News / Page 389

Forex News – Dollar falls after ISM Non-Manufacturing drops more-than-expected to 54.4

Posted on October 3, 2013 at 2:25 pm GMT

The dollar dropped against the yen and against the euro after US economic data showed the ISM non-manufacturing PMI index fell to 54.4 in September, from 58.6. The decline was more than the forecast of 57.4 and prior 58.6. Also, the employment component of ISM fell to 52.7 from 57, the lowest since May. The business activity index was an even larger downside surprise, falling to 55.1 from 62.2, versus the anticipated 60.0. USDJPY fell to 97.33 a few minutes [..]

European Session – Euro remains above $1.36 after strong Eurozone retail sales

Posted on October 3, 2013 at 12:05 pm GMT

The euro remains above the key $1.36 level on Thursday, close to an eight-month high after being boosted by stronger than expected Euro zone retail sales data. The seasonally adjusted volume of retail trade increased by 0.7 per cent in August, significantly higher than the 0.2 per cent boost forecast by analysts and up from a 0.5 per cent rise in July. EURUSD jumped to a high of $1.3615 after the data before steadying back at the $1.3600 level which [..]

Forex News – GBPUSD jumps after UK services PMI

Posted on October 3, 2013 at 8:57 am GMT

GBPUSD jumped 50 pips after data showed that the UK services sector grew in September. The Markit/CIPS Purchasing Managers’ Index (PMI) for services printed a reading of 60.3 in September which was in line with expectations. Although this was a slight decrease from August’s near-seven-year high of 60.5, any reading above the 50 level shows expansion. The UK service sector makes up more than three quarters of Britain’s output so the data is important. Meanwhile the outlook index is seen [..]

Technical Analysis – USDJPY finding resistance at Ichimoku Cloud

Posted on October 3, 2013 at 8:29 am GMT

USDJPY is finding resistance at the Ichimoku cloud and is currently trading below 97.85 yen in early European session trading on Thursday. Tenkan-Sen and Kijun-Sen remains negatively aligned. The pair bounced off Wednesday’s low of 97.13 but the short term downside bias prevails and selling on rallies could be a good strategy to target support at 97.23. A move above 98.30 would cancel today’s bearish bias. The pair is finding support at 97.60 RSI and stochastics appear to be turning. [..]

Asian Session – Euro moves higher above $1.36

Posted on October 3, 2013 at 6:17 am GMT

The Asian session on Thursday was relatively quiet, with little news and no key economic data releases. Investors are being cautious, waiting for signs of political compromise to end the US government shutdown. Focus will be on some data releases in the upcoming European session. There will be a series of purchasing managers indices from the Eurozone countries and the UK and Eurozone-wide retail sales data. Expectations are that retail sales in the Euro zone rose 0.2 percent in August [..]

US Session – Euro holds gains after Draghi, dollar weighed by poor ADP jobs data

Posted on October 2, 2013 at 6:56 pm GMT

The euro surged 100 pips against the dollar to pierce $1.36 in the early US session trading on Wednesday during ECB Mario Draghi’s press conference. Draghi was speaking after the ECB policy meeting where the central bank left the key interest rate unchanged at 0.50 percent. Adding to euro demand was news today that the political crisis in Italy is over after Prime Minister Enrico Letta won a vote of confidence. Helping boost the euro is a broadly weaker dollar [..]

Forex News – ECB Mario Draghi news conference highlights

Posted on October 2, 2013 at 2:03 pm GMT

The following are highlights of Draghi news conference on Wednesday October 2nd. FORWARD GUIDANCE “In line with the forward guidance provided in July, the Governing Council confirms that it expects the key ECB interest rates to remain at present or lower levels for an extended period of time.” EXCHANGE RATES “The exchange rate is not a policy target for the ECB. The target for the ECB is medium-term price stability. “However, the exchange rate is important for growth and for [..]

Forex News – Euro above $1.36 after Draghi press conference

Posted on October 2, 2013 at 1:57 pm GMT

The euro rallied sharply against the dollar during ECB Chief Mario Draghi’s news conference on Wednesday, piercing $1.36 and approaching the heist level since February 4. Draghi seemingly made investors feel bullish on the euro when he said he is not worried about inflation. This is despite him repeating that interest rates will remain low for extended period, risks to growth are on the downside, the bank is ready to use all available instruments including another LTRO and risks to [..]

European Session – Euro steady after ECB holds rates, Berlusconi announces support for Letta

Posted on October 2, 2013 at 12:13 pm GMT

The main news on Wednesday was around the ECB policy meeting, Italian politics and the US government shutdown. The euro held steady after the European Central Bank announced it kept the benchmark interest rate on hold at a record low of 0.50 percent on Wednesday . This was in line with expectations so there was little price action here. Focus however is now on a press conference by ECB Chief Mario Draghi. If he sounds dovish this will give some [..]

Technical Analysis – USDJPY short term bearish

Posted on October 2, 2013 at 9:03 am GMT

USDJPY – Technical indicators suggest short term bearish in the pair. On the 4H chart on Wednesday, in the mid-European session, price action is moving lower and is below the Ichimoku cloud (bearish). The Tenkan-Sen and Kijun-Sen remain negatively aligned. USDJPY is currently at 97.35. Key support level of 97.60 was broken in mid-session European trading on Wednesday. This support level was the 50% Fibonacci of the move from the June 13 low to the July 8 high. This downside [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

News

XM Live Chat