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European Session – Euro consolidates gains as focus turns to German elections

Posted on September 20, 2013 at 11:53 am GMT

Currency markets have definitely slowed down after the Fed-induced rally on Wednesday, with a quiet end to the week. The economic calendar was light during the European session on Friday, keeping the euro steady and holding onto gains made post-Fed. EURUSD is not far from a 7-month high, trading in a range between $1.3515 and $1.3547 in today’s European session. The pair has been flat since the post-Fed rally to $1.3567. EURJPY has also been trading sideways since Wednesday’s jump [..]

Technical Analysis -EURUSD September 20

Posted on September 20, 2013 at 8:01 am GMT

EURUSD has a strong upward bias, currently consolidating its post-Fed gains near a seven-month high of 1.3567 hit on Sept 19. On the Hourly chart, RSI above 50 and stochastic is rising. Prices are trading above the Ichimoku cloud. The pair is currently around $1.3530, finding s support at 1.3525 (MA20). Key support is at 1.3500. A bounce off this level will reaffirm upside. Next support at 1.3465. Resistance is at 1.3567 (Sept 19 high). If broken will lead to [..]

Technical Analysis – USDJPY September 20

Posted on September 20, 2013 at 7:48 am GMT

USDJPY remains on the upside. On the Hourly chart, Tenkan-Sen and Kijun-Sen are positively aligned, adding to the overall upside potential. Resistance is at 99.63, which is the Sept 19 high and the 23.6 Fibonacci of the move from June 13 low to the July high. Following this, the key psych 100.00 yen level comes into sight. The pair is currently finding support at 99.21, the top of the Ichimoku cloud. Downside correction is possible at 98.90, which is the [..]

Asian Session – Dollar holds gains versus yen after strong US data

Posted on September 20, 2013 at 6:05 am GMT

The Asian session was quiet as expected for a Friday and after a volatile week following the Federal Reserve “ surprise”. The dollar consolidated gains made against the yen after reversing sharp losses from the Fed-statement on Wednesday. USDJPY shot up to as high as 99.61 in the US session on Thursday after a string of upbeat US economic data. Jobless claims fell more than expected, existing home sales rose while the Philly Fed index beat expectations and showed manufacturing [..]

US Session – USDJPY jumps on string of positive US data

Posted on September 19, 2013 at 7:48 pm GMT

The US dollar rebounded the yen on Thursday after some upbeat US data, recovering from Wednesday’s shock of the Fed’s announcement it won’t taper and left stimulus programs unchanged. A string of solid US economic indicators were released today, on jobless claims, existing home sales and the Philly Fed Index. Initial jobless claims came in lower than predicted at 309,000 compared to 330,000 expected. The US housing sector showed signs of growth as existing home sales rose 1.7 percent in [..]

Forex News – USDJPY jumps after upbeat US jobless claims report

Posted on September 19, 2013 at 12:52 pm GMT

The dollar jumped against the yen after US initial jobless claims data came in better than expected when released on Thursday. Data from the US Labor Department showed that the number of Americans filing new claims for unemployment benefits increased 15,000 to a seasonally adjusted 309,000 for the week ending September 14. This was well below the consensus forecast of 330,000 and below the prior week’s 294,000 claims. However, the Labor Department says that two states were still processing a [..]

European Session – Currencies consolidate in Fed aftermath, sterling falls after UK retail sales

Posted on September 19, 2013 at 11:57 am GMT

Currency markets have calmed down after the shock from Fed’s dovish statement on Wednesday and lack of tapering. The Fed’s decision not to scale back on its $85 billion a month of bond buying was mainly based on concerns of a recent sharp rise in Treasury yields, which was proving a headwind for the housing market and the US economy in general. As was seen, the US dollar took a tumble on the news yesterday and is at a seven-month [..]

Forex News – Sterling falls after UK retail sales decline in August

Posted on September 19, 2013 at 9:51 am GMT

Sterling fell against the dollar from an eight month high after UK retail sales data for August came in less than forecast. According to data, retail sales excluding fuel in August fell by 0.9 percent month over month compared to expectations of a 0.4 percent increase. The annual rate of growth slowed to 2.1 percent from July’s 2-1/2 year high of 3.0 percent. The data indicates that consumers reined in spending, particularly on food. This is interesting [..]

Asian Session – Dollar lower after Fed refrains from tapering stimulus

Posted on September 19, 2013 at 5:42 am GMT

The Asian session on Thursday was relatively quiet after the volatility caused in the prior US session when the Federal Reserve shocked markets by announcing it will hold monetary policy unchanged and will not taper. This surprised many market participants who had expected the Fed to begin scaling back on its $85 billion a month asset purchase program by at least $10 billion a month. In a press conference, Fed Chief Ben Bernanke reiterated that tapering is data-dependent and the [..]

US Session – Dollar sinks after Fed does not taper

Posted on September 18, 2013 at 8:07 pm GMT

The much anticipated Fed statement on Wednesday surprised markets when it was announced that there will be no tapering, despite market expectations for at least $10 billion worth of cuts to the current bond buying program. The FOMC decided to stick to its current stimulus program, which involves $85 billion a month of asset purchases to support US economy growth. The Fed remains quite concerned about the overall sluggishness of the economy and recent economic data has not been strong [..]

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