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European Session – German bund yield hits record low as Greece calls snap elections

Posted on December 29, 2014 at 2:34 pm GMT

Trading volume was quiet ahead of the New Year’s Day holiday later in the week. There were no economic releases but news headlines from Greece attracted the attention of the markets. There was a third and final attempt of Greek Prime Minister Antonis Samaras to push through his nominee for president – Stavros Dimas – today in parliament but failed to garner enough votes. Consequently, snap elections will likely be held on January 25th. There is concern that the political [..]

Technical Analysis – EURUSD increasingly bearish

Posted on December 29, 2014 at 8:25 am GMT

EURUSD is hovering at 2-year lows of 1.2164. The pair has pushed another leg lower after a consolidation period around 1.2360. Bearish sentiment is reinforced by a falling RSI and falling MACD – both indicators are in bearish territory. Also the market is below the Ichimoku cloud and below the tenkan-sen and kijun-sen lines. The falling 200-day moving average supports the bearish bias. The pair is close to testing the 50% Fibonacci retracement level of the upleg from 0.8225 (in [..]

Asian Session – Euro near 2-year lows, focus on Greek parliamentary elections

Posted on December 29, 2014 at 8:00 am GMT

There was thin trading in the currency markets on Monday before the year-end holidays. The euro traded close to a 2-year low of 1.2164 hit last week on December 23 against the dollar. This was the weakest level since August 2012 and the single currency is heading for a 6th month of losses as the divergence widens between the monetary policies of the European Central Bank and the US Federal Reserve. Meanwhile there is a slight risk factor for the [..]

European Session – Dollar trims post-GDP gains ahead of jobless claims

Posted on December 24, 2014 at 11:18 am GMT

The US dollar gave back some post-GDP gains made on Tuesday when data showed that the US economy grew faster-than-expected in the third quarter. The dollar rallied strongly against the yen following the news that the US revised up its final GDP growth estimate to a 5.0 % annual pace, the strongest since 2003. The greenback rose to a 2-year high of 120.81 in late US session trading on Tuesday and eased slightly on profit-taking today to trade a tight [..]

Forex News – US GDP grows at fastest pace in 11 years in Q3

Posted on December 24, 2014 at 10:51 am GMT

US GDP grew at its fastest pace in 11 years during the third quarter, as the final revision to preliminary estimates raised it to a 5% annualized, seasonally adjusted rate from a previous 3.9%. Economists were expecting a growth rate of 4.3%. Importantly for the 16.2 trillion dollars economy, the final sales estimate of GDP which excludes the effect of inventories that can ‘borrow’ growth from future quarters, was the same as the headline growth rate at 5%. The economy [..]

Asian Session – Dollar holds on to post-GDP gains

Posted on December 24, 2014 at 8:16 am GMT

The US dollar was in a festive mood after a surprisingly strong upward revision to 3rd quarter growth the previous day. The dollar climbed to 120.82 yen – still below the 121.86 high registered earlier in the month, but the euro tumbled to 1.2165 – a 28-month low. The dollar backed down to 120.32 after that, while the euro rebounded to 1.2191. The US economy grew at an annualized 5.0% pace during the third quarter, up from a 3.9% estimate [..]

Technical Analysis – GBPUSD falls to new 15-month low

Posted on December 24, 2014 at 8:11 am GMT

GBPUSD extended lower on Tuesday, recording a new 15-month low of 1.5484. 1.5500 is a key level. A daily close below this would strengthen the possibility of another leg lower. The bearish trend is intact and has been strengthened as prices fell below the tenkan-sen and kijun-sen lines. RSI is in bearish territory below 50, highlighting the downside bias. The bearish outlook is reinforced by the market being below the Ichimoku cloud and the failure to break back above the [..]

European Session – Dollar surges as US GDP prints 5% growth in Q3

Posted on December 23, 2014 at 3:25 pm GMT

Sterling and the Australian dollar were the weakest performing currencies amongst the majors today. The British pound was pushed lower after UK GDP data disappointed and the current account widened. Third quarter GDP on an annual basis was revised lower in the final estimate to 2.6% from a previous estimate of 3.0%. The widening of the UK current account deficit to 27 billion pounds further weighed on the pound which touched fresh 15-month lows of 1.5486. The Australian dollar also [..]

Forex News – Sterling hurt by growing UK current account deficit and weak GDP

Posted on December 23, 2014 at 2:14 pm GMT

Sterling fell after data showed that UK third quarter GDP on an annual basis was revised lower in the final estimate to 2.6%. It was revised downwards by 0.4% from the previously published estimate of 3.0%. Meanwhile, quarter on quarter GDP growth figures came in line with expectations at 0.7% for the period July to September. This was a slowdown from a revised 0.8% between April and June. A fall in disposable incomes had an effect on growth figures as [..]

Asian Session – US dollar flat ahead of data, holidays

Posted on December 23, 2014 at 8:07 am GMT

Having made some significant days on Monday, the US dollar had a rather quiet Tuesday Asian session with Japanese markets closed because of a national holiday. The dollar traded at a 2-week high versus the yen, helped by the rally in stocks on Wall Street as major indices closed at fresh record highs. It traded as high as 120.18, consolidating above the 120 level but below the December 8 high of 121.86. The euro continued to drop on anticipation that [..]

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