News / Page 183

European Session – Dollar fluctuates around 120 yen, weighed by disappointing ISM Manufacturing data

Posted on September 1, 2015 at 2:32 pm GMT

The euro rose to the 1.13 handle before falling back to 1.1232. Eurozone unemployment data helped support the single currency after a surprise drop to 10.9% in August from 11.1% in July, the lowest level since early 2012. Eurozone final manufacturing PMI for August missed expectations but not by much and came in at 52.3 versus the flash reading of 52.4. Sterling rose early to a session high of 1.5406 before tumbling on weak UK data which showed activity in [..]

Technical Analysis – GBPJPY turns bearish below 200-day moving average

Posted on September 1, 2015 at 1:08 pm GMT

GBPJPY has been stuck in bearish territory since its dip below the Ichimoku cloud on August 24. Today’s fall has taken it back below the 200-day moving average, increasing the bearish outlook for the medium term. The nearest support comes from the 61.8% of the Fibonacci retracement level of the April-June upleg at 182.89. With RSI and the stochastics looking bearish below 50, there could be enough downside momentum in the near term to pull prices below this support level. [..]

China manufacturing activity continues to slow; official PMI at 3-year low

Posted on September 1, 2015 at 10:55 am GMT

The official manufacturing gauge in China slipped below 50 in August for the first time since February to a three-year low. The manufacturing PMI fell to 49.7, in-line with estimates and down from July’s reading of 50.0. The service sector performed better with the non-manufacturing PMI showing expansion at 53.4 but at the slowest rate since May. Also released on Tuesday were the final readings of the Caixin PMI figures for August. The manufacturing PMI was revised higher to 47.3 [..]

Asian Session – RBA keeps rates on hold but aussie slides; dollar extends losses

Posted on September 1, 2015 at 7:39 am GMT

The dollar extended Monday’s losses in today’s Asian trading with the dollar index down 0.5% in late session. Losses on Wall Street, uncertainty over a September rate rise and risk-off sentiment weighed on the greenback. Weaker-than-expected Chicago PMI figures did not help the dollar either. The greenback was back below the 121 level against the yen, trading at 120.41 yen in late Asian session. The euro also moved higher against the dollar, rising to 1.1285 dollars, but the pound saw [..]

Technical Analysis – AUDUSD bearish in descending channel

Posted on September 1, 2015 at 6:57 am GMT

AUDUSD remains in a descending channel on the daily chart and is below the daily Ichimoku cloud. These highlight the underlying bearish market bias. Meanwhile, the RSI is also bearish below 50. Looking at the bigger picture, the weekly chart shows that AUDUSD has fallen sharply from 0.9400 to retrace 76.4% of the upleg from 0.6008 to 1.1078. A break below 0.7038 would accelerate a further decline and target the low of 0.6008. A move to the upside would find [..]

European Session – Dollar maintains 121 yen handle, euro steady on Eurozone inflation data

Posted on August 31, 2015 at 2:09 pm GMT

After recent market turbulence due to China concerns, focus was back on the Fed and on the weekend’s annual Jackson Hole symposium for central bankers. All eyes were especially on FOMC policymakers for any hints on whether the Fed will move as early as September to raise rates. The general tone out of the meeting was that the Fed is still on track for a rate hike before year-end and a move in September could not be ruled out. Fed [..]

Technical Analysis – USDCAD remains bullish above 1.32

Posted on August 31, 2015 at 12:54 pm GMT

USDCAD is pausing after it set a new 11-year high of 1.3352 on August 25. The current pause is characterized by the stochastics, where the %K line has been heading lower since the peak and is still trending down, suggesting the pair has yet to gain new momentum. RSI is moving slightly higher above 50 so it is likely prices will hold near current levels in the near term until they’ve regained momentum. The August 25 high of 1.3352 is [..]

Euro firms slightly after Eurozone inflation beats estimates

Posted on August 31, 2015 at 11:14 am GMT

Eurozone CPI was unchanged at 0.2% year-on-year in the flash reading for August. Consensus estimates were for the inflation rate to fall to 0.1%. Core CPI was also stronger-than-expected, coming in at 1.0% year-on-year, versus estimates of 0.9%. The core rate, which excludes food, energy and alcohol, was unchanged from July when it rose to a 16-month high. Inflation in the Eurozone has been running below the European Central Bank’s 2% target since February 2013 and briefly flirted with deflation [..]

Asian Session – Fed’s Fischer leaves door open for September rate rise; dollar off highs

Posted on August 31, 2015 at 7:40 am GMT

The dollar was weaker in Monday’s Asian trading as stocks across Asia opened lower on continued uncertainty about China and a US rate hike. On Friday, speaking at the Jackson Hole annual symposium, Fed Vice Chairman Stanley Fischer said that the effects of the rising dollar and falling oil prices have already started to fade and inflation is expected to head higher. This left the possibility of a September rate rise open, pushing the dollar higher in Friday’s trade. When asked [..]

Technical Analysis – EURGBP bearish in descending channel

Posted on August 31, 2015 at 7:01 am GMT

EURGBP remains in a descending channel on the weekly chart. The markets has failed to make higher highs. If we look at the daily chart there has been a range between 0.7000 and 0.73910. The upper range has been tested several times and has proven to be strong resistance, which is an indication that the upside momentum is quite weak. For now the bearish bias remains. The sharp decline from 0.8037 (November 2014) has paused into this recent range but [..]

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