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Asian Session – Dollar gives up earlier gains but still bullish after Bullard comments

Posted on July 21, 2015 at 7:28 am GMT

The dollar made steady gains in early Asian trading but dropped back later in the session. Comments from St. Louis Fed President James Bullard on Monday that there’s more than a 50% chance that the Federal Reserve will raise rates in September lifted the dollar index to new 3-month highs. The euro meanwhile was steady near 3-month lows against the dollar on the absence of any major data. The Greek debt crisis appears to have abated for now as Greece [..]

Technical Analysis – USDCAD hits new 6-year high, upside bias remains

Posted on July 21, 2015 at 7:06 am GMT

USDCAD rose to a new 6-year high on Monday to hit 1.3023. The bias remains to the upside with a target of 1.3063, the high that was hit back in March 2009. The bullish crossover of the tenkan-sen with the kijun-sen line at the beginning of July and the break above the Ichimoku cloud supports the upside momentum. The market is above the 200-day moving average so this is bullish as well. In the near-term there could be some consolidation [..]

European Session – Dollar index at three-month highs, euro at two-month lows

Posted on July 20, 2015 at 2:34 pm GMT

It was a quiet Monday as there were no major economic data releases today and Greece-related concerns have waned as the country aims to try to return to “normal” after an agreement for a bridge loan and to begin talks for a third bailout. The good news today was that Greece is said to have proceeded with its payment to the ECB for a total of 4.2 billion euros in principal and interest and also a 2.05 billion euro payment [..]

Technical Analysis – GBPJPY back above 50-day moving average but bias is mixed

Posted on July 20, 2015 at 2:01 pm GMT

GBPJPY has regained upward momentum again after the rally of the past week took it back above the 50-day moving average. The intra-day bias is slightly bearish as the %K line of the stochastic oscillator has crossed below the %D line and RSI is trending downwards, though it’s still in bullish territory above 50. In the medium-term, the outlook is bullish as prices are above the Ichimoku cloud. But the upside bias is restrained from the negatively aligned tenkan-sen and [..]

Gold makes partial recovery after slumping to 5.5-year low

Posted on July 20, 2015 at 12:06 pm GMT

Gold prices plummeted by 5.8% on Monday morning to a 5.5-year low of $1071.19 per ounce on renewed selling pressure in China. Prices have since recovered to around $1115 per ounce but still remain at levels last seen in spring 2010. Today’s losses follow a 1% drop on Friday, which was triggered after China revealed that it has bought 604 tonnes of gold since 2009 – when it last revealed the size of its gold reserves. China now holds a [..]

Asian Session – Dollar falls back from 3-month highs; Gold slumps to 5-year low

Posted on July 20, 2015 at 7:38 am GMT

The dollar climbed to 3-month highs in early Asian session as the dollar index rose to 98.06. It drifted back later in the session, falling to 97.96. Boosting the dollar were broadly positive data from last week on the housing market, inflation and weekly initial jobless claims, which supported the case for a rate rise later in the year. Banks in Greece were set to reopen on Monday after remaining shut for three weeks. However, much of the restrictions are [..]

Technical Analysis – AUDUSD falls to new 6-year low, bearish bias remains

Posted on July 20, 2015 at 7:07 am GMT

AUDUSD touched a new 6-year low early on Monday at 0.7326. Prices have stabilized above 0.7380 but the bearish bias remains and this is supported by several indicators. The daily RSI is below 50, and the market is below the Ichimoku cloud, which is falling. The tenkan-sen line is below the kijun-sen line after the bearish crossover at the end of May. The falling 200-day moving average also highlights the underlying bearish market bias. A break below 0.7326 will open [..]

European Session – German “yes” vote to Greek bailout fails to lift euro as dollar continues to surge on strong housing data

Posted on July 17, 2015 at 2:31 pm GMT

Greece’s bailout took another step forward after the German parliament backed the deal by 439 votes to 119. The number of lawmakers voting against it was far higher than in previous bailout votes. German Chancellor Angela Merkel had warned parliament before the vote that a disorderly Greek exit from the euro could lead to chaos. But the finance minister Wolgang Schaeuble refused to rule out a Grexit. He said that a voluntary departure would be better than the €86 billion [..]

Week Ahead – Kiwi and Aussie in focus on central bank policies; Greece impact on Eurozone PMI seen limited

Posted on July 17, 2015 at 10:56 am GMT

With the Greek bailout deal out of the way for the time being, markets will once again be focusing on data, with PMI numbers likely to dominate at the end of the week. The Eurozone will see the Markit PMI numbers for July released on Friday. Flash manufacturing PMI is expected to stay unchanged at 52.5, while flash services PMI is estimated to have worsened slightly from 54.4 to 54.2. Overall sentiment across the Eurozone appears to be holding despite [..]

Asian Session – Policy divergence boosts dollar and pound; uncertainty still lingers for euro

Posted on July 17, 2015 at 7:32 am GMT

The dollar rose to near 3-month highs on Thursday but slipped in today’s Asian session. Thursday’s lower-than-expected initial jobless claims raised expectations that a rate rise could come as early as September. The US currency has been rallying since Yellen’s testimony, which set the path for a rate rise at some point this year, dampening expectations by some analysts that a move would be delayed until early 2016. There were more hawkish tones coming from the Bank of England governor, [..]

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