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Forex News – Euro rises after better German jobs data

Posted on July 31, 2013 at 9:00 am GMT

The euro received a boost against the dollar after some upbeat economic data in early European session trading on Wednesday. Germany’s unemployment report came in better than expected, as the number of jobless Germans fell for the second straight month in July, while the official unemployment rate remained steady. The unemployment rate held steady at 6.8 percent in July compared to expectations for a marginal increase to 6.9 percent. According to Germany’s Federal Statistics Office, the number of unemployed people [..]

Asian Session – Waiting for the Fed

Posted on July 31, 2013 at 6:13 am GMT

The Asian session on Wednesday was very quiet as expected, with most currencies tight ranges ahead of a slew of economic data and the very important FOMC policy announcement. Market players are being cautious and waiting to see what the Federal Reserve policy statement will reveal with regards to when it will decide to reduce stimulus measures that have been weakening the USD. EURUSD did not see a whole lot of movement, confined in a tight 15-pip range and supported [..]

US Session – Dollar weak after U.S. consumer confidence falls, focus on Fed

Posted on July 30, 2013 at 8:35 pm GMT

Currency markets had a flattish day due to light volumes ahead of the Federal Reserve policy announcement on Wednesday. Market participants prefer waiting on the sidelines and were reluctant to carry significant positions overnight. So until the Fed announcement we will not likely see any clear direction in currencies. The first day of a two-day meeting of the Fed’s policymakers, known as the Federal Open Market Committee (FOMC) was held today and will conclude on Wednesday. Some expect the Fed [..]

Forex News – RBA Governor talks of interest rate cuts and weaker AUD

Posted on July 30, 2013 at 2:02 pm GMT

The Australian dollar took a beating on Tuesday following comments by the Reserve Bank of Australia (RBA) Governor Glenn Stevens in Sydney. His speech was titled “Economic Policy after the Booms” at the Anika Foundation Luncheon, supported by Australian Business Economists and Macquarie Bank. Stevens pointed out that the current level of inflation allows the RBA to be more accommodative, signalling that a rate cut is possible if required to stimulate the Australian economy, which has been struggling due to [..]

European Session – Markets position for Fed meeting

Posted on July 30, 2013 at 12:11 pm GMT

Currency markets took on some risk sentiment as the mid-European session came long, giving euro and sterling a bit of a lift, as dollar declined against the yen. Fundamental news was lacking today but investors are bracing for a busier time beginning tomorrow until the end of the week, as major central banks (Fed, ECB, BOE) set policy, while key economic data on U.S. jobs are due on Friday. The Fed meeting starts today and ends tomorrow, and the European [..]

Asian Session – Australian dollar falls on possible interest rate cut

Posted on July 30, 2013 at 6:20 am GMT

The Australian dollar took the spotlight today as it tumbled against most major peers following weak data and comments by the Reserve Bank of Australia’s governor. AUDUSD began the Asian session at $0.9203 and began its decline after weak industrial production figures. The fall accelerated to $0.9059 after RBA Governor Stevens speech when he signalled there is still room for interest rates and the currency to fall. Stevens said that the RBA still has some scope to ease after inflation [..]

US Session – Dollar decline pauses as focus turns to Fed

Posted on July 29, 2013 at 8:06 pm GMT

The dollar gained some ground against most major peers in the U.S. session on Monday, but was little changed against the yen. Most investors are positioning ahead of key risk events this week and are waiting on central bank policy announcements and key data for direction. The dollar is generally weaker since last week on speculation of a dovish Fed and that it would hold onto stimulus longer than expected by markets. Monetary stimulus has been considered a drag on [..]

European Session – Euro holds steady near 5-week high versus USD

Posted on July 29, 2013 at 12:15 pm GMT

The European session was relatively quiet on Monday and trading was light as investors await a series of key events this week. Major central banks will be holding policy meeting and key macroeconomic data will be released. The Federal Reserve, European Central Bank and Bank of England will be making policy announcements while the all-important U.S. nonfarm payrolls data are due on Friday and U.S. GDP data is due on Wednesday. Dollar remains weak across the board today as market [..]

Technical Analysis – USDJPY July 29

Posted on July 29, 2013 at 10:06 am GMT

USDJPY has extended lower on Monday, reaching a low of 97.62 in the Asian session, where the pair found support during the European Session. This support level is the 50% Fibonacci level of the move from 93.78 on June 9 to 101.52 on July 7 on the weekly chart. On the Daily chart, prices have reached the bottom of the Kumo, likely to find support at the Senkou Span A of the cloud level at 97.45. On the hourly chart [..]

Asian Session – Yen gains on BOJ’s Kuroda

Posted on July 29, 2013 at 6:20 am GMT

The dollar started the new trading week lower, extending losses against the yen and falling to a new one-month low. The dollar came under pressure last week after some disappointing economic data, especially jobless claims, which fuelled speculation that the Federal Reserve will hold onto its current bond buying program longer. Meanwhile investors are being cautious ahead of the Fed policy meeting this week as well as the closely watched nonfarm payrolls data on Friday. Yen was the biggest mover [..]

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