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Technical Analysis – EURUSD July 24

Posted on July 24, 2013 at 3:08 pm GMT

EURUSD has been trapped in an ascending channel since July 18, from a low of $1.3066 and rising to a high of $1.3255 in the European Session on Wednesday, July 24, after being boosted by strong Euro zone PMIs. On the Daily chart the upward momentum appears intact. On the hourly chart, the pair has been choppy today but contained within a range of $1.3189 and $1.3255. Short-term technicals seem bullish, with RSI is above 50 in bullish territory and [..]

Forex News – USDJPY jumps after U.S. home sales beat forecasts

Posted on July 24, 2013 at 2:29 pm GMT

The dollar jumped some 20 pips against the yen immediately after upbeat U.S. home sales data. New home sales rose to a five year high in June by 8.3 percent at a 497,000 annual rate, according to the latest data from the U.S. Census Bureau. This is the fastest rate of increase since May 2008 and is above the forecast of 482,000 units. However May’s reading was downwardly revised by 17,000 to 459,000 from 476,000. The rise in home sales [..]

Forex News – Euro zone shows signs of recovery after PMI data

Posted on July 24, 2013 at 1:31 pm GMT

The Euro zone Purchasing Managers Index (PMI) figures were released on Wednesday, coming in a bit stronger than expected, giving optimism to the markets that the Euro-region’s economy is emerging from the recession. Recently, alot of the data from the Euro zone has been improving and has a tendency to the upside, which is helping support the single currency as well and is giving a relative improvement in the perception of Euro zone data. According to a report from London-based [..]

European Session – Euro boosted after upbeat PMI data

Posted on July 24, 2013 at 12:00 pm GMT

Risk sentiment was back in the European Session after dipping in the Asian session following disappointing China PMI data. Better-than-expected manufacturing PMI data both from Germany as well as from the Euro zone as a whole helped boost market sentiment especially demand for the single currency. The euro turned back up against the dollar in the European session after having declined in the Asian session. Both PMI numbers were above 50 points, which indicates expansion. The July flash manufacturing PMI [..]

Asian Session – Aussie falls after weak China PMI data

Posted on July 24, 2013 at 6:23 am GMT

The U.S. dollar gained some strength after benefiting from damp risk appetite that was hit after disappointing data from China. The HSBC manufacturing flash manufacturing PMI in July came in at an 11-month low, giving fresh signs of a slowdown in the world’s second largest economy. PMI printed a reading of 47.7, lower than the 48.2 expected and also prior figure. Any number below 50 signifies contraction. USDJPY was lifted thanks to broad dollar strength, gaining 40 pips to rise [..]

US Session – USDJPY falls back below 100 yen on weak data

Posted on July 23, 2013 at 8:47 pm GMT

The dollar reversed gains versus the yen as well as against the euro and pound after disappointing U.S. economic data. The Richmond regional manufacturing index missed forecasts and thereby raised expectations that the Federal Reserve will delay scaling back its stimulus program. The Fed’s bond buying program tends to have a weakening effect on the dollar, so holding onto this program longer will make the dollar less attractive. The Fed Chairman Ben Bernanke said last week that tapering stimulus is [..]

Commodities – Gold hovers at one-month high

Posted on July 23, 2013 at 2:24 pm GMT

Gold has made some good gains in the past four weeks, moving off a near three-year low of $1,180 hit on June 28. Gold has since gained over $160 an ounce to reach $1,338 this week. Helping bullion’s rise was dollar weakness. The two assets usually have an inverse price relationship. A softer dollar that made assets priced in the USD cheaper for holders of other currencies. The dollar was sold off last week after the U.S. Federal Reserve Chairman [..]

European Session – USDJPY finally breaks above 100 yen

Posted on July 23, 2013 at 11:51 am GMT

The European session on Tuesday got off to a slow start, with most currency pairs trading within prior session ranges. A lack of any economic data or news headlines as well as the summer holiday lull is keeping currency markets directionless as volumes are low. The dollar started the European session weak, under pressure following Monday’s disappointing U.S. housing data but as the session got underway it reversed some losses thanks to a rise in US Treasuries. After two days [..]

Asian Session – Dollar slides against yen as weak US data weigh

Posted on July 23, 2013 at 6:21 am GMT

The Asian session on Tuesday was very quiet as most currency pairs merely consolidated around prior session levels, while dollar weakness prevails. The greenback weakened further on Monday after some disappointing U.S. economic data. Worse-than-expected existing home sales figures fuelled expectations that the Federal Reserve will keep its stimulus program much longer in order to support a slow economic recovery. As is well known, the Fed is buying $85 billion worth of bonds a month to boost the U.S. economy, [..]

US Session – Dollar weakness continues after disappointing US home sales

Posted on July 22, 2013 at 8:47 pm GMT

The dollar-weakness is continuing to hold going into the new trading week, as some disappointing U.S. economic data further weighed down the greenback. A report from the U.S. National Association of Realtors showed that the number of existing home sales fell by 1.2 percent in June to 5.08 million, versus an expected 5.25 million and also below the prior downwardly revised 5.14 million. The weaker-than-expected data raised concerns that Fed monetary policy will remain very accommodative for a longer period [..]

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