News / Page 362

European Session – Dollar remains weak, focus turns to Bernanke speech

Posted on January 3, 2014 at 2:38 pm GMT

Risk aversion dominated the currency markets as investors remained cautious ahead of the weekend. Trading volumes remain thin as markets are slowly trying to get into swing after the holidays. After yesterday’s negative start to the New Year, leading to a tumble in the dollar against the yen, and the euro sliding against the dollar, markets were calmer today and most currency pairs consolidated yesterday’s moves. There was little in terms of major economic data releases today. Apart from China [..]

Forex News – US factories humming along ISM shows

Posted on January 3, 2014 at 1:03 pm GMT

[caption id="attachment_12333" align="alignnone" width="550"] (click to enlarge)[/caption] The Institute of Supply Management’s (ISM) release of the December manufacturing survey was one of the very first economic releases of the first trading day of 2014. The ISM manufacturing and non-manufacturing surveys have a good track record of predicting economic growth in the United States and are therefore very interesting to economists and market participants more widely. The ISM manufacturing figure came exactly in line with expectations at 57, which was a [..]

Technical Analysis – EURUSD under pressure

Posted on January 3, 2014 at 10:44 am GMT

The euro remains weak against the dollar and is currently under pressure on the 4-hour chart after having broken below its 50-period moving average and a recent uptrend line. A bearish reversal occurred after a failure swing on January 2nd which took EURUSD down to the 1.3625 area which is providing immediate support at the moment after being tested a few times (this week as well as in December). The stochastic is showing oversold conditions which suggests the pair will [..]

Asian Session – Yen gains in risk averse market

Posted on January 3, 2014 at 8:19 am GMT

Broad risk aversion continued to dominate currency markets which started 2014 on a risk-off tone, while thin volumes due to the holidays in Japan caused whippy market moves. Soft data from China released during the Asians session today did not help sentiment. The services PMI fell in December to a 4-month low of 54.6 from 56.0 in November. The dollar/yen took a hit as investors began the new trading year by booking profits after a strong rally in the pair [..]

European Session – Dollar eases on profit-taking after hitting 5-year high versus yen

Posted on January 2, 2014 at 2:30 pm GMT

The US dollar was the best performing currency today as it entered the New Year on a strong footing and hit new highs against the yen. A rise in US Treasury bond yields lent support to the greenback, while an upbeat US jobless claims report gave an additional boost . According to data from the US Department of Labor, US initial jobless claims declined to 339,000 last week, compared to an upward revision to 341,000 of the prior week. Expectations [..]

Forex News – Eurozone December Markit Manufacturing PMI shows continued expansion

Posted on January 2, 2014 at 1:18 pm GMT

[caption id="attachment_12319" align="alignnone" width="550"] (click to enlarge)[/caption] The announcement of the final Eurozone Manufacturing business sentiment index (PMI) for December was a confirmation that the region’s economic recovery was on track. Hence, economic growth in the 1% to 1.5% range looks quite plausible for the Eurozone during the New Year. The final headline figure came in line with expectations at 52.7, confirming the flash estimate that was released earlier in mid-December. The December figure still marked a substantial improvement from [..]

Technical Analysis – EURGBP focus remains on the downside

Posted on January 2, 2014 at 10:49 am GMT

Sterling remains strong against the euro, keeping EURGBP bearish. Currently there is congestion at the 50% Fibonacci retracement level at 0.8286 of the move from the July low to the February high, as observed on the weekly chart. This Fibonacci level acts as strong support in the near term but a potential move below this level toward the next 61.8% Fibonacci level at 0.8160 is possible as the weekly momentum is negative and RSI is in bearish territory below 50. [..]

Asian Session – Dollar rises close to 5-year high versus yen

Posted on January 2, 2014 at 8:24 am GMT

The first trading day of the New Year began relatively quietly with some mixed reaction to some disappointing manufacturing data from China yesterday. The official headline PMI fell more-than-forecast in December to 51.0 from 51.4, month-over-month, versus an expected 51.2. Meanwhile a private PMI report from HSBC gave a figure in line with expectations at 50.5, easing from a prior 50.8. The Tokyo Nikkei was closed today and will be closed until Monday. The US dollar remained resilient and kept [..]

European Session – Dollar mixed but on track for yearly gains

Posted on December 31, 2013 at 2:16 pm GMT

The most noticeable move was made by the pound which gained against the dollar during a relatively quiet European session on the last day of the year. The dollar was broadly weaker especially against the yen but is on track to end the year with the best annual percentage gain versus the yen since 1979. The euro eased slightly but is surprisingly set to end the year as the best-performing major currency in 2013. Overall market sentiment was upbeat and [..]

Forex News – Looking back: what worked and what didn’t in FX during 2013

Posted on December 31, 2013 at 12:11 pm GMT

The benefit of hindsight is a wonderful thing as one can calmly look back and review what happened without fear or worry of being proven wrong. In addition, for traders, the review of past events and their influence on the market is of paramount importance. Sadly this is often neglected in favour of looking at day-to-day or hour-to-hour movements and developments rather than stepping back and looking at the bigger picture. Looking at the performance of major forex pairs during [..]

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