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European Session – Sterling falls ahead of UK inflation

Posted on December 15, 2014 at 2:36 pm GMT

The dollar was stronger against the euro and the pound today but steady against the yen. There were few key economic data releases during the European Session but the market is likely to start gearing up for an important week, especially for the dollar, as there will be the Federal Reserve monetary policy decision and US inflation data both on Wednesday. While the Fed is expected to maintain rates unchanged, it will be Fed Chair Yellen’s press conference where all [..]

Forex News – Quarterly Tankan survey shows challenges ahead for Japan

Posted on December 15, 2014 at 1:04 pm GMT

Today was an important day for Japanese markets as not only was the quarterly Bank of Japan Tankan survey of business sentiment announced, but the market got a chance to react to the results of the previous day’s Japanese elections. The Tankan survey slightly missed expectations on the Big Manufacturers Diffusion index, as it came in at +12 against expectations of staying the same as the third quarter at +13. More worrying was the drop in the Big Manufacturers Outlook, [..]

Asian Session – Choppy markets react to risk aversion and Japanese elections

Posted on December 15, 2014 at 8:19 am GMT

Foreign exchange markets were volatile at the start of the week, as traders were trying to react to the result of the Japanese elections, further weakness in oil prices, risk aversion and a potential terrorist attack with hostages in Sydney. As an indication of choppiness in the market, risk aversion and a stronger yen pushed dollar / yen all the way down to 117.77 before the pair recovered to a session high of 119.04. Dollar / yen was last trading [..]

Technical Analysis – USDJPY consolidates

Posted on December 15, 2014 at 8:03 am GMT

USDJPY continues to consolidate and is pivoting around 118.50 after easing off a 7-year high of 121.84 hit on December 8. The correction from this short-term top is expected to find immediate support at the kijun-sen line at 117.80. To the upside resistance is seen at 119.50 at the tenkan-sen line. Overall, the uptrend is expected to continue as there is no sign of reversal yet and the underlying bullish market structure is supported by the rising Ichimoku cloud and [..]

European Session – Euro falls close to SNB exchange rate floor versus Swiss Franc

Posted on December 12, 2014 at 11:07 am GMT

The euro came dangerously close to the Swiss National Bank’s exchange rate floor of 1.2000 Francs today, touching as low as 1.2007 in early European session trading. This was the lowest level in 27-months. Safe haven flows are helping buoy the swissie while the SNB’s avoidance of moving to negative interest rates after a policy meeting on Thursday also helped support the Swiss currency. The central bank kept rates at 0.00–0.25%. The euro however bounced against the US dollar in [..]

Forex News – Week Ahead: Fed and BOJ meetings, European PMIs make for busy week

Posted on December 12, 2014 at 9:48 am GMT

Next week will be a busy one before the lull brought on by the Christmas and New Year holidays. Japanese elections, the Fed meeting, the UK employment report and Eurozone flash PMIs will be key for the yen, dollar, pound and euro respectively. Starting with the yen, on Monday traders will get a chance to react to the results of the Japanese elections, which the incumbent government of Prime Minister Shinzo Abe is expected to win by a wide margin. [..]

Technical Analysis – NZDUSD bearish below cloud

Posted on December 12, 2014 at 8:13 am GMT

NZDUSD attempted to break above the kijun-sen line on Thursday but found resistance at the Ichimoku cloud. The pair reached a high of 0.7869 before falling back down to 0.7768 today. The bear trend is likely to resume as the market remains below the Ichimoku cloud and the tenkan-sen and kijun-sen lines are falling. RSI is in bearish territory below 50. NZDUSD has been making lower peaks and lower troughs since early July, falling from 0.8835 to a 2-year low [..]

Asian Session – Yen waits for Japanese elections; commodity currencies plunge

Posted on December 12, 2014 at 8:09 am GMT

The yen was stable ahead of the key risk event of Japanese elections on Sunday, December 14. Prime Minister Abe’s coalition is expected to win the elections and to even hold on to its two thirds majority, which would allow it to push through legislation through both houses of parliament. The latest survey suggests the coalition parties are on course to win more than 317 seats out of the 480 total. This would be positive for the economic reform program [..]

European Session – Dollar rises on stronger US retail sales, euro falls as LTRO disappoints

Posted on December 11, 2014 at 2:59 pm GMT

The European Central Bank’s cheap 4-year loans to Eurozone banks – called TLTRO – had a slightly lower than expected allotment of 130 billion euros, increasing speculation that the Bank would embark on a broader asset purchase program. The ECB allotted banks 129.8 billion euros of LTROs as part of a package of stimulus measures to add around 1 trillion euros to its balance sheet – in an effort to stave off deflation risk in the Eurozone. The euro fell [..]

Forex News – SNB keeps rates unchanged, vows to defend franc floor

Posted on December 11, 2014 at 10:47 am GMT

The Swiss National Bank kept its key interest rate target unchanged at its meeting today, which disappointed some in the market who expected something new from the SNB like negative interest rates. However, negative rates were mentioned as a possible monetary policy tool during the press conference that followed the announcement. The SNB kept its 3-month LIBOR target at 0 to 0.25%, as it has done for the past 5 years and made revisions to its economic forecasts. The Swiss [..]

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