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Asian session – US Dollar trims gains ahead of nonfarm payrolls; aussie buoyed by retail sales data

Posted on December 2, 2016 at 8:31 am GMT

The US dollar and Treasury yields were lower in Friday’s Asian session as investors were cautious ahead of the nonfarm payrolls report. The rally in oil prices fizzled out today following a boost after the OPEC deal reached on Wednesday. The euro rose to a two-week high of $1.0689 in the Asian session, helped by a broadly weaker greenback. It is on track to end the week higher against the dollar but the main risk for the single currency will [..]

European Session – Sterling jumps on hopes of soft Brexit; oil extends post-OPEC rally

Posted on December 1, 2016 at 3:25 pm GMT

Sterling was one of the best performing major currencies after surging in reaction to comments from Brexit Secretary David Davis who was taking questions from MPs in the UK Parliament today. The pound rallied to its highest level in two months against the dollar after the minister said that the UK government would consider contributing to the EU budget in order to maintain single market access. His comments suggested a move away from a hard Brexit towards a softer exit [..]

Forex News – Rising oil prices lift inflation expectations, boosting dollar and yields

Posted on December 1, 2016 at 11:57 am GMT

Oil prices soared after an agreement was reached by members of the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.2 million barrels a day. This was the first time since 2008 that the cartel came to a deal to trim production levels, as it aims to boost oil prices that have been depressed for over two years due to a supply glut. The OPEC deal on Wednesday sent oil prices higher, with WTI rising above $50 [..]

Technical Analysis – GBPJPY rally stops at 200-day moving average

Posted on December 1, 2016 at 8:55 am GMT

GBPJPY staged a strong rally from below the key 130.00 level and steadily rose above several resistance levels to finally reach the 200-day moving average which is now acting as a strong barrier to further upside moves. Prices reached a high of 143.69 where they found resistance at the 200-day moving average and this halted the rally. Meanwhile, RSI is in overbought territory above 70 which suggests that consolidation or a pull-back is due in the near term. The short-term [..]

Asian Session – Dollar hits 9-month high against yen, oil continues to gain after OPEC deal

Posted on December 1, 2016 at 7:48 am GMT

Risk sentiment in today’s Asian session was boosted by data showing a pickup in China’s manufacturing activity. Today’s risk appetite follows from a surge in crude oil prices after the Organization of the Petroleum Exporting Countries (OPEC) reached a deal yesterday to cut output. Oil prices were still in focus as they extended gains today to reach a 5-week high. Brent crude rose to $52.70 a barrel, the highest since October 25. WTI oil climbed to $50.20 a barrel. A global [..]

European Session – Oil surges as OPEC agrees to cut ouput; dollar boosted by ADP jobs data

Posted on November 30, 2016 at 3:20 pm GMT

Oil prices surged throughout the day on optimism of a deal by OPEC to cut production levels at a meeting in Vienna today. Media sources reported that OPEC agreed to cut over 1 million barrels a day to 32.5 million. WTI oil gained over 7% on the day and hit as high as $49.08 a barrel while Brent Crude was up almost 8% and reached $51.37 a barrel. The Canadian dollar clearly outperformed due to stronger oil prices since Canada is [..]

Technical Analysis – NZDUSD bullish run finds resistance at 50-day moving average

Posted on November 30, 2016 at 8:49 am GMT

NZDUSD has staged a strong rally since rebounding from below the key 0.7000 level to steadily rise this week to reach a high of 0.7158 early on Wednesday. RSI is rising and is in the process of breaking above the 50 line into bullish territory which suggests that upside momentum in NZDUSD has more room to go. But there is resistance at the 50-day moving average currently at 0.7165. A successful daily close above this would open the path towards [..]

Asian Session – Oil prices hover at $45 a barrel ahead of crucial OPEC meeting today

Posted on November 30, 2016 at 6:22 am GMT

All eyes are on a long-anticipated formal OPEC meeting in Vienna today as oil prices hovered near two-week lows around $45 a barrel. Oil ministers will gather today to try to reach a deal to cut production levels as a global supply glut has kept prices low. There are hopes that OPEC will reach an agreement to limit some oil output but the main obstacles to a deal would be Iran and Iraq, which are two of the largest global [..]

European Session – Sterling rallies above $1.25; dollar rally stalls despite upbeat US GDP data; oil slips ahead of OPEC

Posted on November 29, 2016 at 4:02 pm GMT

The US dollar strengthened against the yen during the European session after a lackluster Asian session and reached a session high of 113.33 yen. The greenback succumbed to profit-taking after the strong rally during the session and reversed back down into the 112 yen handle despite upbeat US data that showed the second estimate for third quarter GDP growth was revised higher from the initial estimate. US economic growth last quarter was stronger than initially thought and the second reading [..]

Technical Analysis – USDJPY pauses uptrend after reaching overbought levels; bullish bias remains

Posted on November 29, 2016 at 8:31 am GMT

USDJPY has paused the bullish phase that took the pair to an 8-month high of 113.89 last week. The strong rally that lasted over 2 weeks stopped as the market reached overbought levels – RSI rose to 85. As a consequence of reaching extreme overbought levels, prices fell and found support at the 50% Fibonacci retracement level of the downleg from 123.66 to 98.96 (November 2015 to June 2016 decline). This support lies at 111.34. Solid support comes below this [..]

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