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Forex news – Week ahead: Fed likely to call market’s tune

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

The Federal Reserve’s decision to maintain or reduce the pace of asset purchases is most likely to prove the highlight of the next few days. The consensus is that the Fed will wait for the New Year before it begins tapering, but recently strong US economic statistics might have tipped the balance in favor of taking action earlier than most expect. Any decision to taper could prove dollar-positive, as the rate of pumping extra dollar liquidity to the markets will [..]

European Session – Euro up on strong December flash PMIs

Posted on December 16, 2013 at 1:21 pm GMT

The euro traded higher against the dollar and the yen during today’s European session, on the back of encouraging business confidence surveys for the Eurozone, which suggested the single currency area’s economy was continuing to recover at a steady pace. The flash PMI business confidence indicators for the Eurozone during December showed that manufacturing posted a significant improvement; coming in at 52.7 versus 51.6 during the previous month, whereas services dipped to 51.0 from 51.2. Overall the composite index beat [..]

Technical Analysis – EURGBP, 4-hourly: Euro’s uptrend faces test ahead as MACD diverges

Posted on December 16, 2013 at 11:02 am GMT

[caption id="attachment_12020" align="alignnone" width="550"] (Click to enlarge)[/caption] The euro has managed to post respectable gains against the pound since the 0.8251 low that was registered on December 2nd. The euro’s upward trend was confirmed when it managed to make new three-week highs after it broke through the 0.8390 level on its second attempt. 0.8390 has since turned into the more immediate support level, should price head downwards. The other support is the 11-month low reached on the 2nd of December [..]

Asian Session – Yen rises on positive Tankan survey

Posted on December 16, 2013 at 7:41 am GMT

The Japanese yen managed to claw back some of its recent losses, as the market appeared hesitant to push the currency towards its recent lows after Friday’s retreat. The release of the Bank of Japan’s Tankan 4th quarter business confidence survey, showed sentiment rising to a 6-year high. Not only did big manufacturers’ and service providers’ sentiment improve but also the confidence for smaller companies reach multi-year highs. Analysts were divided as to what the Tankan meant with respect to [..]

European Session – Dollar gains on strong data, rising Fed tapering possibility

Posted on December 13, 2013 at 1:45 pm GMT

The US dollar put in a strong performance during today’s European session, as traders bought the greenback on expectations that the Federal Reserve would taper its monthly bond purchases during its meeting next week. Stronger-than-expected retail sales for November, as well as other recent data such as the employment report for November previously, made the case in favor of tapering stronger. The euro fell 0.16% against the dollar to trade at 1.3729. The euro’s losses were moderated by news that [..]

Technical Analysis – EURJPY, Hourly: Euro breaks to fresh 5-year high against yen

Posted on December 13, 2013 at 10:27 am GMT

[caption id="attachment_12002" align="alignnone" width="550"] (click to enlarge)[/caption] Long euro / yen has been one of the most successful currency trades of 2013, as the pair is up by more than 25% year-to-date. The euro has been rallying especially strongly against the yen during the past 5 weeks, as five successive weeks of gains have brought it to 142 from the 132 level. The new 5-year high this morning was 142.81, whereas the previous high was the 142.15 level on Tuesday, [..]

Asian Session – Yen falls across the board, new records versus dollar, euro

Posted on December 13, 2013 at 8:04 am GMT

The yen was weaker during today’s Asian session, registering new 5-year record lows against both the euro and the dollar. The dollar rose 0.26% to 103.63 yen, as it traded as high as 103.90; a new 5-year high. The previous high was May’s 103.72. The dollar was helped by the previous day’s stronger-than-expected November retail sales. The strong retail sales figures in turn raised the probability that the Federal Reserve will begin to taper during its meeting next week. The [..]

European Session – Euro resilient on weak Eurozone industrial production

Posted on December 12, 2013 at 1:20 pm GMT

The euro was little changed against the dollar during today’s European trading at 1.3782, despite poor economic news that was announced concerning industrial output in the single currency area. Specifically, industrial production for the Eurozone during October fell a surprising 1.1% month-on-month against expectations of a 0.3% rise. The drop came on the back of a 0.2% contraction during September, according to Eurostat. There was weakness in a number of sectors such as energy and durable goods. Staying with the [..]

Technical Analysis – EURUSD Hourly: Euro’s bull run regrouping before fresh assault on 2-year high

Posted on December 12, 2013 at 10:40 am GMT

[caption id="attachment_11987" align="alignnone" width="550"] (click to enlarge)[/caption] The Euro has been on an impressive string of gains against the US dollar since the beginning of December. There have not been any significant reversals or tests of this move, hence the support level is probably around the 1.3527, which has been the low so far for December or the base of this two-week rally. The month’s high is 1.3810, which is just 21 pips away from the two-year high of 1.3831 [..]

Asian Session – Euro close to high as falling stocks fail to boost yen

Posted on December 12, 2013 at 7:43 am GMT

The yen failed to get a boost from Asian stocks’ drop to 2 ½ – month lows, as traders continued to sell the Japanese currency despite rising risk aversion. The euro gained 0.17% versus the yen to trade at 141.46, whereas the dollar also rose against the Japanese currency, climbing 0.23% to 102.66. The euro was also relatively resilient in the face of risk aversion, dropping only 0.04% against the US dollar to trade at 1.3780. During the previous day’s [..]

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