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Forex Market Review (European Session) – Dollar choppy after mixed US data; euro and sterling recover recent losses

Posted on May 30, 2017 at 3:06 pm GMT

The dollar was boosted after solid US personal spending and consumption data which helped reaffirm expectations of a Fed rate hike in June. Sterling continued its recovery as markets focused on the Conservatives’ likely victory on June 8 despite a narrowing lead in recent polls. The impact of ECB President Mario Draghi’s dovish remarks was diminished by new reports that the ECB will upgrade its assessment on the economic outlook for the Eurozone at its upcoming policy meeting, while a [..]

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Forex Market Review (Asian Session) – Euro slips on dovish Draghi; yen gains on risk aversion

Posted on May 30, 2017 at 7:32 am GMT

The euro came under pressure on dovish comments from European Central Bank President Mario Draghi. The yen was supported by general risk off sentiment in the markets today. Safe haven gold saw another leg higher. Japan and Australia released economic data during the Asian session. The unemployment rate in Japan held steady near its lowest level in 20 years at 2.8% in April. Retail sales rose more than expected by 3.2% year-on-year in April and were up from a prior [..]

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Forex Market Review (European Session) – Euro falls while ECB President Draghi speaks; sterling rises on latest election poll

Posted on May 29, 2017 at 3:11 pm GMT

Markets were closed in the US and in the UK today leading to relatively low trading volumes in currencies. The euro fell while European Central Bank President Mario Draghi testified at the European parliament in Brussels today. His comments struck a cautious note ahead of the ECB’s policy meeting next week, as he mentioned that the Eurozone economy still needed substantial monetary stimulus, especially if inflation was to rise in a sustainable way to reach the 2% target. While acknowledging [..]

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Forex Market Review (Asian Session) – Dollar boosted by Fed speaker and US GDP; pound rebounds after latest election poll

Posted on May 29, 2017 at 7:12 am GMT

The dollar was boosted after comments by Federal Reserve Bank of San Francisco President John Williams and on an upbeat US GDP. The pound rebounded after the latest UK election opinion poll showed the Conservatives in the lead. An ICM poll for British newspaper The Sun released over the weekend, showed Prime Minister Theresa May’s Conservatives with a 14-point lead over the Labour Party. The latest poll follows from one published last Friday, which showed a narrower lead of just 5 [..]

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Forex Market Review (European Session) – Dollar rebounds after US GDP revised up; sterling falls another leg lower

Posted on May 26, 2017 at 2:39 pm GMT

The dollar rebounded after GDP revisions showed economic growth in the US slowed less sharply in the first quarter than initially thought. Sterling extended losses versus the greenback after the US data. Oil stabilized following the post-OPEC tumble. The dollar had been sliding in European trading to sub-111 yen levels but rebounded after the release of US GDP revisions and durable goods data. The rally stalled at 111.33 yen after the final reading of the University of Michigan consumer sentiment [..]

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Forex Market Review (Asian Session) – Oil slides after OPEC fails to do more; sterling drops on polls

Posted on May 26, 2017 at 7:09 am GMT

Sterling was one of the worst performing major currencies against the US dollar after tumbling on a recent poll showing UK Prime Minister Theresa May’s lead was falling. Oil slid on disappointment following the OPEC deal. Investors were hoping for deeper cuts at the OPEC gathering in Vienna yesterday that also included some non-OPEC producers. A deal was reached to extend a current output cut agreement by another nine months, taking it to March 2018. This was already priced in [..]

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Forex Market Review (European Session) – Dollar still weighed by Fed minutes; Oil falls after OPEC extends cuts

Posted on May 25, 2017 at 2:17 pm GMT

The US dollar remained weighed by yesterday’s FOMC minutes where Fed policymakers appeared a bit more concerned about the soft patch affecting the US economy. Crude oil was also in focus as OPEC and some non-OPEC countries met in Vienna to discuss whether to extend the output cut deal, which is due to expire at the end of June. The greenback bounced back in Thursday’s European session, rising as high as 111.94 yen from yesterday’s low of 111.47 yen, before [..]

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