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European Session – Euro buoyed by PMI data, ECB in focus

Posted on December 4, 2013 at 1:38 pm GMT

The euro gained against the dollar after a slew of mixed data out of the Euro zone today, while focus turns to the European Central Bank policy meeting tomorrow. Services PMI data showed activity expanded in Germany and Spain but there was contraction in France and Italy. Other data showed Eurozone retail sales numbers were below forecast with a 0.2% decline despite expectations for a 0.2% increase. The euro rose 0.14% to end the European session at 1.3598. Sterling ended [..]

Forex News – Australian economy grows at slower pace in Q3

Posted on December 4, 2013 at 12:45 pm GMT

GDP data released today showed Australia’s economy expanded at a slower pace than expected in the third quarter suggesting that the natural resources-rich country is facing some headwinds. Contributing factors that affect the growth picture in Australia have been in part due to a slowdown in China, which is Australia’s biggest trading partner, while the end of the massive mining boom has had a major role too. According to a GDP report released by the Australian Bureau of Statistics today, [..]

Technical Analysis – EURUSD upside momentum stalls

Posted on December 4, 2013 at 10:59 am GMT

Sentiment in the EURUSD pair is generally bullish as the pair remains above its uptrend line and its 100-day moving average on the daily chart – around 1.3580. However, the recent upside momentum has stalled as indicated by the RSI which has paused at the 50 level and MACD is below zero. The pair has currently found support at its 50-day moving average as well as the 38% Fibonacci level of the move from the September 6 low to the [..]

Asian Session – Aussie tumbles on weak GDP

Posted on December 4, 2013 at 7:58 am GMT

The Australian dollar was the biggest mover in the Asian session after it reacted negatively to GDP data that indicated the Australian economy expanded less than forecast in the third quarter. GDP grew 0.6% which was short of forecasts for 0.8%. The Aussie tumbled to a 3-month low against the US dollar and ended the session down 1.15% at 0.9031, the lowest since early September. In other currencies there was mostly consolidation of yesterday’s moves. The US dollar stabilized after [..]

US Session – Dollar slides as focus turns to nonfarm payrolls

Posted on December 3, 2013 at 9:15 pm GMT

The US dollar traded lower versus most of its major counterparts on Tuesday due to a lack of tier one US economic data and caution by market participants ahead of big risk events like Friday’s nonfarm payrolls. The dollar eased lower against the yen on profit-taking from a month-long rally in the pair. The greenback ended the US session down 0.27% at 102.32. Earlier in the day the dollar hit a fresh 6-month high of 103.36 yen, lifted by ISM [..]

Forex News – ISM manufacturing index rises for 6th straight month in November

Posted on December 3, 2013 at 2:33 pm GMT

The US manufacturing sector grew in November, lifting the Institute of Supply Management (ISM) manufacturing index for a 6th straight month from the low of the year in May. The ISM survey showed that US manufacturing expansion quickened in November to 57.3 from 56.4 in October and beat a forecast of 55.2. This was the fastest pace of increase in 2-½ years since April 2011. The ISM data is a gauge of sentiment among factory purchasing managers. The manufacturing sector [..]

European Session – Euro rebounds on upbeat Spanish jobs data

Posted on December 3, 2013 at 1:17 pm GMT

The dollar gave up gains against most of its major counterparts in European session trading on Tuesday, reversing profits driven by Monday’s ISM manufacturing PMI data as well as encouraging construction data from the US. Monday’s strong ISM manufacturing report helped drive the dollar higher but market participants are being cautious and took profits ahead of key US jobs data due on Wednesday (ADP jobs) and on Friday (nonfarm payrolls). The dollar reversed lower against the yen after hitting a [..]

Technical Analysis – USDJPY bullish but over-extended

Posted on December 3, 2013 at 11:54 am GMT

USDJPY remains strongly bullish in the long term. On the daily chart, the pair hit a new 6-month high of 103.36 yen today, with key resistance being the May 22, 2013 high of 103.72. A break above this key level gives scope for the next high that was in August 2008 at 110.66. A correction is expected ahead of this level though as technical indicators suggest the pair is over-extended after such a strong rally in November. The RSI is [..]

Asian Session – Aussie falls after RBA, yen hits new 6-month low against dollar

Posted on December 3, 2013 at 8:09 am GMT

The Australian dollar and the yen were the biggest losers against the US dollar in an otherwise quiet Asian session on Tuesday. In economic news, the Reserve Bank of Australia announced its policy decision with no surprises and left the benchmark interest rate unchanged at 2.5%. The Aussie fell 0.3% to end at 0.9075, erasing earlier gains when it spiked on better-than-expected Australian retail sales. The main catalyst for the Aussie‘s decline was when the RBA reiterated that the currency’s [..]

US Session – Dollar surges to 103 yen on strong ISM data

Posted on December 2, 2013 at 9:11 pm GMT

The US dollar was the main focus of the US session today as the currency surged to 103 yen for the first time since May 22 on the back of upbeat ISM data. The manufacturing index beat expectations in November to rise to 57.3 from 56.4 in October, compared to a forecast for a drop to 55.1. Last month’s figure was the highest level since April 2011. Meanwhile, just before the ISM report was released, the final manufacturing PMI from [..]

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