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Forex News – Bank of Canada does not rule out rate cut amid Trump trade war threat and stronger loonie

Posted on January 19, 2017 at 2:39 pm GMT

The Bank of Canada announced on Wednesday that it is holding its overnight target rate at 0.50% at its first policy meeting of the year. The decision was in line with most economists’ forecasts and was accompanied with a slightly more upbeat growth outlook. In its quarterly monetary policy report, the Bank upped its growth forecast for 2016 from 1.1% to 1.3% and for 2017 from 2.0% to 2.1%. The higher growth is expected to come from increased household consumption [..]

Technical Analysis – USDJPY looking neutral after recent consolidation

Posted on January 19, 2017 at 1:27 pm GMT

USDJPY steadied today following this week’s sharp fluctuations. The price at the time of writing is at 114.64. Looking at the RSI indicator, it is strictly speaking in bearish territory at 47, but this mark is close to the neutral 50 level, perhaps indicating that consolidation since mid-December will likely continue in the near term. The price is currently just above the 50-day moving average (MA) and the 23.6% Fibonacci retracement level of the November 3 to December 15 upleg. Should the [..]

Asian session – Yen tumbles as dollar benefits from Yellen’s rate views

Posted on January 19, 2017 at 8:47 am GMT

The Japanese yen was the main loser of Thursday’s session as stability in global risk assets caused some profit-taking in the safe haven currency. Dollar / yen rallied especially strongly as Fed Chair Janet Yellen expressed views that were more in line with what the hawks in the Federal Reserve were saying recently. Specifically Yellen said that a delay in raising rates could have negative consequences for inflation and / or financial stability and that she saw a steady pace [..]

Technical Analysis – EURGBP bullish over the short-term; a note of caution by the MACD

Posted on January 19, 2017 at 8:10 am GMT

EURGBP has edged slightly lower during today’s trading so far. The price at the time of writing is at 0.8656. The short-term bias as indicated by the RSI is positive as the indicator is in bullish territory at 56. This view is reinforced by the MACD which is above the zero mark. It should be taken into account though that the red signal line is at risk of crossing above the histogram. This could be an early sign of a change [..]

European Session – Pound slips back despite strong jobs data; Dollar attempts modest rebound

Posted on January 18, 2017 at 4:22 pm GMT

The US dollar recorded some gains against its major peers today following the previous days’ major losses. Indicative of the strengthening dollar was the rise in the dollar index to 100.63 in late European session, from 100.33 the previous day. Cable was down 0.8% at 1.2314 after strengthening by more than 3% in yesterday’s trading. The euro was down roughly a quarter of a percent at 1.0682 dollars, while dollar/yen was up by two-thirds of a percent at 113.34 after [..]

Forex News – Brexit clarity provides much needed respite to battered pound

Posted on January 18, 2017 at 1:41 pm GMT

UK Prime Minister, Theresa May, delivered her long-awaited speech on Brexit on Tuesday where she laid out the government’s objectives in the Brexit negotiations with the EU. After much speculation over what path Britain’s exit process from the EU will take, May confirmed for the first time yesterday that the UK will not seek to retain membership of the European single market once it’s out. As expected, May also said the UK wants to regain full control of immigration and [..]

Technical Analysis – GBPJPY still bearish as it falls into the cloud

Posted on January 18, 2017 at 8:54 am GMT

GBPJPY has been slightly down since the beginning of today’s trading. The price at the time of writing is at 139.495. Looking at the Ichimoku analysis, the Tenkan-sen line (red) has recently crossed below the Kijun-sen (blue). This alignment is a bearish short-term signal. Adding to this is the RSI indicator at 41, in bearish territory too. Extending on Ichimoku, it is of note that prices are currently within the cloud. Should they emerge on top of it we could [..]

Asian session – Dollar regains some ground while sterling faces profit-taking after best day

Posted on January 18, 2017 at 8:37 am GMT

The US dollar rebounded somewhat during Wednesday’s Asian trading while the pound gave up some of its gains following its best 1-day performance in almost 20 years. There were some conflicting influences on the greenback in recent sessions as certain Fed officials kept pointing to the need for more tightening in the New Year, while President-elect Donald Trump and his circle of advisers have begun to talk down the US currency. On Tuesday, San Francisco Fed President John Williams said [..]

European Session – Pound surges above $1.23 on May Brexit speech; Dollar dips below 113 yen

Posted on January 17, 2017 at 4:35 pm GMT

British Prime Minister Theresa May delivered her much-awaited speech on Brexit today. PM May didn’t give much details on the specifics of the Brexit process but she outlined the broader framework for Britain’s departure from the EU. May stated that Britain does not seek a “partial membership of the European Union, associate membership of the European Union or anything that leaves us (Britain) half in, half out”, making it explicit that her proposal rules out membership in the EU single [..]

Technical Analysis – USDCHF in short-term negative trend

Posted on January 17, 2017 at 8:43 am GMT

USDCHF has been experiencing losses throughout the day so far. The price at the time of writing is at 1.0065. Looking at the MACD indicator, it is in negative territory below the zero mark, while the red signal line crossed above the MACD histogram in late December, marking another negative signal that could indicate further price declines over the short term. As regards the stochastics, the %K line is at 24, while it has recently crossed below the slow %D line. [..]

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