News / Page 339

Forex News – UK retail sales beat forecasts lifting sterling

Posted on March 27, 2014 at 10:29 am GMT

UK retail sales data beat forecasts to rise in February, sending the British pound to a 3-week high against the euro. According to data from the Office of National Statistics sales volumes jumped 1.7% month-on-month in February and 3.7% year-on-year. The monthly figure showed a rebound from January’s 2.0 % drop. Forecasts were for retail sales to rise 0.5% on the month and 2.5% on the year. The retail sales figures include auto fuel of which sales increased 0.9%. Acting [..]

Technical Analysis – EURUSD consolidates after retreating from 1.3966

Posted on March 27, 2014 at 9:15 am GMT

EURUSD has retreated from a more-than 2-year high of 1.3966 hit on March 13 and is trading a range for the past week. The pair is consolidating around the 38.2% Fibonacci retracement of the upleg from February 3 (1.3476) to March 13 (1.3966). The pair fell below the uptrend line on the daily chart from the February low and prices are below the 20-day moving average, which is a bearish sign. The RSI has just crossed below the 50 line [..]

Asian Session – Dollar buoyed by strong US consumer confidence data

Posted on March 27, 2014 at 8:11 am GMT

The yen pulled back from a one-week high against the dollar as risk sentiment improved and Japanese equity markets moved higher. Meanwhile, US consumer sentiment data released on Wednesday hit a six-year high in March and added an additional boost to the dollar. The dollar recovered from a one-week low of 101.71 and climbed to an Asian session high of 102.27. Easing concerns over Ukraine led to softer safe haven demand for the Japanese currency as well. The euro was [..]

European Session – Central bankers comments pressure euro,while aussie hits 4-mth high

Posted on March 26, 2014 at 2:40 pm GMT

Major currency pairs were driven by central banker comments, which impacted the euro and sterling, while the aussie was lifted to a 4-month high. The euro was pressured by ECB policy members talk of quantitative easing being a possible monetary policy tool for combatting deflation in the Eurozone. There is some speculation for the ECB to ease next week. The euro fell for a second day against the dollar, down 0.10% to 1.3794. It had reached a European session low [..]

Forex News – ECB talk of QE pressures euro

Posted on March 26, 2014 at 1:27 pm GMT

Eurozone deflation risks have been a concern to several European Central Bank policy makers recently and have led to suggestions that further monetary policy measures could be taken if necessary in order to combat deflation. ECB governing council members including Jozef Makuch, Governor of the Slovak National Bank, told reporters on Tuesday after presenting a new inflation outlook for Slovakia, that the ECB was preparing additional non-standard measures to avoid a deflationary environment. He added that there was potential for [..]

Technical Analysis – Gold neutral in near-term

Posted on March 26, 2014 at 8:09 am GMT

In the long term picture, the long term up trend in gold has likely reversed. Gold has declined over 38% from the all-time-high of 1920.80 on 4th September 2011 to a low of 1180.11 in June 2013. The market is below the 100 and 200-week moving averages, which is a bearish sign. Since the June 2013 trough, prices have been trading sideways between 1433.51 and 1180.11. The market is likely correcting. The near-term outlook is neutral and there are no [..]

Asian Session – Risk sentiment shifts to positive as aussie gains from Chinese stimulus hopes

Posted on March 26, 2014 at 7:37 am GMT

Risk sentiment was turning positive once again as geopolitical concerns over Crimea receded and Chinese economic stimulus was anticipated in the coming months. Asian stock indices climbed to 2-month highs but the foreign exchange majors mostly remained within their recent ranges. In the crisis over Ukraine, both Russia and the West signaled they would not escalate the situation further. President Obama described Russia as a “regional power” and that the issue was not top of the national security agenda for [..]

European Session – Euro pressured by German Ifo data and Weidmann comments

Posted on March 25, 2014 at 2:40 pm GMT

The euro came under pressure after disappointing German data as well as comments from European Central Bank governing council member and Bundesbank President Jens Weidmann. The latest data on German Ifo business climate index based on a survey of 7,000 executives, fell to 110.7 in March after increasing to 111.3 the previous month. This caused a sell-off in the euro while Weidman’s dovish rhetoric that quantitative easing as an ECB policy measure is not out of the question later accelerated [..]

Technical Analysis – USDJPY long term outlook bullish

Posted on March 25, 2014 at 7:56 am GMT

The long term trend for USDJPY is bullish as seen by the uptrend line and prices are above the Ichimoku cloud. However the upward momentum has weakened as indicated by the RSI which has fallen but still remains above 50 in bullish territory. USDJPY performed a strong rally from 77.11 (Sept 2012) to reach a more-than 5-year high on January 2 at 105.43. Prices then retreated towards the key 101.00 level where weekly support is holding well. The psychological level [..]

Asian Session – Dollar soft after US PMI data highlight growth concerns

Posted on March 25, 2014 at 7:31 am GMT

Purchasing Managers Index data dominated the markets’ focus. There was particular attention on the US data which showed manufacturing activity in the world’s largest economy slowed in March after nearing a 4-year high in February. The dollar was softer and US equity markets on Wall Street were lower in reaction to the disappointing data. The headline PMI reading showed a slower acceleration in manufacturing activity in the US economy in March, dipping to 55.5 from February’s 57.1. Other PMI data [..]

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