News / Page 234

Forex News – Week ahead: Nonfarm payrolls, Fed speakers, Eurozone inflation and unemployment before Easter

Posted on March 27, 2015 at 1:47 pm GMT

The coming week will feature some excitement as well as much-needed rest for market participants, as a number of key economic indicators will be released before a number of markets closes for the Easter holiday break. The highlight of next week will doubtless be the nonfarm payrolls numbers and unemployment rate out of the United States on Friday. Friday will also be Good Friday and as a result many European markets will be on holiday, resulting perhaps in thin market [..]

Asian Session – US dollar off lows, holds on to gains from rebound

Posted on March 27, 2015 at 8:12 am GMT

The dollar managed to hold on to the gains it registered during the US session, when a lower-than-expected weekly jobless claims number and a better-than-expected Services PMI survey helped the currency to rebound off its recent lows. The dollar gained so as to top 119 once more against the yen, while euro / dollar was pushed under the 1.09 mark. The reversal in the euro’s fortunes was particularly noticeable, following a high of 1.1053 the previous day. The UK pound [..]

Technical Analysis – GBPUSD consolidates, bearish bias remains

Posted on March 27, 2015 at 7:48 am GMT

GBPUSD has paused its sharp decline from 1.5551 to 1.4634 and is consolidating between 1.4806 and 1.4993. The near term bias is neutral and this is indicated by the flattening out of the tenkan-sen and kijun-sen lines. The overall outlook remains bearish as the market remains below the Ichimoku cloud. RSI is in bearish territory below 50. The pair has been making lower highs and lower lows since the July 2014 peak of 1.7190. An upside move would find resistance [..]

European Session – Dollar rebounds after jobless claims and services PMI data

Posted on March 26, 2015 at 3:30 pm GMT

The US dollar started the day broadly lower, dragged down by geopolitical concerns in Yemen as well as weak US durable goods orders released on Wednesday. However, the greenback made a recovery after jobless claims data and flash services PMI today. Weekly initial jobless claims fell more – than- expected in the week ending March 21, dropping by 9,000 claims to a seasonally adjusted 282,000 claims. Economists expected a decline to 290,000, so the actual data came in better and reached the [..]

Forex News – UK retail sales beat forecasts, helped by housing recovery

Posted on March 26, 2015 at 10:55 am GMT

Sterling received a boost after stronger-than-expected UK retail sales numbers for February. According to a report released by the Office for National Statistics (ONS) on Thursday, sales volumes rose 5.7% year-on-year. The prior 5.4% figure was revised up to 5.9%. Most economists expected retail sales to rise just 4.7% on the year. Meanwhile, on a month-on-month basis, retail sales rose 0.7% versus 0.4% expected. January’s figure was revised to a 0.1% gain from an original reading for a 0.3% decline. [..]

Technical Analysis – EURJPY consolidates after correction higher, could resume downtrend

Posted on March 26, 2015 at 9:29 am GMT

EURJPY has paused its correction from the 126.89 low and has been consolidating between 130.00 and 131.50. The pair found strong resistance at the 50% Fibonacci of the downleg from 136.68 to 126.89. It has scope to fall towards the 23.6% Fibonacci at 129.16 and then back down to retest 126.89. A break below this low would confirm the bear trend. The point where the tenkan-sen line crossed below the kijun-sen line on March 3rd added to the underlying bearish [..]

Asian Session – Yen gains on safe haven bid; dollar under pressure after weak data

Posted on March 26, 2015 at 9:21 am GMT

The yen was strong on safe haven buying during Thursday’s Asian trading, as several factors contributed towards risk aversion and away from the US dollar. Firstly, US stock indices lost significant ground during New York trading and Asian shares were also under pressure as US technology shares had retreated. Risk aversion tends to benefit the Japanese yen. Dollar / yen was pushed to a more than one-month low of 118.55. Secondly, internal strife in Yemen threatened to escalate into a [..]

European Session – Euro gains to 1.09 on Draghi

Posted on March 23, 2015 at 2:22 pm GMT

Dollar weakness prevailed today and the euro gained to above the 1.09 level. It was a quiet day in terms of data but the main event today was on Mario Draghi’s speech. The ECB President was due to testify on monetary policy before the Economic and Monetary Affairs Committee. His initial comments were on Eurozone inflation, which he said he expected to start increasing gradually towards the end of the year. He also reassured markets there were enough bonds for [..]

Forex News – Spanish regional election shows anti-establishment parties gaining but still behind traditional parties

Posted on March 23, 2015 at 10:16 am GMT

The Sunday elections for the region of Andalusia, in Southern Spain, were keenly watched in order to check how the country’s anti-establishment parties were faring. Spain will go through a general election which is scheduled to take place by the end of the year. Andalusia is the country’s most populated region but is not necessarily indicative of Spain as a whole as it is a largely agricultural and tourist-dependant region with an older population – traditionally a stronghold of Socialists. [..]

Technical Analysis – EURUSD bounce limited, long term bear trend remains

Posted on March 23, 2015 at 8:22 am GMT

EUR/USD is consolidating after a volatile week. After dipping to a multi-year low of 1.0461 on March 15, the pair bounced to 1.1041. As a result, RSI moved out of oversold territory but remains below 50. In the near term, 1.0600 is a key support level. A clear break then sees a retest of the 12-year low of 1.0461 and a strengthening of the bear trend. To the upside, any bounces will find resistance at the 1.1041 high of March [..]

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