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Asian Session – Aussie rallies on upbeat Chinese PMI data

Posted on April 1, 2015 at 6:32 am GMT

The US dollar was broadly weaker in the Asian session, while the Australian dollar received a boost after forecast-beating Chinese manufacturing PMI data. The greenback fell back below the key 120.00 yen level after a disappointing Bank of Japan Tankan report hurt the Nikkei stock exchange. As a result, the yen gained on risk aversion. The dollar touched a low of 119.40 and remained below the key 120.00 yen level after the quarterly Tankan manufacturing index gave a reading of [..]

European Session – Euro heads for biggest quarterly losses on record

Posted on March 31, 2015 at 2:47 pm GMT

Today’s data highlights during the European session were Eurozone inflation and UK GDP. The euro was generally weaker today, touching lows of 1.0712, due to several factors. One is quarter-end flows and the other is Greece and whether the list of reforms submitted would be satisfactory for its international creditors to release much needed bailout money before the country goes bankrupt. Meanwhile, Eurozone inflation data today for March came in as expected at minus 0.1% on the headline y/y which [..]

Eurozone inflation in line with forecasts at -0.1% y/y

Posted on March 31, 2015 at 10:07 am GMT

Eurostat released inflation data for the Eurozone, showing a slight easing in consumer prices in March on a year-on-year basis. The decline in the headline number was marginal, which may give some relief to the European Central Bank as it is trying to fend off deflation in the euro area with its quantitative easing program. The ECB recently launched a bond buying program of 1.1 trillion euros that is expected to last until September 2016. The annual rate of inflation [..]

Asian Session – Euro again under pressure ahead of flash Eurozone inflation

Posted on March 31, 2015 at 6:55 am GMT

The euro was under pressure as it returned more of its recent gains against the dollar – dipping below the 1.08 mark for the first time in more than week. The euro was also buying less than 130 yen. There was no clear catalyst for the euro’s weakness, although some traders cited nervousness about the situation in Greece, as the country’s proposed reforms were not met with approval by its creditors. More difficult negotiations lay ahead, as the country has [..]

Technical Analysis – USDCAD bullish above 55 DMA

Posted on March 31, 2015 at 6:24 am GMT

USDCAD continues to rise for a third day but the short term trend is neutral as the pair has been consolidating between 1.2350 and 1.2834. USDCAD failed to close below the 55 – day moving average so this is a bullish sign. There is scope to retest the upper range and a break of the 1.2834 high would confirm the underlying long term bullish trend and open the path towards 1.3063 (March 2009 high). To the downside, the 55-day moving [..]

European Session – Euro supported by encouraging German inflation data

Posted on March 30, 2015 at 2:38 pm GMT

The euro had a choppy European session. Sentiment was generally heavy for the single currency due to concerns over Greece but some encouraging German inflation data helped support it. The German preliminary consumer price index rose to 0.3% year-on-year in March as forecast and above February’s 0.1% reading. Meanwhile on a month-on-month basis, CPI was lower at 0.5% from the prior month’s 0.9% reading but in line with expectations. The euro fell in the Asian session and touched [..]

Yellen sounds cautious on raising rates too quickly

Posted on March 30, 2015 at 8:58 am GMT

Fed Chair Janet Yellen struck a cautious tone during a speech late on Friday at a San Francisco Federal Reserve event, stressing that although interest rates would need to rise at some point this year, she saw a “gradual” rise for them after that. Yellen repeated the latest message by Fed speakers that a judgement would be taken at each separate meeting of the board and that the central bank would not embark on a series of predetermined rate hikes such as [..]

Asian Session – US dollar unmoved by Yellen’s dovish talk

Posted on March 30, 2015 at 6:56 am GMT

The US dollar was managing to hold off its recent lows, even after Fed Chair Janet Yellen struck a rather dovish tone during a speech at a San Francisco Fed event late Friday. The Fed Chief advocated a “gradualist” approach to raising interest rates and sounded a note of caution against hiking rates too fast too quickly. Yellen felt unemployment had room to fall more, while there would have to be some signs that inflation was also picking up before [..]

Technical Analysis – AUDUSD resumes downside

Posted on March 30, 2015 at 6:43 am GMT

AUDUSD failed to break above the Ichimoku cloud and has been falling gradually from 0.7937 (the peak of March 24). This resistance level is where the 61.8% Fibonacci retracement lies (of the upleg from 0.6008 to 1.1078). A break below the multi-year low of 0.7559 would open the path towards 0.7088. This is the 78.6% Fibonacci retracement level. AUDUSD maintains a bearish outlook. The pair has been making lower highs and lower lows since the peak of 0.9400 in September [..]

European Session – Sterling lifted by Carney, dollar weak after US GDP

Posted on March 27, 2015 at 2:35 pm GMT

The pound was the only major currency that outperformed against the dollar today, as it rallied from a European session low of 1.4795 to a high of 1.4920. The main catalyst for the move higher were comments from Bank of England Governor Mark Carney. Speaking at a Bundesbank conference panel discussion, Carney reiterated that the next move in interest rates in the UK was to be higher not lower. His comments come after recent indications from the BoE Chief Economist [..]

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