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Forex News – Euro pauses decline after upbeat German Ifo

Posted on November 24, 2014 at 10:04 am GMT

The euro erased some losses from Friday’s sharp decline and managed to move back above the key 1.2400 level in early European session trading on Monday. The rebound followed data from the German Ifo Institute that indicated German business confidence rose for the first time in seven months in November. The Ifo Business Climate Index beat expectations and rose to 104.7 from October’s 103.2. This was the first increase since April this year and surprised markets which expected a drop [..]

Technical Analysis – EURUSD targets 1.2300

Posted on November 24, 2014 at 8:04 am GMT

Friday’s large and aggressive downside move led to a fresh 27-month low of 1.2357. Since then prices have consolidated just above this level and hugged the 78.6% Fibonacci level (1.2460) of the upleg from 1.2040 (July 2012 low) to 1.3992 (May 2014). A break below 1.2357 will open up a test towards the key psychological level of 1.2300. To the upside te market is capped at the 1.2600 level. Overall the trend for EURUSD is bearish as the market remains [..]

Asian Session – Euro rebounds from lows; awaits IFO

Posted on November 24, 2014 at 7:38 am GMT

The euro managed to climb out of a deep hole during Monday’s trading, as market participants sold the euro following Draghi’s promise to apply additional measures such as more asset purchases in order to raise inflation and inflation expectations in the region. The euro opened the session just a few pips away from the 1.2357 2-year low but subsequently managed to rebound to 1.2393. Euro / yen was trading around the 146 mark in today’s Asian session. Currency trading in [..]

European Session – Euro falls towards 1.2400 as Draghi suggests ECB action

Posted on November 21, 2014 at 2:11 pm GMT

European Central Bank President Mario Draghi spoke at a banking conference in Frankfurt today, expressing how inflation expectations were declining to levels that were very low. He highlighted the problems facing the central bank and indicated that the ECB could be pressured to act soon and ease policy. Next week’s Eurozone CPI data are key and will be closely watched by the Bank as inflation figures will be crucial in its decision on monetary policy. The euro was hit hard [..]

Forex News – Week Ahead – GDP from across the globe are highlights of the week

Posted on November 21, 2014 at 10:41 am GMT

GDP data appear to be the focus of next week as various countries will be releasing growth figures. The first country to release GDP will be the United States, where an update for the third quarter growth figures are due on Tuesday. This comes after a first estimate showed the US economy expanded at an annualized rate of 3.5%. Any downward revision to the initial figure will concern the Fed. US Flash services PMI for November are out on Monday [..]

Technical Analysis – USDJPY pauses rally, bullish outlook remains

Posted on November 21, 2014 at 8:25 am GMT

USDJPY retreated from Thursday’s 7-year high of 118.96. The pair fell and found support around the 23.6% Fibonacci retracement level of the 112.56 to 118.96 upleg. Below this, support at 116.52 comes into view. The market is currently overbought as shown by the stochastic and the RSI. These warn of the possibility of a medium term reversal. In the bigger picture the overall outlook is still bullish. The Ichimoku cloud is rising and the tenkan-sen and kijun-sen lines are positively [..]

Asian Session – Yen rebounds after minister warns against rapid moves

Posted on November 21, 2014 at 7:48 am GMT

The Japanese Yen rebounded during Friday’s Asian trading, halting a decline that has been more or less continuous during the previous days, after Japan’s Minister of Finance warned against rapid moves in currency markets. Japan’s Minister of Finance Taro Aso warned that the yen’s plunge during the past week was too rapid and that rapid moves either on the upside or the downside were undesirable. He was speaking after a meeting of the cabinet. The yen pushed the dollar all [..]

European Session – Disappointing PMIs from Eurozone and US impact euro, dollar

Posted on November 20, 2014 at 3:13 pm GMT

The euro reacted negatively to lower-than-expected PMIs out of the Eurozone. The flash Eurozone composite PMI published by Markit fell to 51.4 in November from 52.1 in October. This is the lowest since July 2013. The disappointing PMI data will likely be a concern to the European Central Bank and would set the stage for the Bank to expand stimulus further. The euro came under pressure as the PMI data for various Eurozone countries began streaming in, pushing the single [..]

Forex News – Eurozone recovery at risk as Flash Composite PMI falls to 16-month low

Posted on November 20, 2014 at 10:51 am GMT

A (source: Markit) A series of business surveys that were released out of the Eurozone today indicated recovery in the area lost steam in November, fuelling concerns over another recession. Business growth was weaker-than-forecast this month and new orders have fallen for the first time in more than a year. The Purchasing Managers’ Index published by Markit showed that the flash composite number for the Eurozone dropped to 51.4 points in November from 52.1 in October. Although the figure is [..]

Technical Analysis – EURJPY rallies to new 6-year high

Posted on November 20, 2014 at 8:22 am GMT

EURJPY has been rallying strongly since the beginning of November and is targeting 153.56 – which is the 78.6% Fibonacci retracement of the 169.95 (2008 high) to 94.09 (2012 low) decline. The decisive break above 61.8% Fibonacci level and a break above the daily Ichimoku cloud provided the impetus for the latest solid gains to levels last seen in 2008. The bullish market structure is expected to remain for weeks to come. The tenkan-sen and kijun-sen lines are positively aligned. [..]

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