News / Page 184

European Session – Dollar steady after US personal spending data, focus turns to Jackson Hole

Posted on August 28, 2015 at 2:16 pm GMT

Risk sentiment was on the soft side as markets began to turn their focus on upcoming key events week, beginning with this weekend’s Jackson Hole Symposium of central bankers, next week’s ECB meeting and the all important US non-farm payrolls report. The main data point in the European session was the second estimate for UK Q2 GDP. This time around, the reading was left unrevised at 0.7% on the quarter. The pound only briefly rose on the data before resuming [..]

US consumer spending rises less than expected; Core PCE eases in July

Posted on August 28, 2015 at 2:06 pm GMT

US personal consumption expenditure (PCE) rose by less than expected in July, increasing by 0.3% in July from the previous month. This was below estimates of 0.4% but there was upward revision to previous months’ numbers. The figure, while slightly below expectations, shows that consumer spending in the US is continuing to recover after a patchy 2014. There was a large jump in purchases for durable goods, which climbed by 1.3% in July versus a fall of 0.9% in the [..]

Week Ahead – RBA and ECB meetings, final US payrolls before Fed September meeting in focus

Posted on August 28, 2015 at 12:09 pm GMT

The first week of September sees the European Central Bank (ECB) and the Reserve Bank of Australia (RBA) meet for their latest monetary policy meetings. After a busy week of numbers for the US, the main US data that will be high on investors watch is the August payrolls data, which will be the final set before the FOMC meets later in the month. ECB’s Governing Council is to hold its latest monetary policy meeting on Thursday, which will be [..]

Asian Session – Strong US GDP boosts equities and dollar; Crude oil soars 10%

Posted on August 28, 2015 at 7:26 am GMT

The dollar held on to most of its gains from Thursday’s stronger-than-expected GDP data for the second quarter. The US economy expanded by 3.7% on an annualized basis in the second quarter, sharply higher than the initial estimates of 2.3%. This put the prospect of a September rate hike back on the table after recent market volatility and worries over China had led investors to lower their expectations of the Fed taking action next month. US equities responded by extending [..]

Technical Analysis – EURUSD back into range after falling below 1.15

Posted on August 28, 2015 at 7:11 am GMT

EURUSD has moved back into its range that it has formed since April. After rising into the 1.17 handle earlier this week the pair has fallen below the key 1.15 level to 1.12 by Friday. Resistance is provided by the 200-day moving average and the kijun-sen line at 1.1282. To the downside, the top of the daily Ichimoku cloud would guard against a further decline but if prices continue to fall through it then the key 1.10 level comes into [..]

Dollar up as US Q2 GDP revised higher by more than expected to 3.7%

Posted on August 27, 2015 at 2:25 pm GMT

US GDP growth for the second quarter was revised higher to 3.7% from 2.3% in the initial estimate. Consensus estimates were for GDP to be revised to 3.2%. The upward revision to second quarter growth comes after first quarter growth was also revised higher to 0.6% back in July, suggesting the US economy has been more resilient in weathering transitory factors and weak global demand than initially anticipated. According to the US Bureau of Economic Analysis, the improved GDP numbers [..]

European Session – Dollar resurfaces above 120 yen after US Q2 GDP revised up

Posted on August 27, 2015 at 2:12 pm GMT

There was an improvement in the broader market sentiment on Thursday as concerns over China eased. This helped global equity markets to rally. Adding to risk appetite were hopes that US interest rates would stay low for a bit longer after comments by New York Fed President William Dudley on Wednesday, who said a September rate hike was less compelling. Demand for safe havens like the yen diminished today, helping the dollar rise back above the key 120.00 yen level. [..]

Technical Analysis – NZDUSD looking more bearish near 6-year lows

Posted on August 27, 2015 at 10:18 am GMT

NZDUSD turned positive on Thursday but short-term indicators are looking bearish with the Stochastics still negatively aligned and RSI unable to recover enough to climb above 50. The Tenkan-sen line provides the nearest support at 0.6423. If prices fall below this level, they could be retesting the August 24 low when the pair hit 0.6140 after a brief spike downwards. A drop below this level would put the pair firmly on the long-term downtrend. With prices trading below the moving [..]

Asian Session – Dollar rally stalls on Dudley comments, Global equities rally led by US

Posted on August 27, 2015 at 7:28 am GMT

A late rally in US stocks lifted sentiment across Asia on Thursday. US equities were boosted on Wednesday after New York Fed President William Dudley said that the case for a September rate increase ‘seems less compelling’ than it was a few weeks ago due to the financial market volatility seen in recent days. Dudley’s comments overshadowed strong durable goods orders data that beat expectations. The Dow Jones closed up 4% and the S&P 500 was up 3.9%. Shares in [..]

Technical Analysis – GBPUSD downside risk but maintains neutral outlook

Posted on August 27, 2015 at 7:07 am GMT

The short-term bias for GBPUSD is bearish after the pair fell below the daily Ichimoku cloud and below the 50-day moving average. Momentum indicators are also turning bearish with the RSI falling below 50. Support should come around the 200-day moving average around 1.5360. Resistance is at 1.5818. In the bigger picture, GBPUSD remains neutral after the rebound from 1.4564 to 1.5929. We would need to see a break below the key psychological level of 1.5000 to see a shift [..]

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