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European Session – Pound weak after UK inflation data

Posted on February 17, 2015 at 3:15 pm GMT

The euro retraced all of its losses made yesterday against the dollar and rose back above the key 1.1400 level in the European session. Despite the failed Greek debt talks at the Eurogroup meeting on Monday, investors chose to put their concerns aside for now until there are more developments on this issue, hopefully on Friday. The president of the Eurogroup, Jeroen Dijsselbloem, who chaired the meeting on Monday, told Greece it had until Friday to request a six-month extension of [..]

Forex News – Eurozone finance ministers fail to agree on Greece

Posted on February 17, 2015 at 11:05 am GMT

The news that a regular Eurogroup meeting of finance ministers broke down without a deal on Greece was the main piece of news for the forex markets during a day that the US was on holiday. The meeting was mainly preoccupied with the Greek government’s request to change its current bailout conditions so that less austerity and more pro-growth policies would be followed. A deal was not possible since the new Greek government refused to ask for an extension of [..]

Asian Session – Euro under pressure after meeting on Greece fails to reach deal

Posted on February 17, 2015 at 8:27 am GMT

The euro fell below the 1.14 level after Eurozone finance ministers failed to agree with their Greek counterpart over a formula for the next steps in Greece’s bailout. The point of contention was whether an extension to the current program would be implemented or if a new program would be initiated. The Greek Finance Minister rejected a proposal by the Eurogroup Chairman, although an earlier proposal by the Commissioner for Economic and Financial Affairs was more acceptable to the Greek [..]

Technical Analysis – USDJPY reverses recent rally, remains below 120

Posted on February 17, 2015 at 7:52 am GMT

USDJPY fell for a third day on Monday to find support at the short-term Fibonacci of the rally from 116.86 to 120.47. This support level comes in around 118.24. The 21-day moving average also provided support. The recent rebound to the high of 120.47 hit on February 11 is likely finished and the near-term bias has shifted back to the downside. This is also indicated by the RSI which has fallen back towards the 50 line. A break below the [..]

European Session – Quiet markets as all eyes on Eurogroup

Posted on February 16, 2015 at 3:34 pm GMT

Most major pairs traded in ranges today, as focus remained on the Eurogroup meeting that was taking place. The terms of Greece’s bailout deal are still being discussed yet an agreement is not expected to be reached today. The consensus is for a deal by the end of this week. The market’s focus shifted temporarily to the better- than- expected European releases today. The Eurozone’s trade balance in December 2014 gave a €24.3 billion surplus, compared with a €13.6 bln surplus [..]

Forex News – Japan rebounds from recession to grow 0.6% in Q4

Posted on February 16, 2015 at 2:00 pm GMT

Japan’s growth was less than what many economists expected according to data out on Monday, although the economy managed to pull out of recession in the last quarter of 2014. The preliminary reading of Japan’s gross domestic product (GDP) for Q4 indicated growth at a 0.6% quarter-on-quarter pace, below the 0.9% forecast. The deflator for the quarter rose to 2.3% compared to 2.0% in Q3. At an annualized rate, GDP came in at 2.2% undershooting forecasts of a 3.7% rate. Meanwhile, the [..]

Technical Analysis – AUDUSD neutral bias remains near 5 ½ year low

Posted on February 16, 2015 at 8:29 am GMT

AUDUSD continues its consolidation near a 5 ½ year low of 0.7625. Looking at the daily chart, the near-term bias is neutral – the kijun-sen has flattened out and lies close to the 61.8% Fibonacci retracement level of 0.7950. This is from the upleg of 0.6008 to 1.1078. The AUDUSD has been in a downtrend since the peak of 0.9400 in September 2014, so in the event of a bounce higher the pair will likely find strong resistance at 0.7950. [..]

Asian Session – Euro keeps bid on hopes for Greece deal, yen flat on disappointing GDP

Posted on February 16, 2015 at 8:13 am GMT

The euro managed to remain above the 1.14 level during most of today’s Asian trading, as there was optimism about a deal between Greece and its creditors. Still, most market participants did not expect a breakthrough or a deal to be struck during today’s meeting of Eurozone finance ministers, but at least some signs of progress to appear. Greece stated it was confident it would reach a deal but such a deal would have to reverse some of the harsh [..]

European Session – Dollar’s recovery halted by disappointing US consumer sentiment survey

Posted on February 13, 2015 at 3:43 pm GMT

The euro is on course to end the week higher against the dollar. The concern over Greece has subsided for now even though a compromise on country’s bailout has not been reached yet. Investors await more news out of the Eurogroup meeting that is to be held on Monday. The euro has held above the key 1.1400 level in the past 2 days. A broadly weaker US dollar as well as some upbeat Eurozone economic data today helped support the single [..]

Forex News – Week Ahead – Eurogroup, FOMC are highlights of the week

Posted on February 13, 2015 at 2:57 pm GMT

The week ahead sees some important releases from across the globe. Probably the most eagerly awaited event will be the Eurogroup meeting. Other important events include the FOMC statement and the Bank of England minutes. Economic data releases will also be closely watched, especially PMIs from various countries. The first piece of data next week comes from Japan, which releases fourth quarter GDP numbers and industrial output data on Monday. For the remainder of the day, the market’s focus will [..]

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