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Asian Session – Euro stronger on optimism about global economy

Posted on December 9, 2013 at 7:56 am GMT

The euro remained strong during Asian session trading on Monday, as the single currency appeared to benefit even more than the US dollar from the much better-than-expected US employment report at the end of the previous week. The dollar managed to claw back some ground against the euro, pushing the single currency 0.12% lower at 1.3696. Following a New York close of 1.3701, the euro had rallied to a fresh 5-week high of 1.3748 early in the Asian session, as [..]

Forex News – December taper chances higher following strong jobs report

Posted on December 6, 2013 at 2:38 pm GMT

[caption id="attachment_11856" align="alignnone" width="550"] US nonfarm payrolls, unemployment[/caption] The US November employment report, which was released today, again surprised on the upside just as October’s report did. Nonfarm payrolls grew by 203 thousand versus expectations of a gain of 180 thousand. October’s number was revised slightly lower to 200 thousand against 204 thousand initially reported. There were strong job gains in almost every category; from manufacturing (+27k), to construction (+17k), to retail (+17k) as well as the public sector (+7k). [..]

European Session – US dollar flat of employment report

Posted on December 6, 2013 at 1:18 pm GMT

The euro was little changed against the dollar during the European session, rising by 0.04% to 1.3660. The euro made further progress versus the yen, rising by 0.11% to 139.66. In economic news, German industrial orders missed expectations by dropping sharply month-on-month during October, nearly reversing the previous month’s gain. Orders fell by 2.2%, against expectations of 0.6% fall and a revised gain of 3.1% during September. The reason behind the drop was a sharp reduction in the volatile capital [..]

Technical Analysis – USDJPY 4-hourly: uptrend looking to reestablish itself

Posted on December 6, 2013 at 10:20 am GMT

[caption id="attachment_11848" align="alignnone" width="550"] (click to enlarge)[/caption] As a result of Bank of Japan’s turbo-charged monetary stimulus and positive risk sentiment, the US dollar rallied strongly versus the yen during the first half of 2013. Since late May however, the dollar has been in a consolidation pattern, unable to break the May high just below the 104 level, which is also the five-year high for the pair. This week the US dollar made a new six-month high at 103.38, but [..]

Asian Session – US dollar mixed going into November employment report

Posted on December 6, 2013 at 7:24 am GMT

The euro backed away a little from the 5-week high achieved during the previous US session, losing 0.09% against the dollar to trade at 1.3655. 1.3677 was the high achieved. The euro was boosted by the relatively sanguine tone of ECB President Mario Draghi during the previous day’s press conference, in which he did not appear in a hurry to undertake any fresh stimulus measures and did not float any possible specific measures. Draghi’s vague talk about the possibility of [..]

Forex News – Draghi hints at more action but nothing specific

Posted on December 5, 2013 at 3:02 pm GMT

The press conference of the ECB President Mario Draghi was one of the most keenly awaited events of the week. The lack of clarity and the insistence of Draghi not to mention any specific new measures to help the economy – even in the sphere of future possibilities – disappointed those who were hoping for a more proactive ECB. Even the need for a future LTRO (Long Term Refinancing Operation) was questioned by Draghi, as he said that the ECB [..]

European Session – Dollar strengthens ahead of US GDP figures and Draghi press conference

Posted on December 5, 2013 at 1:13 pm GMT

The euro dropped a significant 0.30% against the US dollar (41 pips) during today’s European trading, to trade at 1.3584. The move more than reversed the euro’s gains during the Asian session earlier and drove the single currency back below 1.36. In economic statistics, French unemployment during the third quarter climbed to its highest since 1998 at 10.9%. This development could prove problematic for French President Francois Hollande, who has pledged to bring down unemployment. High unemployment has become an [..]

Technical Analysis – EURJPY Hourly, correction underway following 5-year high

Posted on December 5, 2013 at 9:51 am GMT

[caption id="attachment_11817" align="alignnone" width="550"] (click to enlarge)[/caption] The euro dropped back after crossing above the 140 yen level, which was a fresh 5-year high for the pair. The euro last traded at these levels during October 2008, the month after the collapse of Lehman Brothers. The rapid advance to the 140 level was followed by some profit-taking and a correction, with the euro caught in a downtrend on the hourly chart during the last two days. This downtrend would be [..]

Asian Session – Yen higher on short-covering and profit-taking

Posted on December 5, 2013 at 7:15 am GMT

The yen strengthened during today’s Asian session as traders decided to book some profits on their short yen positions while no obvious catalyst was apparent in terms of economic releases and news. The dollar lost 0.27% against the Japanese currency to trade at 102.07, backing off from the high of 103.38 achieved lately. The euro’s losses were relatively contained, backing off a modest 0.04% against the yen to 139.07. The euro had achieved a high of 140.03 against the yen [..]

US Session – Dollar reverses ADP driven gains and weakens after ISM services

Posted on December 4, 2013 at 9:38 pm GMT

Trading was choppy in the US session for the dollar which swung from highs to lows on mixed US data. The dollar initially rose on ADP jobs numbers which beat forecasts and raised prospects for a solid nonfarm payrolls report on Friday, which in turn would raise expectations for Fed tapering soon. Data showed private sector hiring in the US rose by a seasonally adjusted 215,000 in November, above expectations for an increase of 173,000. However all gains for the [..]

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