News / Page 31

Asian Session – Euro holds above $1.04 on Italian bank rescue plan

Posted on December 23, 2016 at 8:02 am GMT

There was little action in the currency markets on Friday as markets in Japan were closed for a bank holiday and overall trading volumes were low ahead of the Christmas holiday season. The dollar has been consolidating gains all week against the yen after hitting a 10-month high of 118.65 yen last week. The USDJPY pair traded between 117.30 and 117.60 during the Asian session today. The dollar index was marginally lower at 103.04 but not far from this week’s [..]

European Session – Dollar and loonie slip on disappointing data; Euro climbs to 1-week high

Posted on December 22, 2016 at 4:23 pm GMT

The US dollar broke out of its tight range in late European trading following soft US consumer spending figures, which spurred the euro to a one-week high. Economic data out of the United States and Canada dominated afternoon trading in Europe today in an otherwise lacklustre session as traders began emptying their desks ahead of the Christmas holiday weekend. The euro jumped higher versus the dollar, hitting a one-week high of 1.0499, on the back of the dollar’s slide. There [..]

Technical Analysis – GBPUSD daily in downtrend, eyes 1.23 break

Posted on December 22, 2016 at 9:08 am GMT

GBPUSD has been under pressure after early December, after it peaked on December 6 at 1.2774. Price has recently moved decidedly below the 50-day moving average – currently at 1.2421. The 200-day average is still far away at 1.33. The pair is eyeing a break below the 1.23 level, which would open the way for a fresh challenge of the post-Brexit lows around 1.21. A break of 1.23 would be the lowest for cable since early November. The pair moved [..]

Asian Session – US dollar stays away from highs in subdued holiday trade

Posted on December 22, 2016 at 8:21 am GMT

The US dollar was around half a percent away from its 14-year high in holiday-thinned trading during Thursday’s Asian session. The dollar index was just under 103 at 102.93; a safe distance away from its 103.65 high struck on Tuesday. The euro extended its rebound versus the dollar to climb to as high as 1.0455, despite worries that Italy’s third largest bank was burning through its liquidity at a faster rate than previously thought. The lingering question now is how [..]

European Session – Euro firms against dollar; Swedish krona outperforms despite dovish Riksbank

Posted on December 21, 2016 at 3:56 pm GMT

The euro benefited from a weaker dollar and short-covering to climb 0.5% against the US dollar in today’s European session as the greenback continued to drift further away from Tuesday’s 14-year highs. Trading volumes were thin as investors began to wound down ahead of the holiday period. The single currency was trading around 1.0440 dollars in late session, sharply up from yesterday’s 14-year low of 1.0350 dollars. The only data out of the Eurozone was the consumer confidence survey. The [..]

Technical Analysis – EURUSD struggling at 1.0400, remains bearish

Posted on December 21, 2016 at 9:27 am GMT

EURUSD is struggling around the key 1.0400 level after closing below it on Tuesday to touch a 14-year low of 1.0351. The RSI reached near oversold levels at 30, which is signaling that the market could consolidate in the near term at current levels, or bounce higher. A close above 1.0400 could see prices correct to 1.0500, which would act as a strong resistance level. From here, prices would target 1.0670. This level has been tested several times recently and [..]

Asian Session – Aussie and kiwi bounce on broadly weaker greenback

Posted on December 21, 2016 at 8:21 am GMT

The broadly weaker US dollar led to a bounce in the euro and sterling today. The Australian and New Zealand dollars also benefitted, as profit-taking on the greenback fueled demand for these higher yielding currencies. Meanwhile, Asian stock markets followed yesterday’s advances in US and European stock markets. A light economic calendar and slow pre-Christmas trading translated into a relatively quiet Asian session. The US dollar index, which measures the dollar against six major currencies, was down from yesterday’s fresh 14-year [..]

European Session – US dollar powers to 14-year high as safe havens back down in terrorist attack aftermath

Posted on December 20, 2016 at 4:00 pm GMT

The US dollar was again making substantial gains in foreign exchange markets against its major peers in today’s European session. In the relative absence of market-moving news, the dollar index hit its highest since the fourth quarter of 2002. The dollar index peaked at 103.65 and was last trading around 103.50. The relative strength index (RSI) for the dollar index crossed above the 70 level line at 71 for the daily chart, which indicates overbought conditions. The dollar however has [..]

Technical Analysis – NZDJPY pauses uptrend, bullish bias remains

Posted on December 20, 2016 at 8:48 am GMT

NZDJPY paused its strong rally that took the pair to a high of 83.71 on December 15. This was the highest level since mid-2015. The market structure remains bullish but in the near term the market is consolidating as upside momentum has lost some steam. It can be seen that the daily RSI has fallen sharply but still remains in bullish territory above 50. The indicator rose into overbought territory last week and this consequently led to NZDJPY making a [..]

Asian Session – Dollar above 117 yen, euro under pressure at $1.03

Posted on December 20, 2016 at 6:36 am GMT

The Bank of Japan announced after a two-day meeting today that it kept its short-term rate target at minus 0.1% and its 10-year Japanese government bond yield target at around zero. The yen was little changed after the news as the BOJ’s decision was expected but what was a positive surprise was the Bank upgraded its assessment of the economy. It was positive about the growth outlook and noted that the economy continued to recover moderately. The dollar traded to [..]

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