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European Session – Dollar comes under pressure after soft US data; oil falls ahead of Doha meeting

Posted on April 15, 2016 at 2:48 pm GMT

It was a strong week for risk assets but sentiment turned sour by the time the US session came around on Friday. Markets took on a cautious mode ahead of risk events over the weekend with important meetings of oil producers in Doha and an IMF meeting in Washington. Consequently investors took the opportunity for some profit-taking. Meanwhile, a series of US data today disappointed and the US dollar came under selling pressure against yen to fall to 108.80 yen. [..]

Week Ahead – Euro and ECB back in limelight; UK jobs also eyed

Posted on April 15, 2016 at 2:36 pm GMT

After falling out of the limelight the past few trading sessions, the focus will turn again on the euro as the European Central Bank meets on Thursday and important sentiment surveys are due on Tuesday and Friday. UK employment numbers will also attract attention, while some housing data out of the US and more Fed speakers, will likely keep traders busy. Key week for euro with ECB meeting and Markit PMIs In the Eurozone, the action will probably start on [..]

China GDP slows further in Q1 but signs of stabilization appear

Posted on April 15, 2016 at 10:54 am GMT

Economic growth in China slowed to the lowest since 2009 in the first quarter of this year as the world’s second largest economy continues its transition away from heavy industries. GDP in the first three months of 2016 expanded by 6.7% year-on-year, meeting analysts’ estimates. The figure is a mild slowdown from the previous quarter when the economy grew by 6.8% but is within the government’s target range of 6.5%-7% growth. Strong credit expansion was the main driver of growth, [..]

Asian Session – Dollar steady but aussie firms on China GDP

Posted on April 15, 2016 at 8:09 am GMT

Major currencies saw a muted response to Chinese GDP data out today that showed growth slowing to lowest since the first quarter of 2009. China’s GDP expanded by an annual rate of 6.7% in the first three months of the year, in line with estimates but a slowdown from the previous quarter’s 6.8% rate. The growth figures ease concerns about a hard landing in China and other data out today added to the optimism for China’s economy. Industrial production in [..]

Technical Analysis – GBPUSD downside risk after failure to break above cloud

Posted on April 15, 2016 at 7:09 am GMT

GBPUSD has been in a downtrend since mid-2015 and reached the lowest since March 2009 at $1.3834 on February 29 this year. Since then the market has stabilized in a range between $1.4040 and $1.4510. The risk is tilted to the downside though as RSI has fallen below 50 and entered bearish territory. Also, the market has failed to break above the daily Ichimoku cloud after several attempts. Rejection of the cloud adds to the underlying bearish market structure. Meanwhile, [..]

European Session – Sterling steady at $1.41 after BoE holds rates, dollar tests 109 yen after CPI data

Posted on April 14, 2016 at 2:35 pm GMT

The Bank of England announced its latest policy decision today and unanimously maintained its policy with a 9-0 voting outcome .There were no changes to the benchmark interest rate as was widely expected and it was left at a record low of 0.5% while the asset purchase programme was kept at 375 billion pounds. The minutes from the BoE policy meeting showed that the central bank was likely to remain in a wait and see mode until the outcome of [..]

Asian currencies tumble after Singapore central bank eases policy

Posted on April 14, 2016 at 12:52 pm GMT

Asian currencies were shaken on Thursday after the Monetary Authority of Singapore (MAS), Singapore’s central bank, unexpectedly eased its currency policy for the Singapore dollar. Unlike other central banks, the MAS sets monetary policy by managing the Singapore dollar’s exchange rate against the country’s main trading partners due to the economy’s dependency on global trade. Worried about the outlook for global growth, the MAS set the rate of appreciation of the Singapore dollar’s nominal effective exchange rate (NEER) policy band [..]

Asian Session – Dollar extends gains versus yen but oil slips on doubts over output deal

Posted on April 14, 2016 at 8:02 am GMT

Global equities continued to rise from the risk-on mood prevailing the markets since Tuesday as European and US stock markets closed up sharply for a second day. In Asia, the Nikkei 225 index added another 3.2% today as the yen slid further versus the US dollar. The greenback made modest gains in Thursday’s Asian trading to climb to 109.42 yen following a 0.7% jump yesterday against the Japanese currency. Meanwhile, the Bank of Japan’s governor, Haruhiko Kuroda, repeated on Wednesday [..]

Technical Analysis – AUDUSD neutral bias below 0.77

Posted on April 14, 2016 at 6:57 am GMT

AUDUSD has had a short term neutral bias in the last couple of weeks. The pair has been trading in a broad range of 0.7500 – 0.7700 since early March. After a decent rally from 0.6826 to a 9-month high of 0.7722, the market approached overbought levels (RSI reached 70) and consequently there was consolidation after this move. After several tests of the key 0.77 level, prices have failed to make a daily close above this level, which is acting [..]

European Session – Canadian dollar rises after BOC holds rates and lifts growth outlook

Posted on April 13, 2016 at 3:16 pm GMT

Risk appetite was up in the markets today after better than expected Chinese trade data. The more upbeat sentiment shifted flows from safe havens to riskier assets and stock markets, which helped the US dollar gain versus the safe haven yen. The euro fell against the dollar. Meanwhile, soft Eurozone data also contributed to the euro’s weakness, pushing it to its lowest since March 29 after breaking below the key $1.13 level. Eurozone industrial production data for February fell by [..]

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