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Forex Market Review (European Session) – Euro surges to 6-month high after German ZEW and Eurozone GDP data; benefits from weak dollar

Posted on May 16, 2017 at 2:27 pm GMT

The euro was one of the best performing major currencies after surging on upbeat data out of the Eurozone. The single currency benefitted from a weaker dollar which was hurt by negative reports about the US President and his disclosure of sensitive information to Russian officials. The pound was briefly boosted by strong UK inflation data. The euro rallied to its highest level in six months against the dollar to reach $1.1088, as it was driven higher by upbeat data. [..]

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Forex Market Review (Asian Session) – Dollar weakness persists; euro rises above $1.10; oil holds gains

Posted on May 16, 2017 at 6:49 am GMT

The dollar index fell to a one week low as the greenback continued to weaken against a basket of currencies, following a series of soft US data recently, as well as domestic politics. The euro extended its rally, while oil prices held onto recent gains. The dollar came under pressure yesterday after a surprisingly soft US manufacturing report from the New York Federal Reserve. Meanwhile, an article in the Washington Post that US President Donald Trump divulged highly classified information [..]

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Forex Market Review (European Session) – Dollar broadly weaker, Loonie hits 2-week high on stronger oil prices

Posted on May 15, 2017 at 3:02 pm GMT

The dollar was broadly weaker amid softer US Treasury yields in the wake of a series of disappointing US economic data. The Canadian dollar was one of the top performing major currencies today, reflecting firmer crude oil prices. Hopes of extending an OPEC production cut deal helped boost the US oil benchmark by 3%. The dollar index extended losses in the European session, driven lower by weaker US economic data. Following Friday’s soft retail sales and CPI releases, the US Empire [..]

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Forex Market Review (Asian Session) – Dollar under pressure; oil jumps on hopes of extending OPEC deal

Posted on May 15, 2017 at 7:46 am GMT

The dollar came under pressure against most major counterparts but rose against the yen. Oil prices jumped higher on expectations that oil production cuts will be extended to next year. The yen was only briefly boosted by geopolitical concerns after news of another North Korean missile test over the weekend. On the economic data front, China released industrial production and investment figures for April, which were disappointing. But markets shrugged off the weak numbers to focus on China’s plan to [..]

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Forex Market Review (European Session) – Dollar falls after disappointing US CPI and retail sales data

Posted on May 12, 2017 at 2:45 pm GMT

US Treasury yields dropped following disappointing US data releases, which weighed on the dollar. The euro was one of the best performers. US retail sales fell short of analysts’ estimates and consumer price growth slowed in April. The weak data raised concerns that the Fed may not stick to its 3-rate hikes this year, especially since today’s data come after weak first quarter growth. Fed fund futures are now showing a less than 50% probability of the Fed raising rates [..]

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Forex Market Review (European Session) – Sterling weak after soft UK data and BOE; yen broadly stronger

Posted on May 11, 2017 at 2:47 pm GMT

The pound fell after the Bank of England announced its latest decision on monetary policy and also released an update of its inflation projections, downgrading longer-term forecasts. The yen was broadly stronger, while the euro dipped further. Gold and oil gained. Sterling began falling ahead of the BoE decision, after disappointing UK data which showed industrial production fell 0.5% month-on-month in March, reflecting weaker manufacturing, which dropped by a larger-than-expected 0.6% month-on-month, following a 0.3% fall in February. Meanwhile, the UK reported a larger-than-forecast [..]

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Forex Market Review (Asian Session) – Kiwi drops to 11-month low after RBNZ; pound steady ahead of BOE

Posted on May 11, 2017 at 7:32 am GMT

The New Zealand dollar under-performed after a neutral RBNZ policy outlook.  Sterling was steady ahead of the Bank of England meeting and the release of the BOE quarterly inflation report. The kiwi tumbled to an 11-month low against the greenback as the RBNZ noted a lack of inflation pressure in the economy and indicated it would keep rates low for an extended period of time. The Bank left rates at 1.75%, which was widely expected, but the markets were hoping [..]

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