News / Page 385

Forex news – UK unemployment holds at 7.7% but for how long?

Posted on October 16, 2013 at 12:42 pm GMT

(Claimant Count change m/m, Source: ONS, Reuters) Today marked the release of the UK’s key employment figures from the Office of National Statistics. The unemployment rate has taken on added significance in recent months following the guidance by the Bank of England that it would not raise interest rates while the rate remains above 7%. The announcement of unemployment of 7.7% for the June – August quarter was in line with expectations and the same as the May – July [..]

European Session – Sterling up on jobs data, dollar wavers hours before debt ceiling

Posted on October 16, 2013 at 12:30 pm GMT

It is now day 16 of the US government shutdown and the slow progress on the debt ceiling talks reminds us of the movie “Groundhog Day” with every day repeating itself. Adding to jittery markets was the announcement from Fitch Ratings last night that the US could lose its prized AAA credit rating. However, despite all the wrangling in Washington, markets appear to be optimistic that some kind of resolution will be reached and a US default will be averted. [..]

Technical Analysis – EURGBP daily looking to reverse the July-September downtrend

Posted on October 16, 2013 at 7:58 am GMT

The Euro against the Pound is usually one of the more quiet currency crosses as the Eurozone economy exerts a significant influence on the UK through trade and financial flows. Nevertheless, since the pound is of course a freely floating currency, interesting opportunities and setups do arise. Following the 0.8767 high on August 1st, the euro reversed course and moved down to a low of 0.8331 on October 1st. The reaction from this low caused the euro to break its [..]

Asian Session – Fitch ratings puts US on credit watch, USD unperturbed

Posted on October 16, 2013 at 7:00 am GMT

The main development of the session was that the rating agency Fitch Ratings put the United States on negative credit watch because of the country’s failure to raise the debt limit in a timely manner. Despite the downgrade, the agency still believed that the debt ceiling would be raised soon. The US dollar managed to put in a strong performance against the Japanese Yen, gaining 0.30% to 98.47 – not far from the highs of the previous days at 98.69. [..]

US Session – Dollar under pressure as markets anxious for US debt deal

Posted on October 15, 2013 at 7:36 pm GMT

Nervousness was back in the markets as headlines broke late in the US session that talks on the US debt ceiling in Washington broke down again. The news comes just 24 hours after Senator Harry Reid said they were close to reaching an agreement. Another day of meetings appeared to have stalled as US lawmakers were unable to move forward in negotiations and the US debt ceiling deadline is now just 48 hours away. On Thursday, October 17th, the US [..]

Forex News – ZEW investor sentiment survey climbs to 3 ½ – year high

Posted on October 15, 2013 at 2:14 pm GMT

(ZEW Economic Sentiment, Source: Reuters) The release of today’s ZEW investor sentiment saw the index climb to 52.8, which represents a 3 ½ – year high. While the main focus of attention continues to be the United States and the negotiations to end the standoff between Republicans and Democrats, the signs of a slow economic recovery for Germany and the Eurozone as a whole continue. During its latest World Economic Outlook publication (October 2013), the IMF projected a GDP contraction [..]

European Session – Dollar resumes rally on Senate deal optimism

Posted on October 15, 2013 at 12:37 pm GMT

The US dollar was the main beneficiary of today’s European session. In UK data, the eagerly awaited consumer price index for September chalked up a gain of 2.7%, slightly surpassing expectations of a 2.6% gain. A rise in air fares was countered by a drop in the price of motor fuels according to the statistics. The inflation data failed to spark an upmove in pound sterling, as it fell 0.22% against the dollar to 1.5941. In Germany, the expectations component [..]

Technical Analysis – USDJPY daily in trading range; upside breakout would resume uptrend

Posted on October 15, 2013 at 8:01 am GMT

The dollar marked a 2-week high against the yen on Tuesday, but traded in the middle of its range of the last 4 months or so. The dollar bounced strongly off the 96.50 area and it will be interesting how high this bounce can lead to. The RSI is at 51, which represents a neutral level. Dollar/ yen is also trading close to its 50-day moving average (the blueline). Important levels to look forward to are on the downside 96.55 [..]

Asian Session – Australian Dollar climbs on US deal optimism, RBA minutes

Posted on October 15, 2013 at 7:13 am GMT

The US dollar remained mostly strong during the Asian session, although market participants were reluctant to push it higher on fears that optimism about a deal in Washington could wane and that a compromise would only be a short-term fix. Furthermore, there were doubts whether any potential deal struck in the Senate would satisfy the Republican majority of the Lower House. The dollar ended down 0.21% against the yen at 98.41, after hitting a 2-week high of 98.69 earlier in [..]

US Session – Dollar gains as US debt talks make progress

Posted on October 14, 2013 at 8:02 pm GMT

Important progress has been made on the US debt ceiling negotiations and markets are Day 14 and just 4 days away from the debt ceiling deadline. US Senator Harry Reid said today in reference to the talks in Congress that “We’re getting closer” to debt limit and anti-shutdown deal.” He added: “I’m very optimistic we’ll reach a deal this week.” There are proposals to suspend debt limit through February 7, and in this way an immediate default will be averted [..]

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