News / Page 383

US session – Dollar drops across the board on weak employment report

Posted on October 22, 2013 at 7:35 pm GMT

The dollar suffered steep losses on Tuesday following a weaker-than-expected employment report. The euro made a 2-year high against the greenback but failed to pierce the 1.38 level, climbing 0.78% to trade at 1.3782 in late New York trading. The pound gained 0.63% to trade at 1.6238. The delayed release of the September employment report was the main news item of the day. The month-on-month growth of nonfarm payrolls came in at 148,000 against expectations of a 185,000 jobs increase. [..]

European Session – gold drops, sterling gains in pre-jobs action

Posted on October 22, 2013 at 12:06 pm GMT

The pound gained ground today in an otherwise quiet, pre-employment report trading session, as UK officials made encouraging statements about the economy and a positive report on public finances was released. The pound gained 0.06% to 1.6136, while the euro also added 0.05% against the dollar to 1.3674. In the UK, there was some encouraging news that showed that the budget deficit for September was smaller than expected as a result of an economic recovery that helped push government revenues [..]

Forex News – Existing home sales show positive but cooling US housing

Posted on October 22, 2013 at 9:58 am GMT

(Existing Home Sales, 30-year fixed mortgage rate. Source: NAR, MBA, Thomson Reuters) The release of existing home sales for September marked a welcome resumption of economic data releases from a market that has been missing its regular dose of US economic news due to the shutdown. The figures were in line with expectations, showing a monthly decrease of 1.9% to an annualized seasonally adjusted 5.29 million homes sold. Existing home sales are represented by the orange line in the chart [..]

Technical analysis – USDJPY daily chart forms triangle

Posted on October 22, 2013 at 7:13 am GMT

Even short-term traders need to keep in mind what is happening to the markets they trade in a longer-term horizon. In the dollar / yen chart, a triangle formation can be observed. Starting from the high of May 22nd and the low of June 13th , the currency pair has traded among those confines since, making lower highs but also higher lows since those dates and helping to form the triangle. Triangles usually mean a consolidation and a continuation of [..]

Asian session – US dollar up as market awaits jobs data

Posted on October 22, 2013 at 6:27 am GMT

The US dollar was mostly stronger during today’s Asian session, but most market participants were waiting for the jobs report from the United States later in the day before putting on any fresh positions. According to analysts, if the jobs report comes in stronger-than-expected, it could rekindle speculation that the US economy was doing relatively well before the shutdown, therefore giving more confidence to the Fed to start reducing its monetary stimulus sooner. On the other hand, a weaker-than-expected report [..]

US Session – Dollar maintains strength ahead of US jobs data

Posted on October 21, 2013 at 8:30 pm GMT

Existing home sales in the US dropped to a 3-month low in September to 5.29 million, missing forecasts for 5.3 million. The weaker data only briefly impacted the US dollar, which fell slightly against its major counterparts. The dollar quickly recovered as the focus is now predominantly on Tuesday’s US nonfarm payrolls, which are expected to show an increase of 180,000 jobs in the September. The nonfarm payrolls report typically comes out on the first Friday of every month but [..]

European Session – Dollar gains as focus turns to nonfarm payrolls

Posted on October 21, 2013 at 12:38 pm GMT

The US dollar has been under less pressure since Friday as focus turns to US jobs data tomorrow. The September nonfarm payrolls will finally be released after a more than two-week delay due to the government shutdown. The US employment report is an important gauge of the economic recovery in the world’s largest economy. Consequently this data is closely watched by investors since it will give some signal as to whether the Federal Reserve will be able to begin tapering [..]

Forex news – Japanese export growth misses expectations

Posted on October 21, 2013 at 10:30 am GMT

(Japanese exports, year-on-year % change 2008-2013, Source: Japan Ministry of Finance, Reuters) The news that Japanese exports during September climbed by 11.5% year-on-year may sound like an excellent performance at first reading. However, when compared to economists’ expectations of a rise of 15.6% and August’s 14.6% growth, then this sudden reduction in the growth rate of exports could be cause for concern. Formerly one of the world’s export powerhouses, Japan has posted a trade deficit every month since late 2011. [..]

Technical Analysis – Gold hourly in uptrend but resistance / congestion ahead

Posted on October 21, 2013 at 7:10 am GMT

The precious metal has seen significant swings during the past week, rebounding from a low of 1251 dollars an ounce to trade at a high of 1326 three days later. It is currently trading near the upper end of this range and it will be interesting if it can break to the upside. However, from longer timeframe charts, gold could have problems breaking through the 1327-1342 area as attempts to do so during the past 30 days have all failed. [..]

Asian Session – Yen weakens after Japan’s trade deficit widens

Posted on October 21, 2013 at 5:58 am GMT

The yen weakened in early Monday trading after data showed that Japan’s trade deficit widened more than expected as a result of weak exports. The Japanese economy has not made a turnaround in the past 15 months, prompting the Bank of Japan Governor Haruhiko Kuroda to reiterate that the central bank will continue easing until the bank’s 2% target inflation rate is reached. The yen fell 0.16% against the dollar in the Asian session, trading at 98.01 per dollar. Against [..]

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