oil

Asian Session – Euro rallies to 3-month high against Swiss franc; dollar soft ahead of FOMC

Posted on March 13, 2017 at 8:39 am GMT

The markets turn their focus on a lot of event risk this week, with the highlight being the FOMC meeting on Tuesday and on Wednesday. A light economic calendar today led market players to re-adjust dollar positions after the strong US nonfarm payrolls report on Friday. Profit-taking on dollar / yen was extended today after the pair rallied to a 2-month high of 115.49 on Friday. The greenback headed lower to touch an Asian session low of 114.50. Investors are [..]

FX Daily Outlook | 10-03-17

Posted on March 10, 2017 at 9:31 am GMT

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Asian Session – Gold extends losses; All eyes on US jobs report

Posted on March 10, 2017 at 8:55 am GMT

The dollar remains relatively strong, posting gains against most major counterparts with the exception of the euro which was helped in the aftermath of yesterday’s ECB meeting and subsequent press conference by its President, Mario Draghi. As a result of dollar strength, gold was pushed below $1200 an ounce. The European Central Bank signaled yesterday it currently does not plan to take further accommodative measures to boost the Eurozone economy as there are positive signs on the horizon. This helped a [..]

European Session – Euro gains on less dovish Draghi, Macron’s lead

Posted on March 9, 2017 at 4:01 pm GMT

The main event for the day was the European Central Bank’s policy meeting. The ECB kept monetary policy on hold as expected while its President, Mario Draghi, struck a less dovish tone than usual that helped boost the euro. In terms of economic releases, US initial jobless claims gathered most investor attention. The ECB left its key interest rates unchanged as it convened for its policy meeting today (refinancing rate at 0%, deposit rate at -0.4% and marginal lending rate [..]

Technical Analysis – WTI Oil Futures hit 200-DMA after nosedive

Posted on March 9, 2017 at 11:32 am GMT

WTI oil futures extended Wednesday’s tumble to hit the 200-day moving average today for the first time since November. After finding support yesterday at the bottom of the cloud, prices pierced through the cloud today to drop below it, hitting 3½-month lows. Momentum indicators suggest further losses are possible in the near term. The MACD has turned bearish after yesterday’s slide, having been mostly neutral since January. The stochastic oscillator though has been on a downtrend since February and has [..]

FX Daily Outlook | 09-03-17

Posted on March 9, 2017 at 10:09 am GMT

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Asian Session – Dollar continues its climb as odds of hike rise above 90%

Posted on March 9, 2017 at 8:25 am GMT

The dollar continued rising after yesterday’s strong ADP National Employment Report, which showed robust growth in private-sector payrolls. A rate hike during next week’s FOMC meeting is now considered near-certain as the odds of one materializing now exceed 90% based on CME Group’s 30-Day Fed Fund futures prices. It is now unlikely that tomorrow’s US employment report will be weak enough to sway the Fed away from a rate hike. The dollar index continued to advance and should it finish [..]

European Session – Dollar surges on strong ADP jobs data; Pound steadies after UK budget

Posted on March 8, 2017 at 3:49 pm GMT

Expectations about the pace of Fed rate hikes once again dominated European trading on Wednesday after robust US data underlined the case for near-term monetary tightening. The US dollar surged well past 114 yen on the data, while the British pound was able to find some support from the UK government’s first full budget after Brexit. After a slow start to the day, the dollar reversed gear to become the strongest performing currency by late European session. The greenback was [..]

Forex News – Oil range-bound as markets eye output cut deal extension

Posted on March 7, 2017 at 5:09 pm GMT

Crude oil prices are back in focus this week as CERAWeek – an annual international energy gathering – gets underway in Houston, Texas in the United States. Market participants will be looking for any signs of a possible commitment by OPEC and some non-OPEC countries to a possible extension of the output cut deal that was agreed last December and which expires at the end of June. Opinion remains split as to the success of that deal in alleviating the [..]