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Asian Session – Dollar attempts rebound following employment report losses

Posted on March 7, 2016 at 8:55 am GMT

The US dollar was trying to claw back some of the losses it registered on Friday, after weak wage growth and hours worked data pointed to little urgency for the Fed to hike rates in its meeting next week. The dollar pushed the euro back below 1.10 around 1.0970, as the pair traded as high as 1.1042 on Friday. Investors and traders were eagerly awaiting this week’s ECB meeting, where additional stimulus is expected for the Eurozone. Whether the ECB [..]

Technical Analysis – Oil rises above cloud; bias turns positive

Posted on March 7, 2016 at 7:48 am GMT

US crude oil futures rallied above the Ichimoku cloud last week, rising above it as well as the 50-day moving average for the first time since November 2015. Prices currently stand above 36 – the highest since January 5. The momentum indicators are all positive with RSI moving towards 70 and the MACD turning positive also for the first time since November. This is an indication that there is scope for further gains. Further bullish signals are provided by the [..]

European Session – Dollar see saws on mixed NFP report, euro rebounds above 1.10

Posted on March 4, 2016 at 3:40 pm GMT

The nonfarm payrolls report was the highlight of the day and markets were subdued during most of the European session in anticipation of this big event. The February jobs report showed a total number of 242,000 new jobs were added to the US economy, which was an increase from January’s upwardly revised 172,000. While this headline number was initially good news and the markets reacted positively, giving a lift to the dollar, the details of the report were mixed. One [..]

Dollar mixed after strong jobs gain as wage growth disappoints

Posted on March 4, 2016 at 3:37 pm GMT

The US economy added 242k jobs in February according to the latest non-farm payrolls reports, beating consensus estimates of 195k jobs. Adding to the strong data was an upward revision to January’s figure, which was revised from 151k to 172k jobs. The dollar initially spiked up 0.3% to 114.21 yen after the data and the euro fell 0.6% to 1.0902 dollars as it cemented expectations that the Federal Reserve will stick with its policy of gradual increases to the fed [..]

Dollar hurt as Fed hands out no-March-rate-hike candy to appease market

Posted on March 4, 2016 at 3:08 pm GMT

The US dollar found itself under pressure this week as despite a run of relatively positive economic numbers, the Fed hinted that the March meeting will not really be a ‘live’ one. That is to say, a rate hike will not be on the table with markets giving a less than 1 in 20 chance for the Fed to raise rates. As a result the dollar fell while interestingly both stocks and gold managed to rally. The week’s data included [..]

Week Ahead – Focus turns to ECB, BoC and RBNZ rate decisions, China data

Posted on March 4, 2016 at 12:54 pm GMT

Monetary policy will take centre stage next week as the European Central Bank, the Bank of Canada and the Reserve Bank of New Zealand meet for their latest policy decisions. The US will take a back seat with no major data to report but China will attract attention for some key data releases. The first data to come out of China next week are the closely watched trade numbers on Tuesday, which continue to grab markets’ attention as investors look [..]

Asian Session – Dollar subdued ahead of NFP; Gold at 1-year high

Posted on March 4, 2016 at 9:37 am GMT

The US dollar hovered near yesterday’s lows when it fell following data from the ISM non-manufacturing composite showing that employment in the services sector fell in February. The greenback extended its slide in early Asian trading to drop to 113.23 yen but rebounded to 113.93 yen in late session. The yen was broadly weaker against other currencies on Friday as steady oil prices provided some risk appetite, taking the shine off the yen’s safe haven appeal. There was also little [..]

Technical Analysis – GBPUSD rebound pauses, bearish outlook remains

Posted on March 4, 2016 at 8:06 am GMT

The recent rebound from multi-year lows has stalled today. The RSI has failed to continue its rise and paused just below 50, suggesting upside momentum has weakened. GBPUSD has staged a steady rally from a low of 1.3834 reached earlier this week (February 29) and rose steadily all week to reach a high of 1.4193 on Thursday. The key level at 1.4100 is now a target and a break below this would bring 1.4000 into sight. Failure to support at [..]

European Session – Dollar falls after ISM non-manufacturing PMI data show weak job sector

Posted on March 3, 2016 at 4:07 pm GMT

The focus of the markets today was on surveys assessing the services sector activity in several countries. First, all eyes were on Europe. The final services PMI index for the whole Eurozone came in at 53.3 in February, down from 53.6 in January, its lowest level since January 2015. The final Eurozone PMI composite for February was slightly stronger than originally reported at 53.0. The euro traded a little firmer against the dollar today, advancing throughout the European session to [..]

Sterling resists weak PMIs to move off multi-year lows

Posted on March 3, 2016 at 11:32 am GMT

Sterling took advantage of a relatively quiet week for UK data to move off multi-year lows against major currencies such as the dollar, yen and the euro. Investors appeared little concerned from disappointing Markit PMI data, which pointed to slowing growth in February. All three PMI surveys – manufacturing, construction and services – came in below expectations for the month of February, raising doubts about the strength of the UK economy. Manufacturing PMI, which was the first to be released [..]

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