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European Session – EURJPY hits 7-week high, USD maintains strength

Posted on July 18, 2013 at 11:56 am GMT

The dollar maintains its gains made against most of its rival G10 currencies as it continues to be supported by expectations that the Federal Reserve will start to taper stimulus later this year after Bernanke signalled this on Wednesday. The Fed Chairman reiterated during his semi-annual testimony in front of the U.S. Congress that the central bank could scale back its $85 billion a month bond purchases by the end of the year. He noted that there was no “preset [..]

Forex News – Sterling jumps after UK retail sales rise

Posted on July 18, 2013 at 9:05 am GMT

Sterling reversed earlier losses after strengthening against the dollar following positive U.K. retail sales data giving investors optimism that the economic recovery might be gaining ground. The U.K. Office for National Statistics released figures showing that core retail sales increased for the second straight month in June by a seasonally adjusted 0.2 percent. These figures exclude automobile sales. This was in line with expectations but did not match May’s increase of 2.3 percent. Year-over-year, retail sales rose at an annualized [..]

Forex News – Bernanke reiterates Fed tapering depends on data

Posted on July 18, 2013 at 8:01 am GMT

Federal Reserve Chief Ben Bernanke gave his testimony on the U.S. economy to the U.S. Congress on Wednesday, providing nothing new as he reiterated that the Fed will slow asset purchases later this year as long as the economic data improve. “Our asset purchases depend on economic and financial developments, but they are by no means on a preset course,” Bernanke said. The Fed Chairman stressed that the current $85 billion monthly pace of bond purchases could be reduced “somewhat [..]

Asian Session – Dollar breaks above 100 yen after Bernanke

Posted on July 18, 2013 at 6:08 am GMT

The dollar extended gains in the Asian session on Thursday as markets reacted positively to commentary from Federal Reserve Chairman Ben Bernanke on Wednesday. Bernanke provided no surprises in his testimony and did not seem to suggest any major shift in his stance on tapering stimulus later this year. Bernanke still left intact the prospect of the Fed scaling back its bond buying program this year although he did mention that this was not on a preset course and tapering [..]

US Session – Dollar advances despite dovish Bernanke

Posted on July 17, 2013 at 8:10 pm GMT

The highlight of the day was Ben Bernanke’s testimony in from of the U.S. Congress and his answers to questions on the economy. The Federal Reserve Chief’s comments basically reinforced what markets already know as he reiterated that scaling back the Fed’s bond buying program would be data-dependant. Bernanke maintained his dovish in tone, and said that the central bank’s accommodative policy is here to stay. He did say that tapering would begin later this year but this eventual slowing [..]

European Session – Sterling outperforms after BOE minutes

Posted on July 17, 2013 at 11:17 am GMT

During today’s European session the Bank of England dominated the markets, with the release of the last policy meeting minutes, which showed that the bank’s policy makers voted unanimously to keep the asset purchase program and interest rates unchanged. Upbeat U.K. jobs data also boosted the pound immediately after the data at 9:30am London time. GBPUSD jumped 150 pips to hit a high of $1.5244 and EURGBP fell to 86.32 pence from a four-month high of 87.09 pence. The drop [..]

Forex News – Pound jumps after upbeat UK jobs data and BOE minutes

Posted on July 17, 2013 at 9:40 am GMT

Sterling jumped against the dollar rand the euro on Wednesday after investors reacted positively to the minutes of the last Bank of England policy meeting on July 3-4 that were released at 9:30 am London time. The central bank’s Monetary Policy Committee (MPC) voting pattern was revealed, showing all MPC policy makers voted unanimously to keep the BOE’s quantitative easing program unchanged. This was new BOE governor Mark Carney’s first meeting, and the MPC voted 9-0 to keep the target [..]

Asian Session – Dollar gains ahead of Bernanke testimony

Posted on July 17, 2013 at 6:17 am GMT

Central banks will dominate market direction on Wednesday, with Federal Reserve Chief Ben Bernanke and Bank of England’s Mark Carney talking later. The dollar was stronger during the Asian session as investors are position squaring ahead of the critical Bernanke testimony, which is the semi-annual monetary policy report to the U.S. Congress. So far Bernanke has not made it clear when the Fed will start tapering its $85 billion a month bond buying program. In the previous week he was [..]

US Session – Dollar broadly lower as Bernanke in focus

Posted on July 16, 2013 at 7:59 pm GMT

The dollar fell against most major counterparts during the U.S. trading session on Tuesday as investors were being cautious before the Federal Reserve chief Ben Bernanke’s testimony to a U.S. congressional panel on Wednesday. Markets are expecting Bernanke to reiterate that U.S. monetary policy will remain accommodative. The dollar fell last week when the Fed chief “highly accommodative monetary policy would be needed for the U.S. in the foreseeable future”. If the Fed decides to continue with its bond purchase [..]

Technical Analysis – EURUSD July 16

Posted on July 16, 2013 at 1:17 pm GMT

EURUSD made a 400-pip jump on July 10 to reverse a downtrend since June 19 that brought it to a low of $1.2754. The pair has since climbed to a high of $1.3205 on July 11 and subsequently consolidated with support at the key psychological level of $1.3000. After retesting this key support level a few times, EURUSD rose to a high of $1.3136, which is near the 38.2 percent Fibonacci level of the move from 1st May 2011 high [..]

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