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European Session – Yen up on profit-taking

Posted on December 11, 2013 at 1:30 pm GMT

Both the euro and the dollar lost ground against the Japanese yen during today’s European trading, as traders decided to book profits from some of the most profitable trades of 2013. The dollar fell 0.14% to trade at 102.58 as news of a budget deal in the United States were received in a positive manner by European stock markets. Earlier in the day, Asian markets finished lower. There was also speculation that the budget deal could push the Fed to [..]

Technical Analysis – GBPUSD Hourly: back in range trading after 2-year high

Posted on December 11, 2013 at 12:13 pm GMT

[caption id="attachment_11971" align="alignnone" width="550"] (click to enlarge)[/caption] Although the pound managed to make fresh 2-year highs during Tuesday’s (10 December) trading against the dollar, this momentum was not sustained and the pound fell back. 1.6464 was the highest level for the pair going back to August 2011. The pound’s move was overextended as can be seen by the very high Relative Strength Index reading of 82 achieved when the 2-year high was made. RSI readings above 70 are interpreted as [..]

Asian Session – Dollar stabilizes on budget deal news

Posted on December 11, 2013 at 7:38 am GMT

Major currency pairs registered relatively minor changes during today’s Asian session. The euro was little changed versus the US dollar at 1.3762, having hit a high of 1.3795 during the previous day – not far from its two-year high of 1.3831 made six weeks ago. According to newswires, the euro was helped by end-of-year repatriation of funds by European banks, as well as prospects for a deal setting the bank resolution framework for a banking union within the Eurozone. The [..]

Forex News – UK Industrial Production recovering but far from pre-2008 level

Posted on December 10, 2013 at 3:03 pm GMT

[caption id="attachment_11961" align="alignnone" width="550"] (click to enlarge)[/caption] The news that UK industrial production was up 0.4% month-on-month was positive, since it beat consensus expectations of a rise of 0.3%. The annual rate of increase of output for UK industry was 3.2%. Except for 2010, UK industry has not really contributed to the country’s economic growth. The annual growth rate of industrial output turned positive during September, so the improving growth rate of October could be the start of a positive [..]

European Session – Euro, sterling stay near high versus dollar

Posted on December 10, 2013 at 1:51 pm GMT

The euro was slightly higher versus the dollar, rising by 0.06% to 1.3753, not far from its 5-week high of 1.3765 recorded during the Asian session. The euro was benefiting from the ECB’s lack of specific planning for additional monetary stimulus. On the other hand, the yen made a comeback against both the dollar and the euro as stocks sold off in late morning/ early noon in Europe. The euro fell 0.38% against the yen to 141.53 and the dollar [..]

Technical Analysis – AUDUSD 4-hourly: Aussie looking for a short-term bottom at 0.90

Posted on December 10, 2013 at 10:37 am GMT

[caption id="attachment_11955" align="alignnone" width="550"] (click to enlarge)[/caption] The Australian dollar has been in a downtrend against the US dollar for most of 2013, a year during which it is down 12.37% against the greenback. In its latest downturn, it dropped from around 0.9450 of November 20 to a low of 0.90 on December 4. It has since been trying to stage a recovery by rising to around 0.91. During this move, the short-term indicators have turned positive. Current price action [..]

Asian Session – Euro strong on bets of no extra ECB stimulus

Posted on December 10, 2013 at 7:51 am GMT

The euro managed to make fresh 5-week highs versus the dollar and 5-year highs versus the yen, on speculation that the ECB will not undertake any fresh stimulus measures for the Eurozone economy. ECB policymaker Yves Mersch stated that it would be problematic for the ECB to engage in asset purchases like the Fed or the Bank of Japan are currently doing. The euro gained 0.06% to trade at 1.3745, which is not far from October’s 2-year high of 1.3831. [..]

Forex news – A week for reflection and US retail sales

Posted on December 9, 2013 at 3:55 pm GMT

The week ahead will be a relatively quiet affair compared to the headline-grabbing ECB meeting and nonfarm payrolls of the previous week. It will be a very good opportunity for traders and investors to assess and digest recent data and the overall situation concerning economies and central bank moves. The main question hanging in the air of course will be whether the Federal Reserve decides to surprise markets with a reduction in asset purchases – the so-called tapering – during [..]

European Session – Optimism about global economy drives euro higher

Posted on December 9, 2013 at 2:01 pm GMT

The euro gained during today’s European trading, on optimism that there were positive signals for the global economy. The euro gained 0.18% against the dollar to trade at 1.3720, close to the day’s high of 1.3748 registered earlier during the Asian session. The euro was also up 0.20% against the yen at 141.40. Positive economic news often helps currencies that benefit more from global economic growth and hurts relative safe havens such as the yen and the dollar. Most stock [..]

Technical Analysis – Gold Daily: fresh 5-month lows could lead to retest of 1180

Posted on December 9, 2013 at 11:04 am GMT

[caption id="attachment_11871" align="alignnone" width="550"] (click to enlarge)[/caption] Having traded through technical support around 1250 dollars an ounce 2 ½ weeks ago, gold remains in a downtrend and is looking to test the 1180 level, which is the 3-year low (since August 2010). The bearish downtrend for gold will remain in place until the 1360 level is breached. An intermediate level of resistance is the 1250 area – a previous level of support which has now probably turned into resistance. The [..]

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