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Asian Session – US dollar, euro lose ground against yen ahead of BOJ meeting on Thursday

Posted on November 18, 2013 at 7:39 am GMT

The dollar slipped versus the yen but managed to keep above 100 yen level at 100.01. The dollar lost 0.25%. The Bank of Japan will meet on Wednesday and Thursday, with Governor Kuroda giving a press conference late in the Asian session on Thursday. No change is expected in the nation’s extra-loose monetary policy. The main theme surrounding trading in the dollar was the possibility of a later-than-expected reduction of Fed monetary stimulus following the testimony of Fed President nominee [..]

European Session – Dollar gains in post-Yellen trading

Posted on November 15, 2013 at 1:27 pm GMT

The US dollar managed to make some gains – particularly against the yen – in a session with few fundamental news drivers in Europe. The dollar gained an additional 0.22% against the yen, holding above 100 yen level throughout the session and trading at 100.30 yen. The yen was hurting as a result of rising risk appetite. The market appeared to digest the previous day’s testimony by Janet Yellen before the US Senate banking committee. A Eurozone stock market gauge, [..]

Technical Analysis – GBPJPY breaks to 4-year high above 160

Posted on November 15, 2013 at 10:54 am GMT

[caption id="attachment_11317" align="alignnone" width="550"] (click to enlarge)[/caption] The pound was especially strong against the yen in recent sessions, on improving risk appetite because of signs that the world’s major central banks such as the Federal Reserve, the European Central Bank and the Bank of Japan, will continue with extra-loose monetary policies in the near future. The pound broke to fresh 4-year highs over 160 yen, to trade at 161 yen. The pound had not traded above 160 since August of [..]

Asian Session – Dollar rises above 100 yen as dovish Yellen sparks risk rally

Posted on November 15, 2013 at 7:50 am GMT

The dollar managed to climb against the yen, as a rally in risk assets because of Yellen’s testimony the previous day helped the greenback to hold above the 100 level. The dollar rose 0.07% to 100.08. The major averages such as the S&P 500 and the Dow Jones Industrials Average climbed to new all-time highs overnight, while the Nikkei 225 hit a new 6-month high. The Senate testimony of Fed President nominee Janet Yellen was interpreted as dovish, as Yellen [..]

US session – Dollar weakens against euro after higher US jobless claims, dovish Yellen

Posted on November 14, 2013 at 9:06 pm GMT

All eyes were on Janet Yellen today, as she took the stand in front of the US Senate Committee for her confirmation hearing on her nomination for the Federal Reserve President’s post. The US dollar weakened as Yellen signaled that she is supportive of the Fed’s current stimulus measures and is willing to continue with the current pace of bond buying especially when the US recovery is still fragile. She backed her views by emphasizing the current high level of [..]

Forex News – Eurozone GDP barely grows in 3rd quarter

Posted on November 14, 2013 at 2:42 pm GMT

[caption id="attachment_11285" align="alignnone" width="550"] (click to enlarge)[/caption] The announcement of growth of 0.1% for the Eurozone during Q3 marked the 2nd consecutive quarter of growth following 6 straight quarters during which the single currency area’s economy was contracting (Q4 2011 – Q1 2013). During the previous quarter, the Eurozone grew by 0.3% The quarterly growth rate was less than economists’ expectations of 0.2%. The main reason for this was the underperformance of France, which saw its economy shrink by 0.1% [..]

European Session – Euro falls on weak Eurozone GDP, dollar hits 100 yen on BOJ intervention fears

Posted on November 14, 2013 at 1:38 pm GMT

The European session saw a lot of activity today, with large moves in major currencies as a result of news flows and economic data. The euro fell against the dollar after being weighed by disappointing third quarter GDP data from France, as well as reports of slower growth in the Eurozone as a whole. The soft data fuelled speculation that the ECB may have to look for policy easing tools to help revive the economy. The French economy contracted much-more-than-expected [..]

Technical Analysis – AUDUSD hovers at 50% Fib retracement of Aug-Oct advance

Posted on November 14, 2013 at 9:18 am GMT

AUDUSD is contained below the 200-day moving average and above the 100-day moving average as seen on the daily chart. After advancing from the end of August low of 0.8891 to the October 23 high of 0.9756, the AUDUSD has retraced 50% of this move and is hovering just below the 50% Fibonacci retracement level of 0.9314. The pair has swung to the downside, where support is seen at 0.9265, provided by the November 12 low and the 100-day moving [..]

Asian Session – Yen weakness resumes after Japan Finance Minister’s comments

Posted on November 14, 2013 at 7:45 am GMT

The US dollar was weak against most major counterparts as a result of the market’s reaction to the dovish tone of the text of incoming Fed President Janet Yellen’s testimony which was released late in the US session on Wednesday. Yellen’s speech to the US Senate Banking Committee is scheduled for Thursday 10am Eastern time. The dollar weakened across the board as Yellen said the US economy still needed the Fed’s help. In order to encourage economic growth, she said [..]

US Session – Dollar drops on anticipation of dovish Yellen

Posted on November 13, 2013 at 8:54 pm GMT

The euro gained in late New York trading, rising by 0.33% against the US dollar to trade at 1.3435. The euro’s gains came despite an interview by ECB Executive Board Member Peter Praet, in which he stated that the bank had room to cut rates further and that the bank’s balance sheet could also be used for providing monetary stimulus – basically arguing in favor of rate cuts and asset purchases. In the United States, the market was expecting the [..]

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