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European Session – Sterling jumps after retail sales smash expectations

Posted on January 17, 2014 at 2:23 pm GMT

Sterling was the star performer of the day following the release of much higher-than-expected retail sales for December. The data showed that UK consumers ratcheted up their spending in the run-up and during the Christmas period. The month-on-month increase was 2.6% compared to a 0.3% increase the previous month and much higher than a 0.4% rise that was expected by economists. The year-on-year increase was 5.3% in inflation-adjusted terms, while in October the annual rate of increase was 1.8%. The [..]

Forex News – UK shoppers smashed expectations in run-up to Christmas

Posted on January 17, 2014 at 1:03 pm GMT

[caption id="attachment_12734" align="alignnone" width="550"] (click to enlarge)[/caption] The release of December retail sales showed that UK consumers ratcheted up their spending in the run-up to Christmas last year. The month-on-month increase was 2.6% compared to a 0.3% increase the previous month and much higher than a 0.4% rise that was expected by economists. The year-on-year increase was 5.3% in real, inflation-adjusted terms, while in October the annual rate of increase was 1.8% – downwardly revised from 2.0% originally reported. As [..]

Technical Analysis – EURJPY, 4-hourly: Euro struggling after New Year’s Eve high

Posted on January 17, 2014 at 10:01 am GMT

[caption id="attachment_12729" align="alignnone" width="550"] (click to enlarge)[/caption] Having peaked on December 31st just above the 145 level, the highest level since October 2008, the euro has dropped against the yen in the New Year. It made a more than 1-month low of 140.47 on 13th of January but has since bounced higher to 141.91. The 140.50 level should provide some short-term support for the pair if it continues to decline. Even lower, the pair could find some support around the [..]

Asian Session – Dollar consolidates rebound; aussie near 3 ½ year lows in quiet session

Posted on January 17, 2014 at 7:57 am GMT

During the previous US session, the number of weekly new unemployment claims fell slightly, while inflation came in line with expectations at a 1.5% annual pace, which was characterized as relatively tame. The Philly Fed business survey index of conditions in the mid-Atlantic region, beat expectations by coming in at 9.4 vs 8.6 expected by economists and 6.4 during the previous month. The dollar was little changed against the euro at 1.3614, as this week’s data and economic developments helped [..]

European Session – Dollar falls after US inflation and jobless claims data

Posted on January 16, 2014 at 2:26 pm GMT

Market action was relatively subdued in the European session and focus was mostly on the US dollar which was steady as investors looked ahead to the US CPI data and jobless claims numbers. Europe also released CPI data, with final Eurozone inflation flat in December at 0.8% as expected. Market action was relatively subdued in the European session and focus was mostly on the US dollar which was steady as investors looked ahead to the US CPI data and jobless [..]

Forex News – Australian December employment report disappoints, drives aussie to 3 ½ year low

Posted on January 16, 2014 at 12:53 pm GMT

[caption id="attachment_12704" align="alignnone" width="550"] (click to enlarge)[/caption] Today’s employment report for Australia during December contained some negative surprises for analysts. Instead of creating around 7,500 jobs during the previous month as economists had expected, the Australian economy actually shed 22,600 jobs. The job losses were the biggest since March of 2013, when the economy lost 33,800 jobs. November’s employment gains were also downwardly revised to 15,400 compared to 21,000 originally reported. It should be noted of course that despite the [..]

Technical Analysis – AUDUSD carves out lower peak on monthly

Posted on January 16, 2014 at 10:34 am GMT

AUDUSD tumbled to a new 3-1/2 year low in the aftermath of dismal Australian jobs data on Thursday. Job creation declined by 22,600 last month, following November’s revised 15,400 gain, missing forecasts for a 7,500 increase. Bearish sentiment in the pair remains strong. Since October 2013, AUDUSD has been consistently carving out lower peaks and lower troughs. There was consolidation between December 18, 2013 and January 10, 2014, then a retracement to 0.9085 last week. Since then, the pair resumed [..]

Asian Session – Australian dollar hits 3-1/2 year low after jobs miss forecasts

Posted on January 16, 2014 at 7:47 am GMT

The Australian dollar dropped to a 3-1/2-year low after unexpectedly dismal employment data. The aussie suffered heavy losses in the wake of the release of the December jobs report which showed jobs in Australia fell by 22,600 last month, following November’s revised 15,400 gain. This was a huge miss compared with forecasts for an increase of between 7,500 to 10,000. The unemployment rate remained at 5.8 percent but the participation ratio dropped to 64.6% from 64.8% expected. The decline in [..]

Forex News – German GDP growth for 2013 positive at 0.4% but weaker-than-expected

Posted on January 15, 2014 at 3:13 pm GMT

2013 was another lackluster year for the German economy, as it only expanded by 0.4%, lower than economists’ expectation for an expansion of 0.5%. Growth for 2013 was down from the 0.7% rate posted during 2012. Overall one could say the German economy did not do well, until it is compared with the entire Eurozone economy. Eurozone GDP growth has not come out yet as Germany was the first major developed country to announce a preliminary GDP growth rate for [..]

European Session – Euro tumbles below 1.36 after US data boosts dollar

Posted on January 15, 2014 at 2:22 pm GMT

The dollar was the main driver of major currency pairs today as US data were supportive. The dollar began its move higher after Tuesday’s solid US retail sales data and Fed officials (Plosser and Fisher) talking up the taper. Meanwhile, today’s US PPI release and the US Empire State Manufacturing Index also had a positive impact on the dollar. The data gave investors enough to regard the overall US growth picture as improving, and offset Friday’s soft nonfarm payrolls. The [..]

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