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European Session – Gold, oil hit fresh 2016 highs as dollar continues to slide

Posted on April 29, 2016 at 3:20 pm GMT

Commodities were bolstered on Friday from the weakening US dollar as soft consumer spending and inflation data reinforced expectations that the Federal Reserve will not be required to raise interest rates anytime soon. The dollar index, which measures the value of the US currency against a basket of currencies, hit an 8-month low and was down 0.7% at 93.09 in late European session. This helped crude oil to climb to fresh yearly highs, with US crude hitting $46.78 a barrel [..]

Week Ahead – PMI data and US NFP to dominate; RBA meeting also eyed

Posted on April 29, 2016 at 1:15 pm GMT

The coming week will be a busy one for PMI data as China and the UK will see the first and only PMI releases for April, while for the Eurozone and the US, the final readings are due. Also in focus next week is the non-farm payrolls report in the United States as well as the RBA’s scheduled policy meeting. China PMI expected to improve further Manufacturing activity in China has been on a downward trend since the middle of [..]

Technical Analysis – AUDJPY turns bearish again after sliding below 50-DMA

Posted on April 29, 2016 at 8:46 am GMT

AUDJPY has fallen over 5% in the past three days with the current sell-off taking prices from above the 200-day moving average to sharply below the 50-day moving average. The near-term bias has turned from positive to negative. This is underlined by the downward sloping RSI, which has yet to approach oversold territory, indicating there is scope for further losses. The nearest support is likely to come from the 23.6% Fibonacci retracement level of the downleg from 90.71 to 77.57. [..]

Asian Session – Yen extends post-BoJ gains; Dollar slides to 8-month low

Posted on April 29, 2016 at 7:47 am GMT

The US dollar fell to an 8-month low on Friday as measured against a basket of currencies as a dovish Fed and Bank of Japan inaction weighed on the greenback. The yen meanwhile extended yesterday’s impressive rally when it achieved its largest daily gain against the dollar in seven years. The US currency slumped to a fresh 18-month low of 106.89 yen against the yen in today’s Asian session and the dollar index hit its lowest since August 2015. With [..]

European Session – Dollar unmoved by weak GDP; Oil hits fresh 2016 high

Posted on April 28, 2016 at 2:11 pm GMT

The yen extended its gains at the start of European trading and was able to hold on to its gains in late session as traders digested the Bank of Japan’s surprise decision not to expand monetary stimulus contrary to market expectations. The dollar meanwhile was stuck near the day’s lows as weak GDP numbers confirmed that the US economy went through a soft patch in the first quarter. The greenback hit a low of 107.91 yen earlier in the European [..]

BoJ surprises markets by keeping policy steady, sends yen surging

Posted on April 28, 2016 at 11:48 am GMT

The Bank of Japan disappointed financial markets on Thursday when it decided to keep monetary policy unchanged at its scheduled policy meeting. The decision for no action caught many analysts by surprise as expectations had been rising since last Friday that the BoJ would announce fresh stimulus measures to spur growth and inflation in Japan. Reports by Bloomberg last Friday that Bank of Japan policymakers were considering applying negative rates to the Bank’s lending facilities had triggered a yen sell-off, [..]

Asian Session – Yen surges after BoJ stands pat; kiwi also firmer but dollar slips

Posted on April 28, 2016 at 7:52 am GMT

The yen soared against other major currencies on Thursday after the Bank of Japan surprised markets by keeping monetary policy unchanged at its April meeting. Expectations had been building since last Friday that the Bank would announce fresh stimulus measures following reports that policymakers were considering broadening the use of negative interest rates. However, speaking at the press conference after the meeting, the Bank’s governor, Haruhiko Kuroda told reporters that the Bank is not thinking about applying negative rates to [..]

Technical Analysis – NZDUSD rebounds and reverses recent pull-back

Posted on April 28, 2016 at 7:23 am GMT

The NZDUSD pair’s recent decline from a nine-month high came to a halt today after prices surged from a low of 0.6805 to 0.6988. If upside momentum continues there is scope to target the key 0.70 level that was breached last week when prices rallied to a high of 0.7053 before falling back down as RSI rose close to 70, indicating the market approached near overbought levels. It appears that the short-term downward pressure has eased and RSI has bounced [..]

Fed holds rates but more upbeat on US jobs market; dollar gains

Posted on April 27, 2016 at 7:33 pm GMT

The Federal Reserve Open Market Committee announced its decision after a two-day meeting on Wednesday, to keep interest rates unchanged. As was widely expected, the Fed funds rate (overnight lending rate) was left in a range of 0.25% to 0.5%, when they were last raised in December 2015 by 25 basis points. That was the first rate hike after almost a decade. The vote to hold rates was not unanimous though. One member of the FOMC, Esther George, voted against [..]

European Session – Major currencies seek direction from FOMC, BoJ; Oil retreats from 2016 highs

Posted on April 27, 2016 at 2:42 pm GMT

Trading was cautious in Wednesday’s European session as investors await the outcome of three central bank meetings due in the next 12 hours. The US Federal Reserve will be the first to announce its decision at 18:00 GMT and the dollar was struggling to find direction ahead of this key event. The greenback firmed against the yen during the course of the day but lost ground against the euro. Expectations that the Bank of Japan will announce some new measures [..]

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