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Forex Market Review (European Session) – ECB exchange rate concerns drag euro lower; Loonie jumps on Canada GDP beat

Posted on August 31, 2017 at 3:12 pm GMT

A busy economic data session had limited impact on the US dollar and the euro as the greenback maintained its steady recovery, while the euro extended its losses. Risk sentiment remained positive with major European stock indices gaining by almost 1%, though demand for gold held up, with the precious metal climbing 0.6% to $1316 an ounce. Traders chose to put aside their concerns over the heightened geopolitical risks relating to North Korea, while President Trump’s speech yesterday on tax [..]

Forex Market Review (Asian Session) – Dollar extends gains as economic confidence rises; Aussie weaker after CAPEX; Kiwi hits 2 ½ – month low

Posted on August 31, 2017 at 7:46 am GMT

The dollar had a relatively winning battle against its peers overnight, extending its positive momentum after investors restored their confidence in the US economy despite geopolitical risks remaining high and huge damages from the ongoing tropical storm Harvey. On the other hand, the Australian dollar performed poorly, failing to find support on positive economic data, while the Kiwi was the worst performer after figures out of New Zealand came in disappointing. While waters continued rising in southeast Texas and slow-moving [..]

Forex Market Review (European Session) – Dollar extends rebound on US data; euro runs out of steam

Posted on August 30, 2017 at 3:07 pm GMT

Risk sentiment improved notably on Wednesday as geopolitical risks ebbed, helping the US dollar extend its gains into the European session. The euro was the worst performing major currency as the three-day sharp rally ran out of steam. The commodity-driven Canadian, Australian and New Zealand dollars also came under pressure against the resurgent dollar but the pound was a surprise outperformer. The euro was unable to hold on to the $1.20 handle after rising above the level yesterday for the [..]

Forex Market Review (Asian Session) – Dollar pares losses as North Korean risks ease; Aussie hits 4-week high on upbeat construction spending

Posted on August 30, 2017 at 7:33 am GMT

While the US counts the damage from the ongoing disastrous tropical storm Harvey, the dollar managed to reverse losses during the Asian trading hours as investors’ fears over a dangerous escalation of tensions between North Korea and the US eased. Meanwhile, the aussie peaked at a 4-week high after construction projects recorded the highest growth in six years. Despite catastrophic thunderstorm Harvey continuing to move slowly around Texas, causing the death of 12 people and a damage amounting to 10bn dollars so far, [..]

Forex Market Review (European Session) – Dollar remains under pressure; euro and gold extend gains

Posted on August 29, 2017 at 2:30 pm GMT

The US dollar remained under pressure in European trading today, extending its Asian session losses, while the euro and gold added to their earlier gains. The risk aversion brought on from North Korea’s latest missile tests, which violated Japanese airspace, showed little sign of dissipating, with major European indices falling deep into the red. Dollar weakness lifted other majors however, with sterling, and the Canadian, Australian and New Zealand dollars all rising on the back of the greenback’s slide. The [..]

Technical Analysis – WTI Oil Futures under pressure; bias tilted to downside

Posted on August 29, 2017 at 8:55 am GMT

WTI oil futures are giving a bearish picture on the 4-hour chart. Prices are on a downwards trajectory as they have been making lower highs since the August 10 peak of 50.19. The 20-period moving average (MA) crossed below the 50-period MA earlier today giving a bearish signal. Following a neutral phase between August 21 until 28, prices came under severe pressure after breaking below the key 47.00 level. This is now expected to act as strong resistance to the [..]

Forex Market Review (European Session) – Majors move sideways ahead of busy weekly calendar; oil down as Texas energy refineries shut down

Posted on August 28, 2017 at 3:29 pm GMT

With today’s economic calendar lacking important data, major currencies were trading sideways during European trading hours, while market watchers were weighing the damage from the life-threatening tropical storm Harvey which forced the closure of the Texas oil industry on Monday. However, in the coming days, forex markets will be on the receiving end of important data releases from major economies. The dollar struggled to recover from the 2-½-year lows it recorded against its rivals during early Asian session after the Fed Chief [..]

Forex Market Review (European Session) – Yellen induces dollar’s tumble, traders await Draghi for further moves

Posted on August 25, 2017 at 2:45 pm GMT

The dollar tumbled against all majors following the speech of Federal Reserve Chair Yellen at the Jackson Hole symposium. The US currency managed to trade higher against the yen for most of the European session and got a small lift after the release of US durable goods data, but that was short-lived. The dollar index fell 0.43% to last trade at 92.89. The US dollar traded around the value of 109.57 yen for most of the day leading up to [..]

Stock Market News (US Open) – European indices to finish last day of week in positive tone; US opens higher

Posted on August 25, 2017 at 2:01 pm GMT

Major European indices were broadly heading higher as the continent was getting closer to the end of this week’s trading. The Dow Jones Industrial Average, S&P 500 and the Nasdaq 100 also started trading in green territory. The FTSE 100, DAX 30 and CAC 40 were all up by 0.3% during afternoon European trading hours. It is also noteworthy that the FTSE is recording its fourth straight day of advances. In the meantime, the pan-European STOXX 600 was also up [..]

Forex Market Review (Asian Session) – Dollar gains ahead of Jackson Hole; oil up on Texas output disruption

Posted on August 25, 2017 at 7:36 am GMT

The dollar gained against the yen and the euro ahead of the central bankers’ symposium in Jackson Hole. The dollar index was up 0.11% and was trading at 93.37 as Asian traders were heading home for the week. Oil prices also rose on the possible disruption in the Gulf of Mexico, in Texas. The release of the encouraging Japanese CPI data did little to lift the yen against the dollar as the pair traded on the back of strong dollar [..]

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