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European Session – Euro to end week lower ahead of Eurogroup risk, oil prices fall

Posted on June 26, 2015 at 2:38 pm GMT

The euro was flat against the dollar during the European and Asian session today and consolidated around 1.1200 as investors were being cautious ahead of key risk over the weekend. Another meeting of Eurozone finance ministers is scheduled for Saturday after Thursday’s meeting failed to reach an agreement on the Greek bailout issue. The euro fell to 1.1154 as the US session came around on rumours that a Greek deal was near, based on comments from various officials. If the [..]

Technical Analysis – GBPUSD loses momentum but outlook still bullish

Posted on June 26, 2015 at 2:34 pm GMT

GBPUSD is stuck in a tight intra-day range between 1.5707 and 1.5766 as it struggles to gain momentum. The intra-day bias is neutral with as RSI showing a gradual shift higher above 50 and the stochastics showing signs of bottoming out before approaching 20. Support would be provided by the kijun-sen line around 1.5549 if cable reversed and headed lower, while resistance would come at 1.5929, which is the June 18 peak. The outlook in the medium-term remains bullish. The [..]

Week Ahead – US jobs, Euro inflation and UK GDP should detract attention from Greece

Posted on June 26, 2015 at 12:31 pm GMT

Following an uneventful week where economic data took second string to the Greek crisis talks, important data out next week should provide better excitement for the markets. This is not to say that there will be lack of headlines on Greece as the deadline on the IMF’s debt repayments falls on Tuesday (June 30) and depending on the outcome of Saturday’s Eurogroup meeting, further meetings may be scheduled. Apart from the ongoing developments of the Greek negotiations, Eurozone data is [..]

Asian Session – Euro volatility unsettles currency markets as new deadline set for Greek talks

Posted on June 26, 2015 at 7:18 am GMT

The dollar firmed slightly and the euro slipped against major currencies in early Asian trading on Friday. Thursday’s strong consumer spending and weekly jobless claims data had lifted the dollar before being overshadowed by weaker-than-expected services PMI and the failure of Eurozone leaders to reach an agreement with Greece. Eurozone leaders have set a new weekend deadline and finance ministers will be meeting on Saturday to try to unlock the latest deadlock between Greece and its creditors. As the June [..]

Technical Analysis – GBPJPY pauses rally, outlook remains bullish

Posted on June 26, 2015 at 7:12 am GMT

The long-term uptrend in GBPJPY remains intact as the rally continued to a fresh 7-year high of 195.87 which was hit on Wednesday this week. Prices have been rising consistently since bouncing off an April 14 low of 174.86. There was a slight pullback in the past 2 days and support was provided by the tenkan-sen line after prices dipped to a low of 193.46. Consolidation is expected in the near-term as the recent rally takes a pause. This loss [..]

US consumer spending jumps in May; points to accelerating growth

Posted on June 25, 2015 at 2:35 pm GMT

Consumer spending in the US rose at the fastest rate in May since August 2009 as consumers benefited from falling unemployment and rising incomes. Personal spending rose by 0.9% on the month after an upwardly revised 0.1% rise in April. Estimates were for an increase of 0.7%. Personal income also continued to grow, rising by 0.5% on the month, which was within forecasts. Disposable income was up by just 0.2% after a 0.4% rise in April. The strong personal spending [..]

European Session – Greece headlines and mixed US data cause volatility

Posted on June 25, 2015 at 2:28 pm GMT

Greece continues to be the main focus of the markets today, causing volatility as an agreement with Greece’s creditors remains elusive. Greek officials resumed debt discussions in Brussels today after a failed meeting on Wednesday, while EU leaders will also convene today for an emergency two-day summit. Meanwhile, the only concrete and positive news so far on Greece was that the European Central Bank approved the amount of emergency funding (ELA) that the Greek central bank requested for Greek banks [..]

Technical Analysis – Gold looking bearish but downside bias is weak

Posted on June 25, 2015 at 12:13 pm GMT

Gold is attempting to reverse four straight sessions of losses but fell back from an earlier effort to hold on to the 1175 level. The near-term bias remains bearish as RSI has fallen back below 50 and the stochastics are still trending down. The linear regression channel lines provide the nearest support and resistance levels at 1152 and 1198 respectively. Prices reversed their modest rebound from the March 17 low of 1142.65 to the March 18 high of 1232.22 to [..]

Asian Session – Dollar steady ahead of key data and EU summit

Posted on June 25, 2015 at 7:34 am GMT

The dollar was mostly flat in Asian trading as yesterday’s final first quarter GDP estimate came in within forecasts at -0.2%. The upward revision from -0.7% was mainly due to higher household consumption and rising incomes. But the greenback lost momentum as there were no surprises in the figures and the lack of any other significant data releases shifted the focus back to Greece. The Eurogroup meeting of Eurozone finance ministers ended without an agreement on Wednesday but talks are [..]

Technical Analysis – USDCAD bullish after rising above Ichimoku cloud

Posted on June 25, 2015 at 7:18 am GMT

The intraday bias for USDCAD remains to the upside after prices crossed above the top of the Ichimoku cloud and above the kijun-sen line. After a brief dip below the cloud to 1.2126 last week, USDCAD bounced and rose back above the cloud today. The upside momentum looks like it still has strength since the RSI is above 50 and rising. For now, the top of the cloud is providing immediate support at 1.2374. To the downside, if prices break [..]

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