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European Session – Dollar surges to new 12-year high versus yen after ISM manufacturing data

Posted on June 1, 2015 at 2:48 pm GMT

After lackluster trading during most of the European session, the US dollar surged following upbeat data from the Institute for Supply Management. The ISM manufacturing PMI index rose to a three-month high of 52.8 in May from 51.5 in April, beating forecasts for a reading of 52. The greenback rallied to a fresh 12-year high of 124.66 yen after the ISM data to reverse earlier losses when it fell to 123.84 after disappointing US personal spending data which unexpectedly stalled [..]

China manufacturing PMI expands marginally, more stimulus expected

Posted on June 1, 2015 at 8:20 am GMT

The official publication of China’s manufacturing PMI (purchasing managers index) remained in expansion territory after rising to 50.2 in May, up from 50.1 in April. A reading above 50 indicates expansion, while a reading below 50 represents contraction. The PMI has been above the expansion/contraction threshold for the last three months. The continuing recovery in the world’s second largest economy has been a result of a string of easing measures by the Chinese government. Despite the headline PMI showing manufacturing [..]

Technical Analysis – NZDUSD bearish after falling below Ichimoku cloud

Posted on June 1, 2015 at 7:12 am GMT

NZDUSD fell to the lowest level since September 2010, touching 0.70762 early on Monday. Prices accelerated their decline after falling below the daily Ichimoku cloud two weeks ago. The downside bias remains strong especially as the tenkan-sen and kijun-sen lines are negatively aligned and are falling. Momentum is negative as the RSI is in bearish territory below 50. Next technical support is the 50% Fibonacci retracement level of the upleg from 0.4894 (low in 2009) to 0.8840 (high in 2011). [..]

Asian Session – China PMI jolt aussie, Euro under pressure on Greece

Posted on June 1, 2015 at 6:46 am GMT

The new trading week started off relatively quietly, with most currency pairs trading in ranges. Data out of China drew some attention though as the country published the Purchasing Managers Index (PMI) for manufacturing for the month of May. According to official data, activity in the manufacturing sector increased for a third consecutive month from 50.1 to 50.2 in May. This was a marginal increase that was not enough to boost market sentiment. Meanwhile,a subsequent private sector survey by HSBC [..]

European Session – Euro tests 1.10, dollar maintains strength after US GDP revised down

Posted on May 29, 2015 at 2:17 pm GMT

First quarter GDP in the US was revised from a previously reported 0.2% gain to show a contraction of 0.7%. However this was better than the -0.8% rate that was expected. The US dollar moved back above the key 124.00 yen level after the GDP data, maintaining strength after hitting a 12-year high against the Japanese currency yesterday. Helping buoy the dollar is the market’s expectation for a rate hike later this year after Fed Chair Janet Yellen’s comments last [..]

Week Ahead – US employment data will be key as no surprises expected from ECB, RBA and BoE meetings

Posted on May 29, 2015 at 12:06 pm GMT

Next week will see the release of PMI manufacturing and services data for the US, Eurozone, the UK and China, as well as monetary policy decision by the European Central Bank, the Bank of England and the Reserve Bank of Australia. Eurozone data is likely to dominate the week with the release of May’s final Markit manufacturing and services PMI for the bloc. Euro area PMI for manufacturing is out on Monday and services PMI is released on Wednesday. Individual [..]

Asian session – Dollar retraces gains but not far from highs; US data awaited

Posted on May 29, 2015 at 7:16 am GMT

The US dollar backed off its 12 ½ year high versus the yen, following some positive economic data out of Japan and a warning by Japan’s Finance minister that he was watching market movements closely. Despite worries about Greece, the euro was off its 1.0819 lows of a couple of days ago at 1.0930. There were a number of data releases out of Japan that appeared to be helping the yen and preventing it from registering fresh lows. First of [..]

Technical Analysis – EURUSD resumes downside after failing to break above cloud

Posted on May 29, 2015 at 7:06 am GMT

EURUSD rebounded from 1.0818 and after testing the 61.8% Fibonacci retracement level of the upleg from 1.0519 to 1.1466 the pair has found resistance at the top of the Ichimoku cloud. The near-term outlook is bearish as the tenkan-sen crossed below the kijun-sen line. Also RSI remains below 50 in bearish territory. There is scope for prices to retest the 61.8 Fibonacci and if this level fails to provide support, prices could fall to the next Fibonacci level of 76.4% [..]

Technical Analysis – EURUSD still bearish but looking to rebound

Posted on May 28, 2015 at 2:31 pm GMT

EURUSD was flirting with the 1.09 level all day but managed to rise back above it. The dollar’s recent surge pushed EURUSD pair towards the lower Bollinger band. With RSI below 50 and prices moving under the 50- and 100-day moving averages, the medium term outlook is looking bearish. The next support could come around 1.0519, which was a previous support level in April. But a near term rebound is possible as the Bollinger’s centreline remains above the 50- and [..]

European Session – Dollar maintains upside momentum to hit fresh 12-year high versus yen

Posted on May 28, 2015 at 2:26 pm GMT

The euro gave up Wednesday’s headline-driven gains and dipped back below the key 1.09 level in today’s European session as the Greek issue remains unresolved and the US dollar maintained its upside momentum. On Wednesday there were news reports that implied agreement had been struck between Greece and its creditors but European officials today denied a bailout deal was near. Meanwhile, the June 5 IMF payment deadline looms. The euro rose to as high as 1.0950 in nearly European session [..]

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