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Asian Session – Dollar strength weighs on yen

Posted on February 21, 2017 at 7:08 am GMT

The US dollar strengthened during the Asian session on Tuesday, helped by higher US Treasury yields. The yen weakened despite upbeat manufacturing PMI data out of Japan today. The aussie slid against the greenback to move off an early session high of 0.7690. The Reserve Bank of Australia published minutes of its latest policy meeting. The minutes had an optimistic outlook regarding the prospects of Australia’s economic growth. This view diminishes the scope for rate cuts in the near future. [..]

European Session – Pound up as Lords begin Brexit bill debate; Dollar range-bound in holiday-thinned trading

Posted on February 20, 2017 at 3:46 pm GMT

The US dollar was stuck in a tight range on Monday as markets struggled for direction in the absence of any major data releases and with US markets closed for President’s Day holiday. Having moved away from Friday’s one-week lows in Asian trading, the greenback flat-lined against the yen in today’s European session to hover around 113.10 yen. Traders ignored solid economic indicators out of the US last week, as well as a more hawkish Yellen, to drive US treasury [..]

Technical Analysis – EURAUD bearish in downward channel

Posted on February 20, 2017 at 10:15 am GMT

EURAUD was in a downward channel since late December January when prices fell from the peak of 1.4721. The market reached oversold levels, (as indicated by the RSI falling below 30), and touched a multi-month low of 1.3723 on February 15. Support was provided at this level and prices bounced higher. Only a move above resistance at 1.4090 (support turned resistance) would shift the bias to a neutral one. A break above the peak at 1.4721 would turn the outlook [..]

Technical Analysis – EURUSD bearish to neutral in both the short- and medium-term

Posted on February 20, 2017 at 8:23 am GMT

EURUSD has been posting some gains in today’s trading so far and remains above the 1.06 level. The RSI indicator is below but close to the 50 neutral level at 47, suggesting a bearish to neutral near-term outlook. The MACD histogram, which is barely negative and below the red signal line, depicts a similar picture to RSI. The key 1.07 level is likely to act as resistance to upside moves. Should the price break above it, the February 2 ten-week [..]

Asian Session – Dollar gains against yen after weak Japan trade data

Posted on February 20, 2017 at 6:38 am GMT

Trading was subdued in a quiet Asian session. The US dollar index was little changed but the US currency was slightly firmer, after a mixed performance last week. Disappointing trade data out of Japan weighed on the yen. Japan’s trade deficit was wider-than-expected in January. The 1.09 trillion-yen deficit was the first in five months and was more than the 629.3 billion expected. The dollar index traded at 100.94, while a weaker yen helped the dollar recoup earlier losses to [..]

European Session – Dollar mixed ahead of US long weekend; Pound hit by weak retail sales data

Posted on February 17, 2017 at 3:07 pm GMT

Risk appetite faded on the week’s last trading day as political uncertainty in Europe and the US weighed on investor sentiment. The US dollar was mixed in today’s European session as it fell against the yen but moved higher against most other majors, in particular the euro and the pound. This made the yen the best performing currency of the day as it benefited from its safe haven status. The dollar index, which gauges the greenback’s strength against the currencies [..]

Week Ahead – FOMC and RBA minutes in focus; UK GDP, PMI data due

Posted on February 17, 2017 at 2:48 pm GMT

The economic calendar for the upcoming week is relatively quieter following a busy flow of data releases this week. The FOMC minutes and Fed speakers will attract the market’s attention, while PMI data and the second estimate of fourth quarter GDP for the UK will most probably be noteworthy economic reports to look at. UK GDP in focus First up next week will be the UK’s Rightmove House Price index due on Monday. It will be a good indication [..]

Technical Analysis – EURGBP tests key resistance at 50-day moving average

Posted on February 17, 2017 at 9:17 am GMT

EURGBP has been neutral since mid-January and pivoting around the 50-day moving average and trading between 0.8455 and 0.8650. In the past week, the pair has been capped at the 50-day moving average, which is providing resistance at 0.8540. This is giving a bearish bias in the near-term, as long as the market remains below this resistance level. RSI is below 50, indicating further downside in EURGBP is possible. MACD is below zero, also giving a bearish signal. Given this, a deeper fall [..]

Technical Analysis – USDJPY bearish to neutral in the near-term

Posted on February 17, 2017 at 8:29 am GMT

USDJPY is currently up from the day’s open, roughly recovering one-fifth of yesterday’s decline in price. Looking at the stochastics, the %K line is in bearish territory. Adding to this negative near-term signal is the fact that it (%K) has crossed below the slow %D line. The RSI indicator is theoretically bearish as well, but it is in close proximity to the 50 neutral level at 48. This perhaps indicates that the strength of this short-term bearish signal is not [..]

Asian Session – Dollar steadies after drop to one-week low against yen

Posted on February 17, 2017 at 6:42 am GMT

The US dollar continued its corrective move against the yen in Asia today. After hitting a more-than two-week high above 114-yen this week, following hawkish comments from Fed Chair Janet Yellen and upbeat US inflation and retail sales data, the greenback failed to maintain the rally. The dollar index, which measures the US currency against a basket of six other major counterparts, was flat in Asian trading after having dropped 0.7 per cent on Thursday. Dollar/yen traded just below 113.50 [..]

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