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Asian session – Dollar drops again while Japanese inflation data positive

Posted on October 25, 2013 at 6:51 am GMT

The dollar continued its drop, making new 2-year lows versus the euro while trying to find a bottom versus the Japanese yen and the British pound. Towards the end of the Asian session, the euro was up 0.14% to 1.3819, having hit a new high of 1.3830 earlier. The euro was helped by statements by ECB governing council member Jorg Asmussen, who said he was not worried about current euro levels and that the currency was trading well within its [..]

US Session – Dollar flat as market consolidates recent moves

Posted on October 24, 2013 at 6:26 pm GMT

The US dollar was mostly flat in late New York trading. It recouped only 0.02% against the euro to trade at 1.3803, while it was flat against the yen at 97.33. In economic news, weekly jobless claims did not fall as much as expected, coming in at 350 thousand versus 340 thousand expected. The previous week’s figure was 358 thousand. Jobless claims are thought to have been affected by various one-off factors recently such as computer glitches in California and [..]

European session – Euro resilient in the face of weak PMI business sentiment

Posted on October 24, 2013 at 12:20 pm GMT

The euro pared gains but managed to remain relatively buoyant during European trading on Thursday, following weaker-than-expected Markit PMI business sentiment flash estimates for October. Stocks were also little moved by the weak data, remaining positive during the session. The euro was flat versus the dollar at 1.3806. The Eurozone manufacturing PMI for October came in at 51.3, which was marginally less than expectations of 51.4 and higher than the previous month’s 51.1 reading. The services PMI however badly missed [..]

Technical analysis – USDCHF 4-hourly chart shows downtrend and new lows for USD

Posted on October 24, 2013 at 8:21 am GMT

The Swiss franc is sometimes used as a proxy for the euro, although some traders prefer it as it is a traditionally a more defensive currency and benefits when risk appetite is negative. It appears from the 4-hourly chart that the US dollar is in a steep downtrend against the franc, trading at levels which represent 2-year lows. The uptrend in the USD that was in place during the first half of October broke down with the big downside move [..]

Asian session – Euro breaks 1.38 against dollar, new 2-year high

Posted on October 24, 2013 at 6:51 am GMT

The dollar lost ground again this morning, extending its losses from the Asian session. The euro made a new 2-year high of 1.3807 as the Asian session was drawing to a close, taking out the 1.38 barrier and continuing its advance. The dollar however managed to gain versus the Japanese yen, rising by 0.18% to 97.54, as positive risk appetite did not favor the yen. The market brushed off worries from a rise in Chinese money market rates, as the [..]

US session – Dollar again on the defensive after risk aversion due to China

Posted on October 23, 2013 at 7:45 pm GMT

The dollar found itself on the defensive again in New York trading, as the reaction to yesterday’s dollar selloff seemed to peter out. In a session with little news for traders to react to, the euro gained 0.18% to trade at 1.3779. During the session, traders tried to push the euro past its earlier high of 1.3793 but that level held. In economic news, the European Commission announced that Eurozone consumer confidence for October was improved at -14.50 compared to [..]

European Session – EUR pullback following overnight highs vs. USD, JPY

Posted on October 23, 2013 at 12:42 pm GMT

On Wednesday the market was still coping with the aftershocks of the previous day’s weak employment report in the United States. Having posted fresh two-year and four-year highs against the dollar and the yen respectively, the euro pulled back. It lost 0.14% against the dollar to trade at 1.3753, while against the yen is was down 0.11% at 133.92. The euro traded as high as 135.49 against the yen in the aftermath of the employment report, which was the highest [..]

Forex news – September employment report disappoints

Posted on October 23, 2013 at 9:08 am GMT

In arguably the most important economic news of every month, the headline number of the number of jobs created in the US during September was less than expected. Specifically, 148 thousand jobs were created against expectations of a gain of 185 thousand. Revisions to the previous months’ releases were also important, with the downwardly revised July figure showing a particularly weak reading of 89 thousand jobs – the weakest number for more than a year. On a more positive note, [..]

Technical Analysis – Euro scales 2-year highs versus the dollar

Posted on October 23, 2013 at 8:01 am GMT

The EURUSD broke the 8-month high of 1.3709 (1st February, 2013), following the delayed release of the September employment report the previous day. The euro made a new high of 1.3793 in Asian trading following the report’s release, which takes the pair back to levels last seen in November of 2011. In order to get an idea of previous action at these levels and the significance of this move, it was necessary to visit the weekly chart from January 2011 [..]

Asian Session – Dollar struggling to find feet following weak jobs report

Posted on October 23, 2013 at 6:57 am GMT

The US dollar struggled to stabilize following the battering it received after Tuesday’s weaker-than-expected US nonfarm payrolls report for September. According to a Reuters poll, the majority of primary dealers who deal directly with the Federal Reserve, now don’t expect any tapering of monetary stimulus before March. The US dollar managed to firm slightly by 0.05% against the euro to 1.3772, after hitting a fresh 2-year high of 1.3793 during Asian trading. Some traders were speculating that 1.39-1.40 would be [..]

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