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European Session – Yen retreats as markets steady, dollar benefits

Posted on October 17, 2014 at 2:08 pm GMT

The yen was the main loser of today’s session, as some semblance of stability returned to the markets. Most European stock markets posted gains between 1 and 2%, beaten-down Eurozone peripheral bonds rallied – particularly in Greece – and the price of front-month crude oil climbed to above 83. The pound managed to eke out some gains against the greenback, even as the Chief Economist of the Bank of England expressed his “gloominess” about economic prospects and raised the possibility [..]

Forex News – Week Ahead: Chinese growth, US inflation and Eurozone business surveys on tap

Posted on October 17, 2014 at 12:24 pm GMT

There will be some interesting economic data releases during the previous week, which could determine whether worries about global growth will intensify or calm down. Chinese 3rd quarter growth and flash Eurozone Purchasing Managers’ surveys for October will be key, while UK 3rd quarter GDP and inflation in the United States will also be looked at. Chinese GDP comes out on Tuesday, October 21, and the expectation is for a year-on-year growth rate of 7.4% – very close to the [..]

Technical Analysis – Gold, Daily: Recovery off lows on safe-haven demand but still bearish

Posted on October 17, 2014 at 8:35 am GMT

Gold has recently rallied off a low around 1182, which was the lowest since late December of 2013 but also a 4-year low. Gold was also helped by a wave of risk aversion, as there was intense selling pressure on risk assets, which in turn made investors favor safe-haven assets such as government bonds and gold. Overall, there are some encouraging short-term indications after gold’s run-up from the 1190 area up to 1240. The RSI has turned slightly bullish at [..]

Asian Session – Range – trading for major currencies after turbulent week

Posted on October 17, 2014 at 7:20 am GMT

You could almost hear the market’s relief that it is Friday, given the turbulence and wide swings that took place during the week just past. Euro / dollar was trading around the 1.28 level, whereas dollar / yen was managing to hang on to the 106 level; trading around 106.20. US stocks were more or less stable during the previous day’s trading while stock index futures were higher during Asian trading. US data came in overall strong the previous day [..]

European Session – Yen rallies on safe haven status on risk selloff continuation

Posted on October 16, 2014 at 2:24 pm GMT

The yen was the main beneficiary as risk assets continued to decline, while the dollar managed to gain versus the euro and the aussie but fell against others. High-yielding currencies were also sold on worries that carry trades would entail too much risk. The euro dropped back below 1.28 around 1.2750 as European stocks fell and peripheral bond yields increased. Final inflation numbers for the Eurozone confirmed the 0.3% year-on-year preliminary print that was released around 2 weeks ago. Greek [..]

Forex news – Risk aversion roils stocks, knocks dollar down, drives money into safe bonds

Posted on October 16, 2014 at 1:18 pm GMT

The recent sharp falls witnessed for equity markets around the world have turned into the most prominent theme for foreign exchange markets. Worries about a global economic slowdown, the possible delay of interest rate hikes in the United States and a slowdown in the Eurozone – combined with structural problems there, caused a rethink for risk assets. This meant sharp falls for equities, a sharp drop for the dollar and a matching rise for the Japanese yen. Bonds also rose. [..]

Technical Analysis – USDJPY bearish short-term

Posted on October 16, 2014 at 7:23 am GMT

USDJPY dropped to a 1-month low of 105.19 yesterday. The short term bias remains on the downside – RSI is bearish and still falling. The stochastic is close to oversold but exiting slightly – this suggests the sell-off has weakened for now and we could see a bounce towards the 38.2% Fibonacci retracement level at 106.53 (from the 100.81 – 110.08 upleg). In the near term as long as the bearish bias remains, the correction of this recent upleg could [..]

Asian Session – Volatility rises as US dollar takes big hit in risk asset rout

Posted on October 16, 2014 at 6:41 am GMT

Some violent moves took place across financial markets in the past 24 hours, as worries about global growth caused widespread selling in risk assets such as stocks. Markets were already in a jittery mood from developments in the previous days, but a jump in Greek bond yields as a result of political worries and a weaker-than-expected retail sales number out of the United States, intensified concerns. The US dollar was the biggest loser as dollar / yen spiked to a [..]

European Session – US retail sales hurt dollar, US Treasury yields tumble

Posted on October 15, 2014 at 2:00 pm GMT

Stronger than expected UK employment data helped prop up the pound today. The ILO unemployment rate fell to fell to a six-year low of 6.0% in August from 6.2%. The number of Briton’s claiming Jobseeker’s Allowance in August fell by 18,600 but was less than the 35,000 decline forecast. The average three-month wage growth excluding bonuses was 0.9% year-on-year in August, more than expected. Today’s jobs data comes a day after disappointing UK CPI data which showed that inflation slowed [..]

Forex news –Oil drops to more than 2-year low on strong supply, weak demand growth and rising dollar

Posted on October 15, 2014 at 1:35 pm GMT

The price of light sweet crude oil was wrestling with the 80 dollars a barrel level, its lowest since June of 2012 as three factors have combined lately to push its price down. Oil is around 25% off its peak above 107 dollars registered in early June this year. This development could appear surprising at first, given all the geopolitical uncertainty and conflict surrounding key oil-producing countries and regions such as Russia and the Middle East. The first of the [..]

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