News / Page 178

Asian Session: Antipodean currencies climb ahead of key UK employment numbers

Posted on September 16, 2015 at 7:21 am GMT

It was a strong session for the New Zealand and Australian dollars, as the US dollar also held to gains and risk sentiment was positive after a significant rally on Wall Street overnight. The aussie climbed to as high as 0.7167 as the RBA’s Debelle did not sound worried about recent developments in China and played down the importance of the yuan depreciation. The kiwi also rose after rising prices at a global dairy auction. The kiwi climbed to as [..]

Technical Analysis – AUDUSD rises above 0.70 but bearish in descending channel

Posted on September 16, 2015 at 6:47 am GMT

AUDUSD made a recovery from multi-year low of 0.6906 and breached the key psychological level of 0.7000 to rise to 0.7165 today. The upside move is not likely to continue much longer as the market is still in a downtrend and in a descending channel. Also, prices are below a falling Ichimoku cloud and below the 200-day moving average. These are bearish signals. Also the tenkan-sen line is below the kijun-sen line and this is also bearish. Meanwhile, the 200-day [..]

European Session – Dollar rises on revised retail sales, pound drops on soft UK inflation

Posted on September 15, 2015 at 2:30 pm GMT

The main economic data that were in focus today included UK inflation, German ZEW economic sentiment and US retail sales. UK CPI in August was flat at 0.0% on an annual basis, coming as expected but down from 0.1% in July y/y. Core CPI which strips out the price of energy, food, alcohol and tobacco, came in at 1.0% y/y but down from 1.2% in July. With consumer price inflation being soft, there is little immediate pressure on the Bank [..]

US August retail sales show consumer on track

Posted on September 15, 2015 at 2:16 pm GMT

Source: TRADINGECONOMICS.COM The retail sales report for August contained few surprises and overall did little to sway opinions regarding the Fed’s crucial rate decision on Thursday. Headline retail sales missed expectations by a narrow margin as they came in at 0.2% compared to 0.3% expected. Compensating however was an upward revision in July’s increase to 0.7% from 0.6% originally reported. It appears that the retail sales miss on a headline level had more to do with the drop in [..]

Forex News – Yen rallies after Bank of Japan keeps stimulus at 80 tln yen

Posted on September 15, 2015 at 10:05 am GMT

The Bank of Japan kept its current loose monetary policy on hold today despite weak Japanese economic data over recent weeks. This means that the Bank’s annual asset-buying scheme worth 80 trillion yen remains unchanged. Some analysts had expected further policy easing given that data showed Japan’s economy shrank 0.3% in the three months to June. In addition there were concerns over a slowdown in China and an impending rate hike in the US. Despite these worries, the Bank was [..]

Asian Session – Yen stronger as the Bank of Japan stands still

Posted on September 15, 2015 at 7:21 am GMT

The Japanese yen managed to gain as the Bank of Japan refrained from adding to its stimulus during its latest meeting. The BoJ did cut its forecasts concerning exports and growth as a result of the slowdown in the global economy and particularly developments in its key trading partner, China. Dollar / yen managed to breach the 120 level as a result and euro / yen also dropped to the 135 handle. Weak risk sentiment and caution ahead of the [..]

Technical Analysis – USDJPY neutral short-term bias, bearish below 120.00

Posted on September 15, 2015 at 7:03 am GMT

USDJPY has fallen below the key psychological level of 120.00. The pair has been pivoting this level in the past three weeks. On the daily chart the short-term bias is neutral. The RSI has been moving sideways and although it is in bearish territory it is close to 50. The 200-day moving average at 120.82 has proven to be an important near term level of resistance on a closing basis. To the downside support lies at 118.58. In the past [..]

European Session – Aussie rises as Turnbull topples Abbott to become new Prime Minister

Posted on September 14, 2015 at 2:25 pm GMT

The main economic data point released during the European session on Monday was the Eurozone industrial output figures for July, which showed a gain of 1.9% year-on-year. This number was higher than the upwardly revised 1.5% increase in June (from 1.2%). Meanwhile industrial production numbers on a monthly basis were also quite upbeat as output rose for the first time in three months by 0.6% from June to July. The euro did not react much to the data and mostly [..]

China’s industrial output misses forecasts, raising concern over health of economy

Posted on September 14, 2015 at 10:19 am GMT

Data out of China over the weekend suggest that the economic slowdown is deepening in the world’s second largest economy, thereby increasing the chance of more stimulus. On Sunday, data showed China’s factory output and fixed-asset investment were both weaker-than-expected in August. While retail sales were the bright spot, overall it could be seen that the Chinese economy faces headwinds and that the foundation for high economic growth is not solid. This puts pressure on the government to seek further stimulus [..]

Asian Session – Dollar sells off ahead of Fed after mixed data from China

Posted on September 14, 2015 at 7:41 am GMT

The US dollar continued to decline against its major peers as positions were adjusted ahead of Thursday’s crucial Fed meeting announcement. The odds against the Fed moving seemed to increase, which had a negative effect on the greenback. According to some analysts, even if the Fed did raise rates for the first time in 9 years, it could offer reassurances that it would refrain from further hikes until well into 2016, which would be a dollar-negative again. The euro has [..]

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