 points to 59.8, whilst projections were for a smaller increase to 55.5. New orders, employment and price PMI indices within the services industry also touched fresh highs, with prices surging the most in five years. The Markit equivalent also came in [..]

Stock Market News (European Open) – Europe broadly lower with Spanish equities underperforming; Hang Seng adds to gains

Posted on October 4, 2017 at 9:43 am GMT

The Japanese Nikkei 225 and the broader Topix finished the day at fresh three-year highs after achieving the same feat yesterday, albeit their performance significantly lacked yesterday’s rise. The former added less than 0.1% and the latter was only higher on the margin. Hong Kong’s Hang Seng gained 0.7% after yesterday’s surge by 2.25%; the index has been on a positive footing after the PBOC announced that it will reduce the bank reserve requirement ratio, boosting banking stocks. Australia’s S&P/ASX 200 added [..]

Forex Market Review (Asian Session) – Dollar weakens on concerns over dovish new Fed chair

Posted on October 4, 2017 at 7:47 am GMT

On Wednesday, economic market drivers were limited as the economic calendar was lacking important data. However, a final list of subsequent Fed candidates and speculations that Trump might nominate a less hawkish candidate pressured the dollar lower during the Asian session, giving a push to other major currencies. However, growing expectations of a third-rate hike in December kept the dollar index above the 93 key-level. During the Asian session, the dollar index, which gauges the dollar’s strength against its major peers, [..]

Forex Market Review (European Session) – Dollar retreats as investors take profits; euro rebounds

Posted on October 3, 2017 at 3:05 pm GMT

The dollar pared earlier gains during the European trading hours as investors were engaging in profit-taking, while the euro managed to rebound despite political uncertainty remaining in the background. The dollar index retreated from the 1 ½-month high of 93.92, falling to 93.45 before the session-end as investors were locking in gains ahead of the nonfarm payrolls report to be released on Friday. Investors though seem to remain confident on the US economic environment and Trump’s tax policy which aims to deliver large tax cuts to businesses. The pound [..]

Technical Analysis – WTI oil futures hold neutral to bearish bias in short term; key support at 50

Posted on October 3, 2017 at 9:06 am GMT

WTI oil futures dropped below the recent consolidation range and prices are now targeting support at the key 50 level. Risk is clearly tilted to the downside in the near term, while technical signals are bearish. The MACD and RSI are both in bearish territory now. However, the RSI has flattened out, suggesting that downside pressure has eased for now and another consolidation phase is being formed within the 50-handle. The 20-period moving average has turned back down and is [..]

Forex Market Review (Asian Session) – Dollar bulls in charge on improved US economic outlook; aussie down after RBA policy meeting

Posted on October 3, 2017 at 7:36 am GMT

On Tuesday, rising economic prospects in the US kicked the dollar higher to a 1 ½-month high against its major rivals during Asian trading, while a steady monetary policy and an unchanged economic outlook as indicated overnight by RBA policymakers sent the aussie down to a two-month low. The spot dollar index stretched its uptrend during the Asian session, reaching a fresh 1 ½-month high of 93.92 as confidence in the US economic environment was enhanced after the release of upbeat manufacturing PMI readings on Monday and the Fed retained its [..]

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