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Forex News – Markets to hear from Yellen, Carney in the week ahead

Posted on February 7, 2014 at 2:58 pm GMT

Appearances by central bankers such as Yellen, Draghi and Carney together with Eurozone GDP will likely prove the highlights of next week. Traders will focus on whether the markets can stabilize following a rocky start to 2014. Janet Yellen, having just succeeded Ben Bernanke as chair of the Federal Reserve, will testify before the US Congress on Tuesday and Thursday. The testimony by the Fed chair is part of the semi-annual monetary policy report, which is mandated by the Humphrey- [..]

European Session –Dollar drops in knee-jerk reaction to nonfarm payrolls

Posted on February 7, 2014 at 2:44 pm GMT

The event-filled week culminated with the US jobs report which unexpectedly reported a lower-than-expected result. Some analysts blame the extreme weather conditions that hit the United States as a reason behind the soft employment numbers. The nonfarm payrolls (NFP) report showed that 113,000 jobs were created in January, missing forecasts for a 185,000 print, with the unemployment rate edging lower to 6.6% from a prior 6.7%. December’s figure was upwardly revised from 74,000 to 75,000. Despite January’s number being higher [..]

Technical Analysis – EURUSD primarily in a downtrend on daily chart

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

The daily trend of the EURUSD is to the downside as the pair has been carving out lower peaks since December 27. Technical indicators are providing bearish signals – the RSI is showing falling momentum while the MACD has fallen below the zero level. The Bollinger band is edging lower and price action is capped below the middle band. EURUSD is currently trapped between the 23.6% and 38.2% Fibonacci retracement levels of the move up from the July 9 low [..]

Asian Session – Calm market awaits US January employment report

Posted on February 7, 2014 at 7:50 am GMT

It was a mostly quiet session in Asia, as traders looked forward to the release of the US employment report for January later in the day. The euro was little changed against the US dollar, trading down a mere 0.02% at 1.3585. The euro rallied strongly following the inaction by the European Central Bank the previous day, topping the 1.36 level at some point. The ECB put off any new decisions until March, when it would also have fresh data [..]

European Session – Euro rallies after ECB takes no action to counter disinflation

Posted on February 6, 2014 at 2:26 pm GMT

The euro rallied strongly against other majors, following the outcome of the ECB meeting, while the pound dropped slightly following the Bank of England announcement. The euro gained 0.53% against the dollar to trade at 1.3591, while it managed to gain 0.41% against the Japanese yen to trade at 137.68. The session was dominated by the decisions of Europe’s most important central banks, the European Central Bank and the Bank of England, which both decided to leave interest rates unchanged. [..]

Forex News – Australia’s export surplus and retail sales growth reduce rate cut expectations

Posted on February 6, 2014 at 11:46 am GMT

Australia produced some upbeat economic releases on Thursday, giving some welcome relief to the nation’s currency as the data bolsters the view that the Reserve Bank of Australia would keep rates steady for now and will not lower them further. According to Australia’s statistics bureau, the economy reported its biggest trade surplus in 2 years in December as a result of exports exceeding imports by $468 million. Exports rose 4% in December, while imports rose 2%. The data surprised analysts [..]

Technical Analysis – Gold attempting to bounce higher

Posted on February 6, 2014 at 9:10 am GMT

Gold prices began a rebound from the end of January to rise to a high of 1274.09 on February 5. Gold has since corrected this up-leg by 61.8% and is currently capped just below the 38.2% Fibonacci retracement level at 1260.20. Key support is at the 61.8% Fibonacci level of 1251.90. The 100-period moving average is also providing key support on the 4-hour chart. The 50% retracement level has proven to be a key turning point, from which prices have [..]

Asian Session – Euro weakens ahead of ECB, aussie jumps on strong retail sales

Posted on February 6, 2014 at 7:53 am GMT

Thursday is an event-filled day, with the Bank of England and European Central Bank policy decisions due in the afternoon. Ahead of these events the German factory orders numbers will be released, while later in the US session jobless claims will be in focus. The euro slid 0.10% against the dollar during the Asian session to end at 1.3519 as investors are being cautious ahead of the ECB event. Weighing on the euro recently is growing speculation that the ECB [..]

European Session – Dollar falls on ADP jobs data, sterling weak after UK services PMI

Posted on February 5, 2014 at 2:41 pm GMT

Fundamental news headlines played a role in currency moves today as some key economic data from all regions were released, including the Eurozone, the UK and the US. The British pound was the main currency that was impacted by data and was one of the worst performing currencies during the European session. Sterling fell against the dollar after UK services PMI data were released for the month of January. While the 58.3 headline figure was well in expansionary territory (above [..]

Forex News – Eurozone retail sales drop in December

Posted on February 5, 2014 at 1:57 pm GMT

The volume of retail sales in the Eurozone fell by more-than-forecast in December, as the Christmas shopping season failed to tempt shoppers to spend more. The drop in sales marked the biggest fall since May 2011. According to the EU’s statistics office Eurostat, the volume of retail trade in the 17-member euro area fell 1.6 % in the month of December after a revised 0.9% rise in November. Most analysts expected only a 0.7% decline. Compared with the same period [..]

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