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Forex Market Review (Asian Session) – Oil crashes on oversupply concerns; aussie pressured by slipping iron ore prices

Posted on May 5, 2017 at 7:40 am GMT

Oil prices tumbled on concerns of a supply glut, which saw WTI crude slipping below $45 a barrel for the first time since the November OPEC deal to cut production. The Aussie headed for a weekly loss and the commodity-linked Canadian dollar was hit hard as well. Risk aversion in the markets helped boost the safe haven yen. The dollar fell to 112.08, moving off yesterday’s seven-week high of 113.04 yen. The main risk event for the greenback will be [..]

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Forex Market Review (Asian Session) – Aussie falls to four-month low; US dollar hits six-week high versus yen after FOMC; gold tumbles

Posted on May 4, 2017 at 7:32 am GMT

The dollar was firmer today and held onto gains after rallying to a six-week high against the yen on a hawkish Federal Reserve yesterday. The FOMC unanimously decided to leave interest rates unchanged but signaled that the recent disappointing US economic data would not derail plans for further rate hikes this year. The Fed indicated that it saw the slowdown in first quarter growth as transitory. The markets reacted positively to the FOMC statement and are still pricing in a [..]

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Forex Market Review (European Session) – Dollar modestly up ahead of Fed; Brexit developments dominate sterling movements

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

Investors had a lot to digest in terms of data in today’s European session trading hours. Eurozone first quarter preliminary GDP estimates showed the region is in for a promising start to the year. Contrasting this, euro area producer prices showed a slowdown in March. In other news, the UK construction PMI picked up from yesterday’s upbeat manufacturing number and surprised to the upside, while markets were on the receiving end of important data out of the US as well. [..]

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Forex Market Review (Asian Session) – Kiwi jumps on jobs data; Dollar subdued ahead of FOMC

Posted on May 3, 2017 at 7:33 am GMT

The dollar was little changed against the yen and the euro as markets awaited the Federal Reserve to complete a two-day policy meeting later today. Many say it will be a non-event since the Fed is not expected to make any changes to interest rates and there will not be a press conference. But investors will look for any hints concerning a June rate hike in the statement that will be released. Markets are currently giving a fairly high probability [..]

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Forex Market Review (Asian Session) – Yen and gold softer; aussie fluctuates after RBA

Posted on May 2, 2017 at 7:23 am GMT

The yen and gold held losses as risk appetite picked up due to easing concerns over North Korea, which helped offset soft data from China today. US President Donald Trump said on Monday that he would be willing to meet with North Korea’s leader Kim Jong Un. Meanwhile, a tentative deal by the US Congress to avert a government shutdown eliminated another concern for the markets. Data out of China today showed softer-than-expected factory activity in the world’s second largest [..]

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Forex Market Review (European Session) – Euro and pound shine; dollar firm despite disappointing US GDP data

Posted on April 28, 2017 at 2:32 pm GMT

The euro and the pound outperformed other currencies in Friday’s European session, while dollar traders looked beyond disappointing US GDP figures to drive it higher versus the yen. The euro rebounded sharply from yesterday’s ECB-induced losses after stronger-than-expected inflation data for the Eurozone revived expectations that the ECB may soon begin to withdraw monetary accommodation. Headline inflation jumped from 1.5% to 1.9% year-on-year in April according to the flash estimates, just shy of February’s four-year high of 2.0% and above [..]

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Forex Market Review (European Session) – Euro eases from highs; dollar steady ahead of Trump tax plans

Posted on April 26, 2017 at 3:02 pm GMT

The euro eased back from its earlier highs in Wednesday’s European session, while the US dollar largely held on to its gains as the market’s attention shifted to the much-anticipated announcement on tax reforms by the US Treasury Department. After two days of solid gains, the euro succumbed to profit taking as it pulled away from the 5½-month high of 1.0950 touched earlier in the day to ease to around 1.0880 dollars in late European session. Another factor driving the [..]

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