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Forex News – OPEC remains committed to cutting output; oil rises; loonie receives a boost

Posted on July 25, 2017 at 2:36 pm GMT

Oil prices maintained their positive momentum, rising for a second straight day after OPEC countries called on several of the organization’s members to adhere to the deal to reduce output. Adding to momentum for the commodity and further boosting prices was the commitment by Saudi Arabia – the world’s number one oil exporter – to cut exports starting next month. The oil-linked loonie gained on the back of these developments, rising to a fresh multi-month high relative to the dollar. [..]

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Forex Market Review (Asian Session) – Dollar softens ahead of FOMC meeting; Saudi Arabia helps push oil prices up

Posted on July 25, 2017 at 7:27 am GMT

During the Asian session, forex markets didn’t have much to react to in the absence of important economic releases. Hence, yesterday’s events along with the upcoming two-day US Federal Open Market Committee meeting that starts today have been commanding most of the moves today. The US dollar weakened against most currencies as investors await the news from the two-day FOMC meeting on interest rate policy that starts later today. Many investors expect the Federal Reserve to announce that it will begin [..]

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Forex Market Review (European Session) – Euro pulls back from 2-year highs on disappointing PMIs; dollar steadier; oil up on OPEC pledge

Posted on July 24, 2017 at 3:05 pm GMT

The euro retreated from fresh 23-month highs set earlier in the day as the single currency was hurt by disappointing PMI data out of the Eurozone. The US dollar came off its lows but remained near the 13-month lows reached during the Asian session, while oil reversed higher on OPEC’s latest efforts to curb supply. Eurozone PMI releases by IHS Markit dominated the European trading session on Monday as the data missed expectations on all fronts. The composite PMI for [..]

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Forex Market Review (Asian Session) – Dollar weighed by political woes, close to 13-month low; aussie gains

Posted on July 24, 2017 at 7:42 am GMT

As Asian traders were about to complete their trading day, the dollar index was up on the day after previously hitting a fresh 13-month low. Excluding aussie/dollar, most major pairs were moving within a relatively narrow range during Asian trading hours, while gold was down after recording a one-month high. The dollar’s index against a basket of major currencies fell to 93.82 today – it’s lowest since June 24 of last year. It later managed to recover to last trade [..]

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Forex Market Review (European Session) – Dollar at 13-month lows; loonie gains on rising hike prospects; euro at fresh high

Posted on July 21, 2017 at 3:11 pm GMT

Barring inflation and retail sales data out of Canada, today’s European session was a rather quiet one in terms of data releases. In the absence of data during the rest of the session, forex market participants placed their orders having in mind developments from yesterday’s European Central Bank meeting, as well as developments on the US political front. The dollar index, which gauges the greenback against the currencies of six major US trading partners, fell to 93.99 today, a 13-month [..]

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Aussie tumbles on Deputy Governor’s dovish speech; US dollar weak on political woes

Posted on July 21, 2017 at 7:15 am GMT

The Australian dollar tumbled amid a dovish speech by Reserve Bank of Australia Deputy Governor Guy Debelle. The US dollar remained under pressure against most majors following the plunge yesterday when news broke out about expansion of an investigation into Trump’s links with Russia. The aussie fell to $0.7907 during Asian trading as the RBA Deputy Governor said that no importance should be given to the board’s discussion around the neutral rate and that it doesn’t imply monetary policy tightening. [..]

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Forex Market Review (European Session) – Euro rallies despite dovish Draghi; sterling weakens despite upbeat retail sales

Posted on July 20, 2017 at 3:13 pm GMT

The euro rallied to a near 14-month high against the dollar during the European session following ECB President Mario Draghi’s speech at a news conference today. Sterling was briefly lifted against the US currency, but gave up on gains and was down on the day as the US session started. During the end of the session, forex markets reacted significantly on the back of just released news regarding Trump’s links with Russia. The dollar index was down 0.60% at 94.22. [..]

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