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European Session – Oil and gold fall as Syria concerns ease

Posted on September 10, 2013 at 12:00 pm GMT

Risk sentiment was back on today as markets have scaled back expectations of a military strike in Syria. Russia’s proposal to put Syria’s chemical weapons under international control was accepted by Syria and the United States. Crude oil tumbled by over 1 percent today to $107.45 as concerns over the Syria crisis have eased. Gold, the safe haven asset also fell, down to $1,364.54, down over $20 on the day. Adding to upbeat mood was some upbeat economic data from [..]

Forex News – China industrial output beats forecasts

Posted on September 10, 2013 at 8:06 am GMT

China released some important economic data on Tuesday that gives evidence the world’s second largest economy is on track to recovering from a recent slowdown. China’s industrial output growth beat forecasts in August, while retail sales also beat expectations. Industrial production rose +10.4 percent y/y, up from a previous +9.7 percent, and above +9.9 percent forecast. Retail sales were up +13.4 percent y/y from +13.2 percent. The data lifted risk appetite in markets today, both for currencies as well [..]

Asian Session – Aussie dollar rises on China data

Posted on September 10, 2013 at 6:11 am GMT

Australia’s dollar was the best performer in Tuesday’s Asian trading, moving higher after Chinese data beat forecasts. China’s Industrial production rose 10.4 percent from a year earlier, accelerating from July’s 9.7 percent advance. Retail sales increased by 13.4 percent compared to August last year. The Aussie which is often sensitive to data from China because it is Australia’s key export market, gained 0.5 percent. AUDUSD rose to 92.87 U.S. cents, up from the session open of 92.26 U.S. cents. Support [..]

US Session – USD broadly weaker on uncertainty of Fed tapering

Posted on September 9, 2013 at 8:27 pm GMT

The U.S dollar is broadly weaker against the euro and sterling as well as against growth-linked currencies like the Australian and Canadian dollars. Friday’s weaker-than-forecast U.S. jobs data weighed on the USD as investors re-evaluate the timing of the Fed tapering, which they expected to be in September. The euro rallied sharply today as a result of the weaker dollar, but also because of upbeat Euro zone sentiment data. EURUSD gained 0.6 percent and hit as high as $1.3279 in [..]

Forex News – Canadian dollar gains after record high building permits

Posted on September 9, 2013 at 2:54 pm GMT

The Canadian dollar gains versus the U.S. greenback after the release of Canadian building permits data which rose to a record in July, up 20.7 percent from June. The total value of building permits continued to trend upward on the strength of six gains in seven months. The gain exceeded all 10 forecasts in a Bloomberg economist survey that had a median increase of 4.4 percent increase. The main driver behind the increase was in the non-residential sector as a [..]

European Session – Euro lifted by positive Eurozone sentiment data

Posted on September 9, 2013 at 12:10 pm GMT

The euro gained against the U.S. dollar in Monday’s European session after being supported by the positive Sentix sentiment data. The September Sentix index showed sentiment in the region turned positive for the first time in more than two years as investors believe the recession is ending and have a more positive outlook for the economy in Europe. The index rose +6.5 points, its highest level since May 2011, from -4.9 points in August. EURUSD reached a session high of [..]

Technical Analysis – USDJPY September 9

Posted on September 9, 2013 at 9:28 am GMT

USDJPY on the Hourly Chart experienced a short-lived burst in early Monday trading in reaction to China data but the pair subsequently was unable to break above the key 100 yen resistance level as the dollar is being weighed by Friday’s disappointing U.S. nonfarm payrolls. However in the long term a bullish turnaround is still possible based on the diverging monetary policies between the Fed and the Bank of Japan. On the Daily chart, Stochastic readings are still in an [..]

Forex News – Aussie at 3-month high after Australian elections, China data

Posted on September 9, 2013 at 8:11 am GMT

The Australian dollar hovers at a three-month high against the U.S. dollar on Monday, being supported by upbeat China data as well as news of an election victory by Conservative Party leader Tony Abbott over the weekend. Abbott’s Liberal-National Party coalition had won around 52.6 percent of the national vote, and projected it would win at least 88 seats in the 150-seat parliament. “From today I declare that Australia is under new management and Australia is once more open for [..]

Forex News – Tokyo Olympics will boost Japan economy and help Abenomics

Posted on September 9, 2013 at 7:27 am GMT

Japan won the bid to host the 2020 Olympic Games in Tokyo after the International Olympic Committee announced the news over the weekend and the stock markets in Tokyo were quick to react at the start of trading on Monday. The Nikkei opened up almost 3.0 percent as investors speculated there would be a boom in the Japanese economy as construction, real estate and sportswear firms will benefit greatly. It is expected that the Tokyo Olympics will cement the current [..]

Asian Session – Yen lower as China data, Olympics boost sentiment

Posted on September 9, 2013 at 6:27 am GMT

Positive economic news from China offered support to regional markets and lifted risk sentiment during the Asian session on Monday. China trade data showed a pickup in exports in August, up 7.2 percent on year as the world’s biggest economy is stabilizing and recovering from a slowdown earlier in the year. The yen was the biggest loser, opening with a gap lower against the U.S. dollar as risk appetite saw lower demand for the safe haven Japanese currency. Also victory [..]

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