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US housing recovery steadies in Q1 in line with economy

Posted on April 21, 2016 at 1:03 pm GMT

The US housing market has been on a steady recovery path since the end of the financial crisis as the economy continues to grow at a moderate pace. Housing in the United States contributes to around 18% of GDP, through private residential investment and via related consumption spending on housing services. With recent data suggesting that the US economy went through a soft patch in the first three months of the year, the housing market also saw some mixed numbers [..]

Asian Session – Euro under pressure ahead of ECB; oil extends gains

Posted on April 21, 2016 at 8:04 am GMT

Oil prices extended their gains on Thursday, driving equities higher in Asian trading. A smaller-than-expected increase in US crude stocks lifted oil prices yesterday. Reports that Russia was prepared to raise output had little impact on the rally as it was outweighed by comments from the head of the International Energy Agency who earlier today said that non-OPEC oil production would see a big fall in 2016. Crude oil futures surged after the comments following a muted start to the [..]

Technical Analysis – EURJPY gains capped at 124.00

Posted on April 21, 2016 at 6:55 am GMT

EURJPY touched a 3-year low this week at 121.70 after making lower lows and lower highs since mid-2015. Prices then bounced to test the key 124.00 level. But the upside momentum lost steam as this has proven to be a strong resistance level and has been so during the past three days. RSI barely even reached 50 and currently still remains in bearish territory. Other technicals are highlighting the bearish market structure. All three moving averages are falling (50, 100 [..]

European Session – Euro turns lower ahead of ECB, dollar supported by US existing home sales data

Posted on April 20, 2016 at 2:47 pm GMT

It was a relatively quiet European session for the currency markets amid mild risk aversion as crude oil prices reversed lower on news of the end of an oil workers’ strike in Kuwait. The three-day strike reduced production in OPEC’s fourth-largest producing member but now that more oil is back online, prices fell over 2% today. US oil futures slipped to $41.28 but further losses were limited after an EIA report showed weekly stockpiles rose 2.1 million barrels in the [..]

Technical Analysis – Silver more bullish after soaring to 11-month high

Posted on April 20, 2016 at 1:34 pm GMT

Silver rallied to a fresh 11-month high of 17.21 on Wednesday, extending its year-to-date gains to 23%. Prices have soared sharply above the Ichimoku cloud and the tenkan-sen and kijun-sen lines are positively aligned. The 200-day moving average has also started trending up following the bullish crossover with the 50-day moving average, and this underlines the positive outlook. The current strong upside momentum could hold for a while longer according to the MACD chart, which does not yet appear to [..]

UK jobs market running out of steam as unemployment unexpectedly ticks up

Posted on April 20, 2016 at 11:06 am GMT

The number of people out of work in Britain rose unexpectedly in the three months to February, amid signs that the UK labour market may be losing some steam. It was the first time since July 2015 that the jobless total had risen. The number of unemployed people rose by 21k to 1.7 million in the three months to February, though the jobless rate remained steady at 5.1% for the fourth month in-a-row, in line with estimates. Despite the increase [..]

Asian Session – Oil in retreat as Kuwait strike ends; aussie and kiwi pull back

Posted on April 20, 2016 at 7:39 am GMT

Oil prices slipped back on Wednesday after the Kuwaiti oil strike came to an end on Tuesday. Workers in Kuwait’s oil industry had been on a three-day strike over pay, causing a major disruption to the country’s production of crude oil. The cut in output had provided a temporary support to oil prices on Monday and Tuesday after talks between major producers to freeze production had ended unsuccessfully. WTI oil futures were down over 2% at $41.55 a barrel in [..]

Technical Analysis – GBPJPY maintains bearish outlook near 2 ½ year low

Posted on April 20, 2016 at 7:00 am GMT

GBPJPY maintains a bearish outlook near the lowest levels since August 2013. The pair has been falling sharply since November 2015, making lower highs and lower lows until reaching 151.63. The thick Ichimoku cloud above the market will likely cap any gains. Prices tested the 50% Fibonacci retracement at 157.00 on Tuesday before turning back down. This is the retracement of the downleg from 162.48 to 151.63 (March 29 to April 7 decline). The tenkan-sen and kijun-sen lines are negative [..]

European Session – Sterling outperforms, dollar hurt by soft US housing data

Posted on April 19, 2016 at 2:32 pm GMT

There was improved risk appetite in the currency markets today, amid another day of rising oil prices. The yen weakened, while sterling outperformed along with the oil-linked Canadian dollar. Oil prices rose with the help of another day of strikes by Kuwaiti oil workers. Today was the third day that thousands of oil workers stopped production of oil to protest the Kuwait government’s plan to cut their wages. Kuwait is OPEC’s third largest oil producer with deposits making up to [..]

Technical Analysis – NZDUSD looking bullish above 0.70

Posted on April 19, 2016 at 1:24 pm GMT

NZDUSD jumped to a 10-month high on Tuesday to break above 0.70 for the first time since June 2015. The pair has been rising in an ascending channel since late January, pulling the 50-day moving average above the 200-day moving average in the process. Today’s rally has taken prices sharply above the 50% Fibonacci retracement level of the April-August 2015 downleg from 0.7743 to 0.6140, further strengthening the bullish bias. Looking at the momentum indicators, RSI is nearing overbought territory [..]

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