News / Page 296

Forex News – Canadian job market shows signs of trouble

Posted on August 11, 2014 at 12:33 pm GMT

Canada released its employment report on Friday showing that a mere 200 new jobs were created in July, highlighting the nation’s struggling job market. The drop in job creation was a hug surprise since forecasts were for the Canadian economy to add 20,000 jobs, which would have been an improvement from June’s unexpected decline of 9,400. However, despite the drop in the job creation rate, the unemployment rate fell as well. The main reason behind this was due to a [..]

Technical Analysis – GBPUSD bearish below 100dma and Ichimoku

Posted on August 11, 2014 at 7:48 am GMT

GBPUSD maintains its downtrend within the downward channel. The pair turned increasingly bearish after falling below the daily Ichimoku cloud and breaking below the 100-day moving average. The tenkan- sen and kijun-sen lines are negatively aligned, adding to the bearish market structure. RSI is increasingly negative, heading into oversold territory. If the market remains below the 78.6% Fibonacci retracement level of the 1.6692-1.7190 upleg, this would reinforce the underlying bearish outlook for GBPUSD. This level comes in at 1.6799. There [..]

Asian Session – Dollar holds gains versus yen after relief rally

Posted on August 11, 2014 at 6:54 am GMT

Risk assets rebounded late on Friday as geopolitical concerns over the Ukraine crisis eased. The safe haven yen gave back some gains as the dollar rallied to a high of 102.18 yen on Monday, moving off a 2-week low of 101.50 hit on Friday. The euro bounced from an 8-1/2 month low of 135.71 set on Friday to rally to 137.01 yen. News on Friday said that Russian warplanes ended drills near the Ukraine border and pro-Russian rebels were offering [..]

European Session – Sterling tumbles to 2-month low, yen strong on risk aversion

Posted on August 8, 2014 at 1:39 pm GMT

The main tone of currency markets today was generally risk off due to geopolitical events and caution ahead of the weekend. The main news that hit risk sentiment was the approval of US air strikes by US President Obama against militants in Iraq. Meanwhile other geopolitical events also kept risk aversion going, including Israel launching air strikes on the Gaza Strip today and fighting in eastern Ukraine. Risk aversion drove the US dollar down against the euro and the yen, [..]

Forex News – Week ahead: GDP figures from Eurozone, Japan and UK to prove main focus

Posted on August 8, 2014 at 12:31 pm GMT

Next week will feature various interesting economic reports and events, which should, in connection with the ongoing geopolitical events, keep market participants busy despite the summer holiday lull. GDP numbers from some major developed economies, the UK inflation report and US retail sales will be the most important to watch. Starting with the euro, Eurozone GDP flash estimate for the second quarter due out on Thursday, will likely show that the economy of the 18-member area barely grew during the [..]

Technical Analysis – EURGBP potential for bullish move higher

Posted on August 8, 2014 at 9:05 am GMT

EURGBP remains outside the downward channel since breaking above it on August 1st. The pair has been consolidating since then but remains capped below the 78.6% Fibonacci retracement level at 0.7980 of the 0.7750 – 0.8813 upleg. Wednesday’s low of 0.7914 provides immediate support while below this the July 23 low of 0.7873 (a 2-year low) is seen as a strong support level. The Tenkan-sen and kijun-sen lines are no longer negatively aligned, with the former crossing above the latter, [..]

Technical Analysis – USDJPY maintains range on daily chart

Posted on August 8, 2014 at 7:19 am GMT

USDJPY found strong resistance at the daily Ichimoku cloud and was unable to sustain trading above the key 102.00 level. After coming under pressure the pair fell to 101.50 where it found support at the lower end of the recent range. The market has fallen below the Ichimoku cloud and RSI has entered into bearish territory, which signal potential for further downside. There is scope to fall towards the May 21 low at 100.81. If this support level holds there [..]

Asian Session – Yen gains on geopolitical worries

Posted on August 8, 2014 at 6:48 am GMT

The Japanese yen was the strongest performer among major currencies, as geopolitical worries in Iraq and Ukraine depressed risk sentiment. Unlike previous pullbacks due to geopolitics that benefited the US dollar, the fact that President Obama authorized air strikes in Iraq meant that market participants preferred the yen and the Swiss franc this time round. Gold also did well at 1319 dollars per ounce. Dollar / yen dipped below 102 yen to trade at 101.77 while euro / yen posted [..]

European Session – Draghi sends euro tumbling

Posted on August 7, 2014 at 1:34 pm GMT

Major central bank meetings were the focus of the markets today. Both the European Central Bank and the Bank of England left their benchmark interest rates unchanged at respective record lows, as widely anticipated. The ECB left its refinancing rate at 0.15% and its deposit rate at negative 0.10%. The euro was little moved after the announcement but became volatile while ECB Chief Mario Draghi held a press conference. The euro swung from a low of 1.3351 up to 1.3392 [..]

Forex News – Fewer jobs created in Australia, unemployment rate hits 12-year high

Posted on August 7, 2014 at 11:54 am GMT

The Australian unemployment rate surprisingly rose while the number of employed people during the month of July contrary to expectations for an increase. The jobless rate ticked up to 6.4%, the highest level in more than a decade, contrary to expectations for it to remain stable at 6.0%. According to data released by the Australian Bureau of Statistics (ABS) , the number of jobs created fell by 300 last month compared to analyst expectations for an increase of 12,000. The [..]

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