News / Page 290

European Session – Euro fragile after weak Eurozone manufacturing PMI

Posted on September 1, 2014 at 1:33 pm GMT

The euro was trading near Friday’s levels against the dollar after touching fresh one-year lows at 1.3118, the lowest since September 6 of last year. Pressuring the single currency was weak Eurozone manufacturing activity data. The final August manufacturing Purchasing Managers’ Index (PMI) came in at 50.7, the lowest in over a year and below both July’s 51.8 and an earlier flash estimate of 50.8. Meanwhile, adding to the cautious sentiment on the euro is the ongoing Ukraine crisis which [..]

Technical Analysis – GBPUSD breaks out of bearish channel

Posted on September 1, 2014 at 12:12 pm GMT

GBPUSD has broken out of its bearish channel on the daily chart after bouncing from a 5-month low of 1.6535 on August 27. RSI is leaving oversold territory which suggests a weakening of selling pressures in the near-term. This level now acts as strong support for any downside moves. To the upside, resistance is seen at 1.6690 at the 200-day moving average. [..]

Forex News – Chinese manufacturing business surveys show pullback from highs

Posted on September 1, 2014 at 9:17 am GMT

Two surveys today showed that China’s manufacturing sector is decelerating somewhat. The official National Bureau of Statistics number for August fell to 51.1 from 51.7 the previous month. Economists were expecting a number around 51.2. The HSBC Manufacturing PMI, dropped to 50.2 from 50.3 initially reported. The HSBC index has a smaller sample but it includes mainly private companies and also includes relatively more medium-sized and small-sized entities. The fact that the HSBC survey has a lower score than the [..]

Asian Session – Dollar enters crucial week on strong note

Posted on September 1, 2014 at 6:51 am GMT

The dollar again climbed to fresh 11-month highs against the euro, while it also managed to climb against the yen. Positive US economic data as well as an escalation of the conflict in Ukraine helped the dollar to climb. A key figure for the US dollar will be this Friday’s employment report for August, which is expected to show the labor market steadily continuing to recover. Dollar / yen rose to 104.15, as data out of Chinese manufacturers pointed to [..]

Technical Analysis – EURJPY back in bearish channel

Posted on September 1, 2014 at 6:45 am GMT

EURJPY remains trapped within the bearish channel after a failed breakout attempt to test the key 138.00 yen level. The market is below the falling Ichimoku cloud and the daily RSI has turned negative, highlighting the overall bearish bias. Support is seen at 135.71, the August 8 low. The 23.6% Fibonacci retracement level of the 143.46 – 135.71 downleg will act as a challenge to the upside. [..]

European Session – Euro steady despite soft inflation data

Posted on August 29, 2014 at 2:05 pm GMT

The euro was lifted off a near 1-year low of 1.3159 to rise to a peak of 1.3195. Despite soft Eurozone inflation data, the euro bounced because the numbers were in line with expectations. The headline number came in at 0.3% versus a previous 0.4%. Market participants chose to ignore the headline print and focused on the increase in the core inflation rate which rose to 0.9% year-on-year. This slightly more upbeat data helped prevent a further decline in the [..]

Forex News – Week ahead: High drama for euro and dollar because of ECB and nonfarm payrolls

Posted on August 29, 2014 at 1:40 pm GMT

The coming week, which also marks the beginning of autumn, will feature the key meeting from the European Central Bank as well as the all-important release of the US employment report for August. Other important data and events include Chinese business surveys, the Reserve Bank of Australia decision on rates and statement as well as monetary policy decisions from Canada, the UK and Japan. The highlight of the week will be the European Central Bank Governing Council meeting and the [..]

Technical Analysis – EURCHF downward channel

Posted on August 29, 2014 at 7:08 am GMT

EURCHF is making new lows, reaching 1.2047, the lowest since December 2012. The downtrend remains intact as the pair continues to decline within the downward channel. Prices are below the daily Ichimoku cloud and the tenkan-sen and kijun-sen lines are negatively aligned, highlighting the bearish market structure. RSI is in bearish territory although oversold, as is the stochastic, warning of a pause in the downtrend. A break below Thursday’s low of 1.2047 would accelerate losses to 1.2027, the November 2012 [..]

Asian Session – Ukraine developments benefit safe havens ahead of key Eurozone data

Posted on August 29, 2014 at 6:48 am GMT

The escalation of the crisis in Ukraine was probably the most important development for foreign exchange markets, overshadowing data like the upward revision of US economic growth and some mixed data out of Japan. There were reports that around 1,000 Russian soldiers had entered Ukraine, while around 20,000 Russian troops were amassed near the Russia-Ukraine border. The fighting in Ukraine has spread to previously peaceful areas, as the pro-Russian rebels try to open new fronts to divert the attention of [..]

European Session – Euro vulnerable after weak data, dollar boosted by upbeat US GDP

Posted on August 28, 2014 at 1:38 pm GMT

The euro was weak as data from the Eurozone was disappointing, with falling consumer and economic confidence and German inflation numbers being soft. Eurozone sentiment surveys were overall weak and German CPI was flat in August, in line with expectations after a 0.3% rise the previous month. Economic morale in August was the worst since December 2013, falling more-than-expected to 100.6 from a previous revised 102.1 in July. After early attempts to breach the key 1.3200 level, the euro fell [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

News

XM Live Chat