News / Page 207

European Session – Euro rises on hopes of Greek deal, EU leaders meet for talks at emergency summit

Posted on June 22, 2015 at 2:41 pm GMT

The market focus was clearly on Greece today, with some nervousness being evident among investors, which led to some see-sawing in the single currency. The euro rose early in the European session to test the key 1.1400 level against the dollar, lifted by optimism for a deal between Greece and its creditors today after news that late on Sunday the Greek government handed in some new proposals to its creditors for reforms. These proposals included changes to the retirement age [..]

Eurogroup meeting ends without major progress on Greek debt proposals but to meet again on Thursday

Posted on June 22, 2015 at 2:24 pm GMT

The Eurozone finance ministers have ended their emergency meeting in Brussels today without any major progress for resolving the heightened impasse between the Greek government and the creditors. Before the Eurogroup meeting got underway, the European Central Bank met to discuss extending the emergency liquidity assistance to Greek banks. The ECB agreed to extend the ELA by 2 billion euros to 88 billion euros. As savers continued to raid Greek banks, with some reports are suggesting that the withdrawals for [..]

Technical Analysis – EURUSD reverses earlier gains but maintains bullish bias

Posted on June 22, 2015 at 8:29 am GMT

EURUSD was trading lower by mid-morning in European trade having touched a high of 1.1402 earlier in the day. The intra-day bias is to the downside as the stochastic oscillator is giving out bearish signals with %K crossing below the %D line. The nearest support is at 1.1218, which is the 61.8% of the Fibonacci retracement level of the downleg from the May 15 high of 1.1466 to the May 27 low of 1.0818. However, the medium-term outlook is still [..]

Asian session – Euro climbs on optimism for Greek deal ahead of crucial day of meetings

Posted on June 22, 2015 at 7:24 am GMT

The euro climbed during today’s Asian session ahead of key meetings that could determine whether Greece defaults and whether it continues to be a member of the Eurozone. The euro briefly crossed above the 1.14 level versus the US dollar, but backed down to 1.1386. The euro moved higher against sterling also; from around 0.7145 at Friday’s US close to 0.7165 in late Asian trading. Similarly, the euro was strong versus the yen, as it rose from 139.23 to 139.95. [..]

Technical Analysis – USDJPY consolidates, bullish outlook remains

Posted on June 22, 2015 at 7:15 am GMT

USDJPY is in a consolidation pattern on the daily chart, trapped between the tenkan-sen and kijun-sen lines. Support is seen at 122.44, which is the kijun-sen line and also the 50% Fibonacci retracement level of the rise from 118.88 to 125.84. Resistance is around the tenkan-sen line and at the 23.6% Fibonacci at 124.18. A decisive break of this resistance will lead the way for a move higher to retest the June 5 high of 125.84. Above this top, the [..]

European Session – Euro regains 1.13 as focus shifts to EU Summit on Greece, loonie falls on weak retail sales

Posted on June 19, 2015 at 2:41 pm GMT

The economic calendar was generally light today which left markets to focus on Greece headlines again. After the failure of Thursday’s Eurogroup meeting to come up with a debt deal on Greece, an emergency EU Summit has been scheduled for Monday at 17:00 GMT. In the meantime, the European Central Bank raised the emergency liquidity assistance (ELA) for Greek banks in order for them to cope with large deposit withdrawals. The news helped the euro bounce higher to regain the [..]

Technical Analysis – USDCAD attempts recovery but outlook is neutral

Posted on June 19, 2015 at 2:39 pm GMT

USDCAD reversed three days of losses to head higher today. Having jumped back above the 50-day moving average, the intra-day bias is slightly bullish with RSI moving upwards towards 50. The nearest resistance is at 1.2409, which represents 23.6% of the Fibonacci retracement level of the upleg from the May 14 low of 1.1919 to the June 1 high of 1.2562. But if prices are to break out of their recent range, they would need to surpass their May 14 [..]

Week Ahead – US GDP could get revised again; Eurozone PMI to show slowing activity

Posted on June 19, 2015 at 10:28 am GMT

After a data-packed week, it will be a relatively quieter economic calendar with the Markit flash PMI for June being the main data of the week. With an emergency summit planned for Monday by Eurozone leaders to discuss the Greek crisis, fears of a Greek default and ongoing developments of the negotiations will likely keep investors on alert. Tuesday will be dominated by PMI data as the Markit flash manufacturing and services PMI for June is released for Germany, France [..]

Asian session – Euro backs down ahead of Greek crunch time; dollar recovers

Posted on June 19, 2015 at 7:34 am GMT

The euro sold off while the US dollar tried to recover some of Wednesday’s and Thursday’s losses as the aftermath of the Fed’s meeting and speculation about Greece’s exit from the euro dominated other themes. The dollar has been on the defensive overall in the last few sessions – although it was doing better today – as the market is guessing that the Fed will only raise interest rates once this year. May US inflation data released on Thursday – [..]

Technical Analysis – NZDJPY bearish scenario strengthens

Posted on June 19, 2015 at 7:31 am GMT

The bearish scenario for NZDJPY is looking more valid after prices fell below the Ichimoku cloud at the end of May. Prices rose from 84.04 to 92.39 (see trend line) but reversed lower and fell below the trend line. The shift in the upside bias was confirmed by the bearish crossover of the tenkan-sen line below the kijun-sen line. These two lines are falling and are negatively aligned, which highlights the bearish bias. RSI is falling and is in bearish [..]

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