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European Session – Euro falls to near 3-year low versus yen, pound tumbles on Brexit fears

Posted on February 22, 2016 at 3:47 pm GMT

Sterling was one of the worst performing major currencies, along with the euro in today’s European Session. In commodities, oil rose while gold prices fell. The pound was definitely the main focus today after it reacted negatively to news over the weekend with regards to the UK’s referendum on whether to leave or stay in the EU. Sterling fell below its lowest level against the dollar since March 2009, just below $1.41 at one point. It reversed all of Friday’s [..]

Pound slumps to 7-year low vs dollar as Brexit campaign gathers pace

Posted on February 22, 2016 at 3:17 pm GMT

The British pound slumped to a 7-year low against the US dollar on Monday as those campaigning for the UK to leave the EU secured the support of the London Mayor, Boris Johnson. Sterling hit a 2009-low of 1.4056 versus the dollar, while the pound index fell to a near two-year low of 85.70. The uncertainty over the fate of Britain’s membership in the European Union also weighed on the euro, pushing it below 1.11 dollars, as a UK exit [..]

Eurozone PMI slows to 13-month low; increases odds of ECB easing in March

Posted on February 22, 2016 at 11:31 am GMT

Activity in the 19-member Eurozone slowed to the lowest level since January 2015 in February. The flash reading of the Markit composite PMI fell to 52.7 in February from 53.6 the prior month, far below expectations of 53.3. The figure extends the weak start to the year, with output slowing for a second straight month. The flash manufacturing PMI fell to a one-year low of 51.0 from 52.3 the prior month, falling short of expectations of 52.0. Services activity also [..]

Asian Session – Pound tumbles on Brexit concerns; oil up on US rig count drop

Posted on February 22, 2016 at 8:49 am GMT

The pound was the biggest mover in Monday’s Asian session as Brexit concerns continue to plague the British currency. On Friday, UK Prime Minister David Cameron struck a deal with his EU partners to give the UK a special status in the EU. However, sterling received only a short-term boost following the successful negotiations as news that London Mayor Boris Johnson, a Conservative heavyweight, had chosen to campaign against the deal heightened fears of “Brexit”. The pound climbed to 1.4396 [..]

Technical Analysis – GBPUSD resumes bearish bias

Posted on February 22, 2016 at 7:46 am GMT

GBPUSD opened with a gap lower at the open of Asian trading on Monday at 1.4261 as the markets reacted to news over the weekend regarding Brexit. On Friday the pair closed at 1.4394. The pair has retraced more than 76.4% of the upleg from 1.4078 to 1.4667 (January 21 to February 4 rise). This Fibonacci level comes in at 1.4205, which was acting as support until early this morning but has been broken. This opens the way for a [..]

US inflation rises to 14-month high in January; dollar spikes to 2-week high

Posted on February 19, 2016 at 3:54 pm GMT

Inflation in the United States rose to the highest rate in 14 months in January as the all-items consumer price index (CPI) climbed to 1.4% year-on-year. The figure was slightly above consensus estimates of 1.3%. On a month-on-month basis, CPI was unchanged from the previous month versus estimates of a 0.1% drop. Core CPI, which excludes food and energy items, also beat estimates, rising by 0.3% month-on-month versus the expected 0.2% rate, and by 2.2% year-on-year versus expectations of a [..]

European Session – Sterling underperforms as all eyes on Brussels, oil rally ends

Posted on February 19, 2016 at 3:52 pm GMT

The currency markets reacted to risk-off sentiment in the usual fashion today. The US dollar strengthened against most majors except versus the safe haven yen. The global equity market rally from earlier this week fizzled out today. The sharp rally in oil prices since last Friday halted yesterday and prices fell back below $30 today. The biggest factor behind the plunge were comments from the Saudi oil minister who said on Thursday that Saudi Arabia isn’t ready to cut oil [..]

Is last week’s rebound in risk assets for real?

Posted on February 19, 2016 at 3:40 pm GMT

Some technicals The past week has been marked by a strong comeback in risk assets, with the key S&P 500 benchmark rising by around 100 points from its low on February 11. The fact that US stocks managed to rise three days in a row this week (for the first time this year) was significant, as the lows of the 1800-1820 area held. The subsequent rally pushed the S&P as high as the 1920-1930 region. The rebound in the S&P [..]

Week Ahead – Eurozone and US data to dominate quiet week

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

Eurozone and US data will dominate the coming week as other nations enjoy a lighter calendar for economic releases for the next seven days. Japanese inflation and the G20 summit in China at the end of the week will also be eyed. Starting the week on Monday will be the flash PMI readings for the Eurozone for February. Manufacturing PMI for the Eurozone is expected to show activity slowing for a second straight month, coming in at 52.0 in February [..]

Asian Session – Yen firmer as oil retreats after rise in US inventories

Posted on February 19, 2016 at 8:27 am GMT

The Japanese yen gained across the board in Asian trading on Friday as the oil rally fizzled out and investors turned to safe havens. The dollar slipped below 113 yen to touch a low of 112.70 before rebounding slightly to 112.92 yen. The euro also lost ground, dropping to a 2½-year low of 125.37 yen. Crude oil futures fell on Thursday after US inventories rose by more than expected for the week ending February 12. US oil futures fell below [..]

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