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Asian Session – Dollar steady going into Fed meeting

Posted on June 18, 2014 at 6:38 am GMT

The US dollar was steady going into tonight’s all-important Federal Reserve meeting and post-meeting press conference by Janet Yellen. Euro / dollar was stable around 1.3544, having moved little in the previous few sessions, while the dollar managed some minor gains against the yen to trade at 102.22. The dollar managed a one-week high against the yen at 102.29 but volatility was low. Euro / yen was also around its highest in a week at 138.46. The dollar was supported [..]

European Session – Dollar gains after US inflation beats forecasts

Posted on June 17, 2014 at 1:42 pm GMT

The US dollar was strong after data showed that inflation in the US inflation is moving closer to the Fed’s target. CPI (Consumer Price Index) rose the most since February 2013 in May and beat forecasts by increasing 0.4 percent after climbing 0.3 percent the prior month. The markets reacted positively to the data and resulted in the dollar rising to 102.18 yen from 101.95 before the data and off the day low of 101.80. Investors markets shrugged off data [..]

Forex News – Pound drops after weak inflation but recovers on second reading

Posted on June 17, 2014 at 12:30 pm GMT

The news that inflation in the United Kingdom during May was weaker-than-expected came as somewhat of a surprise to a market that was used to UK data coming in stronger-than-expected recently. The Consumer Price Index, which is harmonized with other EU countries, came in at 1.5% year-on-year compared to 1.7% forecast by economists and a 1.8% rate in the previous month. It was the slowest headline inflation rate in more than 4 years or since October of 2009. Core CPI, [..]

Technical Analysis – EURJPY downside prevails

Posted on June 17, 2014 at 6:46 am GMT

EURJPY has continued the decline making lower peaks since March when it hit 143.77. The market is well below the daily Ichimoku cloud and the tenkan-sen and kijun-sen are negatively aligned, adding to the bearish bias. RSI is bearish as it is below 50. The main barrier to the upside is the 61.8 Fibonacci retracement level of the upleg from 136.21 (February 4) to 143.77 (March 7). This lies at 139.12. To the downside, there is scope to test 136.22, [..]

Asian Session – Australian dollar drops on concern about economy in Reserve Bank minutes

Posted on June 17, 2014 at 6:38 am GMT

The US dollar was mixed as it rose to 101.97 against the yen but the euro managed to gain some ground against the greenback as it rose to 1.3561. The yen was overall weak as the euro also managed to climb further higher from the important 138 mark to 138.30. Dollar traders were eagerly awaiting news out of the Federal Reserve tomorrow, when it is expected to taper its monthly QE asset purchases by an additional 10 billion dollars to [..]

European Session – Euro rises amid talk of ECB refraining from new measures in near-term

Posted on June 16, 2014 at 1:37 pm GMT

The euro had an active session today as a result of headlines regarding the European Central Bank. There were media reports that two sources from the ECB said that the central bank was likely to refrain from additional measures in coming months and that the TLTROs are not available until September. The news helped the euro jump some 30 pips against the dollar to touch a high of 1.3563. Earlier in the day the pair reached as low as 1.3512. [..]

Forex News – How much geopolitical risk do developments in Iraq represent?

Posted on June 16, 2014 at 9:42 am GMT

The news that the Sunni islamist insurgents of the Islamic State of Iraq and the Levant (ISIL) managed to capture Iraq’s second largest city, Mosul, sent shockwaves throughout the world and raised the specter of a protracted conflict that could further destabilize the region and potentially lead to disruptions in oil supplies. Such a conflict may also dissuade investment into the oil infrastructure of Iraq and its reserves may stay unexploited underground for longer. Iraq is the 6th largest oil [..]

Technical Analysis – USDCHF consolidates at 0.9000

Posted on June 16, 2014 at 9:00 am GMT

USDCHF has paused its recent rally from 0.8702 (May 8) to 0.9035 (June 5) and is consolidating in a range between 0.8959 and 0.9012 in the past 5 days. The short term trend is neutral although the daily RSI is in bullish territory as is the MACD. The tenkan-sen kijun-sen are positively aligned. These technical indicators support the upside bias for now. A daily close above the key 0.9000 level would give momentum for a push higher to target the [..]

Technical Analysis – GBPUSD extends rally

Posted on June 16, 2014 at 6:56 am GMT

GBPUSD extended its rally for a third day today, breaking above the May 6 high of 1.6995, which was a more-than-4-year high. Prices managed to break above the 20-day and 50-day moving averages last Thursday, which propelled the rally to the 1.70 handle. RSI has gained momentum and is approaching 70, strengthening the bullish bias. Prices have slightly peeked out of the upper Bollinger Band, adding to the upside bias. To the upside, prices are targeting the August 2009 high [..]

Asian Session – Geopolitical concerns drive yen, oil and gold higher

Posted on June 16, 2014 at 6:46 am GMT

Higher geopolitical risk was a worry for markets following the weekend, as investors unloaded some equities and fled to the safety of the yen. The yen pushed the euro under the key 138 level to 137.85, while the dollar was also pushed below the 102 level to trade at 101.76. The euro firmed slightly against the dollar at 1.3546 as traders awaited the final Eurozone inflation estimate for May later in the day. In Iraq, forces of the Sunni Islamic [..]

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