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Commodities News – Gold pauses four-day rally

Posted on July 12, 2013 at 1:09 pm GMT

Gold’s four-day rally has paused on Friday, turning back lower but still on track for t he biggest weekly gain in nearly two years. The rally began on Monday and accelerated after Federal Reserve Chairman Ben Bernanke said late on Wednesday that the Fed will continue with stimulus measures until more improvement in the U.S. labor market. This led investors to change their expectations that the Fed was going to begin scaling back its bond purchase program in September as [..]

European Session – Dollar rebounds; U.S. data in focus

Posted on July 12, 2013 at 11:51 am GMT

The dollar received some relief from the sharp sell-off two days ago, as investors returned to buy it back at a better bargain. Many expect the greenback to remain bullish especially against the euro, due to the difference in performance between the economies of Europe and the U.S. Despite Fed Chief Ben Bernanke saying on Wednesday that he would like to continue with stimulus a little longer until the U.S. labor market improves, it is expected that the Fed will [..]

Technical Analysis – EURUSD July 12

Posted on July 12, 2013 at 10:39 am GMT

EURUSD on the weekly chart has stalled just below the 38.2% Fibonacci level at $1.3125 of the move from May 1, 2011 down to the low of July 22, 2012. A head and shoulders pattern was forming between August 2012 and this week. Despite a brief break below the neckline earlier this week on July 9, the pattern was invalidated and not completed as prices moved back above the neckline, capped blow the 38.2 Fibonacci. The broadly weaker dollar after [..]

Asian Session – Dollar heads for weekly decline

Posted on July 12, 2013 at 6:02 am GMT

There was very little action during the Asian session on Friday, as most investors are digesting what happened late on Wednesday after the dollar was sent plummeting down on Bernanke’s comments. The Asian session was relatively quiet being a Friday and the economic calendar was light, with no major tier-one data. The greenback is headed for a weekly drop against most of its major peers after a big sell-off when the Federal Bank Chairman said that “highly accommodative monetary policy [..]

US session – Dollar weakness and Fed continue to drive markets

Posted on July 11, 2013 at 8:20 pm GMT

The Federal Reserve continues to be the topic of the day and dominated the markets today. The dollar remains weak against most major counterparts a day after the Fed minutes as well as comments by Ben Bernanke that signalled to investors that stimulus will continue until the labour market shows improvement. Bernanke said at a press conference in Cambridge, Massachusetts on Wednesday, that “highly accommodative monetary policy for the foreseeable future is what’s needed in the U.S. economy.” Many investors [..]

Forex News – U.S. jobless claims rise more than expected

Posted on July 11, 2013 at 1:36 pm GMT

Initial jobless claims in the U.S. rose to a two-month high according to data released by the Labor Department today. The number of Americans applying for unemployment benefits for the first time increased last week by 16,000 to 360,000 in the week ended July 6. This was higher than the previous week’s revised 344,000 claims. Today’s figure was more than analysts forecast of between around 340-342,000 claims. However markets did not react as much to these numbers since July is [..]

European Session – Dollar pauses decline after post-Bernanke sell-off

Posted on July 11, 2013 at 12:10 pm GMT

Federal Reserve Chairman Ben Bernanke is clearly the driver of currency markets lately. Bernanke’s speech late on Wednesday resulted in large moves in major currency pairs, with dollar sell-off dominating the moves. Investors in the European session mostly digested the news after an initial overreaction yesterday. Most investors were long the dollar recently as they were expecting the Fed to begin tapering stimulus as soon as September and so were caught by surprise after Bernanke said that the Fed remains [..]

Forex News – Bank of Japan optimistic on Japan’s growth outlook

Posted on July 11, 2013 at 11:27 am GMT

The Bank of Japan (BoJ) released its monetary policy statement on Thursday and gave an optimism outlook on the Japanese economy. It is the first time in two years that the central bank has said the country’s economy is starting to recover and is path towards expansion. This gives an indication that “Abenomics” is working so far (stimulus measures named after Prime Minister Shinzo Abe, who took office late last year. Last April, the BoJ put in place a multi-billion-dollar [..]

Technical Analysis – EURUSD July 11

Posted on July 11, 2013 at 10:08 am GMT

EURUSD rallied sharply in Wednesday’s U.S. session as a result of a dollar sell-off after dovish Federal Reserve policy meeting minutes as well as Fed Chief Ben Bernanke talking down tapering. Many investors were long USD and the disappointing news led to a sell-off, so the EURUSD pair was squeezed upwards not due to risk appetite. This lack of risk appetite will likely fade the EURUSD upward momentum, which can already be seen as the pair is consolidating just below [..]

Asian Session – Dollar extends tumble after Bernanke holds onto stimulus

Posted on July 11, 2013 at 6:13 am GMT

The dollar extended losses in the Asian session on Thursday after tumbling during late U.S. session trading on Wednesday following the Federal Reserve’s policy meeting minutes and the Fed President’s speech. Fed Chief Ben Bernanke commented at an economics conference in Massachusetts that “highly accommodative monetary policy for the foreseeable future is what’s needed.” His more dovish tone was in contrast to that of a few weeks ago when he signalled that the Fed will being tapering stimulus as soon [..]

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