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Technical Analysis – EURJPY remains neutral but bullish above 200-day MA

Posted on September 14, 2015 at 7:19 am GMT

EURJPY closed above the daily 200-day moving average on Friday. The pair is also above the tenkan-sen and kijun-sen lines, which support the bullish bias. There is scope to rise above the daily Ichimoku cloud as long as momentum remains to the upside. For now RSI is in bullish territory above 50. The top of the cloud will act as resistance at 137.15 but a break above this will open the way towards the August 21 peak of 138.98. To [..]

European Session – Euro on track to end week up versus dollar, rallies above 1.10 Swiss Francs

Posted on September 11, 2015 at 2:39 pm GMT

Currency markets were generally calm today ahead of the weekend and ahead of an important week ahead. The highly anticipated Federal Reserve policy meeting is being held on September 16-17 so many investors are expected to sit on the sidelines until the FOMC announces its interest rate decision. The euro reached an early session high of 1.1309, the highest in over a week but then faded its gains to ease to 1.1253 before bouncing back up again to 1.1293. The [..]

Technical Analysis – AUDJPY gains upside momentum but outlook remains bearish

Posted on September 11, 2015 at 1:48 pm GMT

AUDJP extended its rally for a fifth day on Friday and intra-day momentum remains strong. But in the daily chart, RSI has yet to climb above 50, suggesting a weak bullish bias in the near term. While in the stochastics chart, %K is approaching overbought territory, giving it limited scope for further gains in momentum. Prices have been below the Ichimoku cloud since July and the bearish outlook in the medium-term has deepened after the August 24 plunge to a [..]

Week Ahead – All eyes on FOMC meeting; crucial inflation and retail sales data before then

Posted on September 11, 2015 at 12:00 pm GMT

It will be a nervous start to the week for investors as markets anxiously await the Fed’s policy meeting decision next Thursday. Mixed US economic data and global economic uncertainty have kept markets guessing as to whether the Fed will raise rates next week. Recent events have lowered expectations of a rate hike but Fed policymakers have kept the door open. Before then, there is plenty to keep the markets busy with key data out of China and the Bank [..]

Asian Session – Euro firmer but yen falls on Japan PM Advisor comments

Posted on September 11, 2015 at 7:36 am GMT

Asian equities opened higher on Friday after US stocks closed up on Thursday. But shares in Tokyo and China reversed earlier gains to head to negative territory. The dollar was mixed in Asian trading as it was weaker against the pound and the euro but firmer against the yen. Comments on Thursday by Kozo Yamamoto, an advisor to Japan’s prime minister, raised expectations that the Bank of Japan might ease monetary policy. Yamamoto said that the Bank of Japan’s October [..]

Technical Analysis – EURUSD neutral outlook remains, bullish intra-day

Posted on September 11, 2015 at 7:15 am GMT

EURUSD remains in a range since May, mostly fluctuating between 1.08 and 1.15. There was a brief rally to 1.17 but this was not sustained and the pair fell back into its range. In the near-term, the bearish indicators have softened back to neutral – both the tenkan-sen and kijun-sen lines have flattened out and the RSI has popped back above 50 into bullish territory. Also, the market is above the daily Ichimoku cloud, which will provide support for downside [..]

European Session – Pound up after Bank of England, dollar pressured by drop in US import prices

Posted on September 10, 2015 at 1:57 pm GMT

The Bank of England policy meeting was the highlight of the day, with the main focus being on the Bank’s Monetary Policy Committee’s (MPC) voting pattern. Interest rates were expected to remain at a record low 0.5%. For the second time the MPC was split on a rate hike, resulting in an 8-1 vote with the majority wanting to hold rates while yet again, MPC member Ian McCafferty was the lone dissenter, voting for a hike of 25 basis points. [..]

BoE sees increased downside risks but says too early to revise outlook; pound jumps

Posted on September 10, 2015 at 1:40 pm GMT

The Bank of England’s Monetary Policy Committee (MPC) kept interest rates at 0.50% as expected on Thursday at its latest meeting. The MPC voted 8-1 in favour of keeping rates at the record low level. One member, Ian McCafferty, voted to raise rates by 25bps, maintaining his stance from the August meeting when he was also the only member to argue for a rate rise. In the minutes, the Bank made no changes to its outlook for inflation, having recently [..]

RBNZ cuts rates by 0.25% and signals more cuts, sending kiwi plunging

Posted on September 10, 2015 at 10:34 am GMT

The Reserve Bank of New Zealand (RBNZ) cut rates for the third time at its third consecutive policy meeting on Thursday. The move, which was widely expected by economists, saw the official cash rate lowered to by 25 bps to 2.75%. This follows two cuts of 0.25% each in June and July. A slump in global dairy prices, the country’s main export, and weakening overseas demand have sharply deteriorated the outlook for New Zealand’s economy since the start of the [..]

Asian Session – Kiwi tumbles after RBNZ cuts rates; Bank of England minutes eyed

Posted on September 10, 2015 at 7:35 am GMT

The Reserve Bank of New Zealand cut its official cash rate by 0.25% to 2.75% as expected. This is the third cut this year and in the statement, the Governor Graeme Wheeler hinted at further cuts in order to keep inflation near the 2% target midpoint. He also said that further depreciation of the New Zealand dollar is needed to support exports, which have been hit badly by plummeting commodity prices. The kiwi fell after the announcement, erasing the gains [..]

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