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European Session – Dollar gains over 1 percent on yen

Posted on May 9, 2016 at 2:49 pm GMT

The US dollar was broadly stronger on Monday and gained over 1 percent versus the Japanese currency to 108.59 yen. The absence of key US data today helped the greenback extend gains from Friday after the currency recovered swiftly from the soft nonfarm payrolls data, with the help of comments from New York Fed President William Dudley. His comment that it was reasonable to expect two Fed rate hikes this year lent support to the greenback. The diverging monetary policies [..]

Asian Session – Dollar firms against yen on Japanese intervention warning

Posted on May 9, 2016 at 7:44 am GMT

The US dollar made some progress during Monday’s Asian trading, despite the weaker-than-expected nonfarm payrolls report released on Friday. The dollar might have been helped by the warning of the Japanese finance minister that the country was ready to intervene in foreign exchange markets if the yen’s moves were volatile enough to hurt the country’s trade, economy and fiscal policies. Apparently there was some disagreement between US and Japanese authorities, with the Americans describing the yen moves as “orderly”, while [..]

Technical Analysis – EURJPY outlook remains bearish in falling channel

Posted on May 9, 2016 at 6:59 am GMT

EURJPY remains under pressure after falling to the lowest level since March 2013 on Friday when prices dipped to 121.47. The markets remains below the moving averages. There was a bearish cross of the 50-day below the 200-day moving average. Prices continue to fall in a one-year old descending channel. The 122.00 level is important support and 124.00 is resistance. The overall trend appears to be bearish as the MACD remains below zero. RSI is below 50, also in bearish [..]

European Session – Dollar falls on weak US payrolls but recovers most losses

Posted on May 6, 2016 at 2:39 pm GMT

The highlight on Friday was the US April jobs report. Currency markets were mostly quiet and risk sentiment was down until the release of this all-important data as there were no other major news today. The nonfarm payrolls report missed forecasts to show fewer jobs created in the US last month at 106,000 compared to the 215,000 created in March. It was the smallest gain since September. Most economists expected at least 200,000 jobs to be added in the economy. [..]

Week Ahead – Bank of England, Eurozone GDP and US retail sales in focus

Posted on May 6, 2016 at 12:19 pm GMT

The UK will be in focus in the coming week as it will release some important economic data on international trade and industrial production due on Tuesday and Wednesday, respectively. But what will attract the most attention will be the Bank of England policy meeting and the publication of its inflation report on Thursday. It is widely expected that the BoE will leave interest rates unchanged at 0.50% as policy makers will unlikely want to take any action ahead of [..]

Asian Session – Dollar marks time ahead of payrolls; aussie drops after dovish RBA statement

Posted on May 6, 2016 at 8:02 am GMT

The US dollar was seen as mainly marking time ahead of the day’s main event which will be the release of the US employment report for April. The fact that the Fed is in a data-dependent mode makes today’s report all the more important – although markets still consider a June rate hike as unlikely. The unemployment rate in the US is expected to remain the same at 5%, while the net number of jobs created is expected to stay [..]

Technical Analysis – EURUSD pauses uptrend, tests key 1.14 level

Posted on May 6, 2016 at 7:09 am GMT

The overall technical picture for EURUSD remains bullish, as the pair staged a rally from 1.0520 to 1.1615 (December to May). The technical indicators – RSI and MACD are in bullish territory, supporting the bullish market structure. But after hitting the high at 1.1615, prices reversed lower to find support around the 1.1400 area. Clearer signals are needed to see if this fall is a correction of the recent uptrend or if it is a reversal of the upside move. [..]

European Session – Oil rises above $46 a barrel on supply concerns due to Canada and Libya events

Posted on May 5, 2016 at 2:11 pm GMT

Oil is back in the picture as it rose on threats to supply. After falling for four straight days, prices bounced higher today on concerns of supply disruptions in Canada and Libya. A wildfire raging around Fort McMurray, which is Canada’s oil sands centre, is said to have brought down production to 800,000 barrels a day. Meanwhile, in Libya, fighting between rival factions in the country caused oil tankers to be blocked, which could bring down the country’s oil output [..]

UK services PMI misses forecasts, another sign of slowing economy; sterling below $1.45

Posted on May 5, 2016 at 9:45 am GMT

On Thursday, the UK released yet another PMI survey that missed forecasts. Following from the manufacturing and construction PMI surveys released earlier this week, today’s services PMI came in below expectations. As a result, the composite PMI was pushed down to 51.9 from 53.6 in March. The PMI surveys are collectively indicating that economic growth in the UK has been stalling, down from 0.4% in the first quarter to just 0.1% in April. The UK economy has been showing signs [..]

Asian Session – Dollar holds on to gains amid thin trading due to holidays

Posted on May 5, 2016 at 7:20 am GMT

The US dollar managed to hold on to its gains during Thursday’s Asian trading, while a national holiday kept the Tokyo market closed. The day’s European session was also shaping up to be quiet due to holidays in countries such as Germany, France, Switzerland and Italy. The UK on the other hand will be open for business. Regarding foreign exchange moves, the dollar was trading around the 107 mark versus the Japanese yen while keeping the euro below the 1.15 [..]

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