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Asian Session – Dollar breaks above 113 yen as Fed minutes intensify rate hike expectations

Posted on November 24, 2016 at 8:21 am GMT

The US dollar was once again making fresh highs in Thursday’s Asian session as strong US data and hawkish FOMC minutes fuelled expectations that the Fed is poised to raise rates in December. Wall Street also extended its rally with the Dow Jones and S&P 500 closing at another record high on Wednesday as investors bet that the incoming Trump administration will boost fiscal spending. However, stocks in Asia were mixed today as rising US treasury yields continued to weigh [..]

European Session – Strong durable goods propel dollar above 112 yen; Gold sinks below $1200

Posted on November 23, 2016 at 4:05 pm GMT

The dollar rally showed no sign of abating today as much stronger-than-expected US data swiftly un-paused the brief halt in the greenback’s post-election surge. US treasury yields also rallied as expectations that the Fed may have to tighten policy more aggressively than anticipated led to another outflow of funds from government bonds. After a quiet start to the day, major currencies soon moved out of their previous day’s range during Wednesday’s European session as they digested a slew of US [..]

Forex News – UK Budget forecasts lower growth due to Brexit, increases in spending planned

Posted on November 23, 2016 at 3:33 pm GMT

UK Chancellor of the Exchequer Philip Hammond gave his first Autumn Statement address to parliament today. Much has changed since the previous finance minister George Osborne gave his statement. For one, the UK has since voted to leave the European Union. Also, growth forecasts have been lowered for 2017 and 2018. According to the OBR (Office for Budget Responsibility) GDP is now forecast to grow by 1.4 percent in 2017, down from an estimate of 2.2 percent made in March, [..]

Forex News – Eurozone economic activity at 11-month high in November but euro subdued

Posted on November 23, 2016 at 11:38 am GMT

Business activity across the euro area expanded at the fastest pace since December 2015 in November, suggesting Eurozone growth is accelerating in the fourth quarter. The Eurozone composite PMI increased from 53.3 in October to 54.1 in November, according to Markit’s flash reading, beating forecasts it would stay unchanged. The flash services PMI was up sharply from 52.8 to 54.1 in November, compared to expectations of a smaller rise to 53.0. The flash manufacturing PMI saw a more modest improvement, [..]

Technical Analysis – EURUSD pauses downtrend at 1.06, remains pressured

Posted on November 23, 2016 at 9:09 am GMT

EURUSD stalled the downtrend and is testing the key 1.0600 level this week. The recovery has been mild from a near 1-year low of 1.0568 touched last Friday. EURUSD remains pressured to the downside as momentum indicators are bearish. MACD is below zero and RSI is below 50. However, since the daily RSI is at oversold levels at 30 this suggests consolidation in the near term. The bearish cross of the 50-day moving average below the 200-day moving average in [..]

Asian Session – Dollar consolidates around 111 yen; oil lower on fading hopes of OPEC production cut deal

Posted on November 23, 2016 at 7:52 am GMT

The Asian session was relatively quiet due to a public holiday in Japan and due to the US Thanksgiving holiday tomorrow, which resulted in thin liquidity. The US dollar was unable to extend Tuesday’s gains versus the yen. Oil fell on reports that Iran and Iraq have yet to cooperate on output cuts. The dollar index which gauges the US currency against a basket of six major currencies, slid off a 13 1/2-year peak of 101.48 reached last Friday and [..]

European Session – Stocks boosted by oil as dollar attempts to resume rally

Posted on November 22, 2016 at 3:55 pm GMT

Equities were the main winner in Tuesday’s European session as higher oil prices drove up energy shares. The US dollar meanwhile hovered around the 111 level against the yen for most of the day as it attempted to resume its post-election rally that’s been on pause since yesterday. European stocks opened sharply higher on Tuesday on the back of stronger commodity prices and a record close on Wall Street on Monday. US equities extended their move into record territory at [..]

Technical Analysis – Gold pauses decline just above key 1200 support

Posted on November 22, 2016 at 8:00 am GMT

Gold’s decline stopped just ahead of the key 1200 level. After reaching a 5-month low of 1202.80 on Friday, prices rebounded to 1220 early on Tuesday. The market is now at a critical area near the 50% Fibonacci retracement level (1210.18) of the rise from 1046.29 to 1375 (December 2015 to July 2016 rally). If the market falls below the 50 % Fibonacci, the bias would shift to bearish. Technical signals are negative as the market is below the 200-day [..]

Asian Session – Oil gains on hopes of OPEC agreement to cut output

Posted on November 22, 2016 at 7:00 am GMT

Oil is increasingly in focus ahead of next week’s OPEC meeting in Vienna. Optimism is growing that a deal will be finalized on November 30 to trim output levels and this is helping lift oil prices. Both international benchmarks, Brent and West Texas Intermediate, gained 1% in the Asian session today. WTI rose to $48.95 a barrel while Brent climbed to $49.61 a barrel. The yen quickly gave back gains made on news of an earthquake in Japan. But there [..]

Mid-European Session – Euro and sterling bounce back as dollar eases

Posted on November 21, 2016 at 12:48 pm GMT

The euro bounced back sharply at the start of Monday’s European session, recovering strongly from last week’s 11-month low of 1.0568 dollars. Political developments over the weekend helped ease some of the uncertainty related to the upcoming French and German elections next year, and this spurred the euro to hit a session high of 1.0648 dollars. The US dollar meanwhile fell back slightly from its early Asian session highs as traders paused for breath. The single currency suffered its longest [..]

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