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Forex News – Markit PMI shows slower Eurozone business activity

Posted on September 23, 2014 at 2:22 pm GMT

Business activity in the Eurozone expanded slower- than- expected in September according to data on the Purchasing Managers Index on Tuesday. The Markit Composite Flash PMI dropped to a 9-month low of 52.3, missing expectations for it to remain flat from August’s 52.5. However the index was above the 50 mark that separates growth from contraction and has been since July 2013, so this was encouraging, although the softer data could disappoint the European Central Bank. Meanwhile the manufacturing PMI [..]

European Session – Euro bounces higher despite softer Eurozone PMI

Posted on September 23, 2014 at 1:32 pm GMT

The US dollar had a broadly weaker tone today, which allowed the euro to correct higher despite the not-so encouraging Eurozone PMIs. Business activity in the Euro region expanded at a slightly weaker pace than expected this month. However, the indices were still in expansionary territory above 50 and there was also some relief from improved French flash manufacturing PMI data, helping support the euro. Higher-than-expected German flash services PMIs also helped. The Eurozone flash composite PMI fell to a [..]

Technical Analysis – AUDUSD pauses decline but bearish below 200dma

Posted on September 23, 2014 at 7:48 am GMT

The overall daily trend is bearish, especially after breaking below the 200-day moving average which coincides with the 38.2% Fibonacci at 0.9182. RSI and MACD are in bearish territory, signaling further downside potential. Also the tenkan-sen and kijun-sen lines are negatively aligned and the Ichimoku cloud is falling, highlighting the bearish market structure. AUDUSD found support just above the 78.6% Fibonacci retracement level of the 0.8659 – 0.9503 upleg, at 0.8842. However a break below this level would accelerate a [..]

Asian Session – Aussie rebounds on unexpectedly better Chinese PMI

Posted on September 23, 2014 at 6:59 am GMT

Risk appetite was boosted after a preliminary gauge of Chinese manufacturing provided encouraging figures today. Expectations were for the flash manufacturing purchasing managers index (PMI) to come in much weaker and thus the Australian dollar jumped higher on the unexpected data. In a knee-jerk reaction it bounced to 0.8921, moving off a 7-month low of 0.8851 touched yesterday. The HSBC and Markit PMI index rose to 50.5 from a reading of 50.2 in August, compared to predictions for it to [..]

Forex News – Euro falls to new 14-month low as Draghi talks of taking new measures

Posted on September 22, 2014 at 3:07 pm GMT

European Central Bank President Mari Draghi appeared before the European Parliament’s economic and monetary affairs committee on Monday and spoke about the Eurozone economic recovery and the inflation outlook. Draghi pointed out that the central bank “remains fully determined to counter risks to the medium-term outlook for inflation”. He reiterated hat the ECB stands ready to use additional “unconventional tools to spur inflation and growth”. Soft inflation in the Eurozone has been a concern lately as the headline rate fell [..]

European Session – Dollar firm above 109 yen

Posted on September 22, 2014 at 1:38 pm GMT

Currency markets took a breather today after a volatile week that saw a lot of movement due to the Scottish referendum and the FOMC meeting. The euro remains close to last week’s lows when it fell after lower than expected demand for the ECB’s TLTRO (first offering of new long-term loans to Eurozone banks). The euro clawed back some losses versus the dollar early on Monday to trade as high as 1.2865 before easing back down to 1.2838 in the [..]

Technical Analysis – EURJPY turns bullish after double bottom formation

Posted on September 22, 2014 at 7:32 am GMT

A double bottom daily chart pattern was formed, resulting in a bullish turn for EURJPY after breaking above 138.00. The pair is currently resting on the 200-day moving average , which is also were the 50% Fibonacci retracement level lies of the 143.77 – 135.71 downleg. The tenkan-sen and kijun-sen lines are positively aligned and RSI is bullish, there by supporting further upside potential. There is scope to target the 78.6% Fibonacci at 142.02 in the event of a definitive [..]

Asian Session – Euro bounces ahead of ECB President Draghi speech

Posted on September 22, 2014 at 6:41 am GMT

The new trading week began calmly as there were no key data releases during the Asian session. Later in the day markets will focus on European Central Bank President Mario Draghi speaking before the European Parliament’s economic and monetary committee in Brussels. The euro gained 0.2% versus the dollar to trade at 1.2856, after bouncing from a 14-month low of 1.2824 early in the session. Sterling also rose, up 0.4% to 1.6346 but well off Friday’s highs of 1.6523 after [..]

European Session – Sterling retraces post-Scottish vote gains

Posted on September 19, 2014 at 1:04 pm GMT

Sterling retraced most of the early gains made against the US dollar after a relief rally on news of the Scottish referendum where 55% of Scottish voters supported the ‘No’ campaign compared with 45% backing independence. Sterling hit a 2-week high of 1.6522 in early Friday trading before heading back down to 1.6320 going into the US session. Even with the United Kingdom remaining intact, and one certainty has been removed with Scotland remaining in the Union, political uncertainty still exists [..]

Forex News – Week Ahead – Series of PMI data to be watched

Posted on September 19, 2014 at 9:48 am GMT

The week begins with ECB President Mario Draghi speaking before the European Parliament’s economic and monetary committee in Brussels. Following this, markets will focus on data from the United States on existing home sales, which are forecast to show an increase for a fifth straight month in August. On Tuesday China will be in focus as the HSBC and Markit surveys will show a preliminary reading of Chinese manufacturing Purchasing Managers Index (PMI) for September. The PMI index fell to [..]

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