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Asian Session – Dollar subdued ahead of Fed; oil jumps on inventory decline

Posted on March 15, 2017 at 8:18 am GMT

The US dollar traded in a narrow rage against the yen as investors await the outcome of the Federal Reserve’s two-day policy meeting later today. It is widely expected that the FOMC will announce a rate hike. The euro tumbled against the pound as markets look to the Dutch elections taking place today. Data out of Japan during the Asian session was shrugged off by the markets as today’s risk events are the main focus. Japan’s industrial output fell 0.4% [..]

Technical Analysis – GBPJPY neutral outlook; Two-week high recorded today

Posted on March 15, 2017 at 8:18 am GMT

GBPJPY has edged higher since the day’s open, while the pair recorded a near two week-high earlier in the day. The RSI is hinting to a neutral bias over the short-term as it is currently close to the 50 neutral level at 49. The indicator has been in this area throughout the last number of days during which the pair was mostly moving sideways. The 50-day moving average (MA), currently at 140.86, comes into view as immediate resistance. Above this, [..]

European Session – Stronger dollar ahead of Fed meeting; Political uncertainty dominating Europe

Posted on March 14, 2017 at 3:56 pm GMT

There were some economic data releases during today’s European session trading but nothing significant to ponder on as most investor attention remains on the Federal Reserve’s two-day meeting which commences later today. The dollar index, which measures the US currency’s strength relative to major counterparts, was last at 101.59, up three-tenths of a percent for the day. A Fed hike is widely expected by market participants and focus now shifts on the kind of message the central bank will deliver. [..]

Technical Analysis – USDCAD neutral to bullish above 1.3400

Posted on March 14, 2017 at 3:23 pm GMT

USDCAD has been consolidating just above the key 1.3400 level after the rally from the end of February to the high of 1.3534 on March 9 stalled. The bias shifted to bullish after several weeks of consolidation at the start of 2017, when prices were trapped below the key 1.3200 level. Prices oscillated around the 200-day moving average from mid-January until they finally broke above it and rose through the 50-day moving average and key 1.3200 level. Clearing these barriers [..]

Investment Theme – Pound takes a knock from Brexit bill and Scottish referendum call

Posted on March 14, 2017 at 2:37 pm GMT

The British pound became susceptible to Brexit-induced volatility today as investors were unnerved by Scotland’s fresh call for an independence referendum coinciding with Parliament’s approval of the Article 50 bill. The Scottish National Party’s decision to call a second referendum on Scottish independence from the UK on the same day as the Article 50 bill passed through Parliament, was seen as a deliberate move by the SNP to derail the government’s Brexit plans. Prior to the SNP’s surprise but not [..]

Technical Analysis – AUDJPY in neutral phase, supported by 50-day moving average

Posted on March 14, 2017 at 1:19 pm GMT

AUDJPY is in a neutral phase after the long-term uptrend from September 2016 to February 2017 lost steam. Prices peaked at a fresh 2017 high of 88.16 and reversed lower as the RSI rose close to 70, which indicates overbought territory. The RSI fell back down as upside momentum faded and AUDJPY found support at the 50-day moving average. In recent weeks the pair has been struggling to regain the 87.00 handle, which has now proven to be a strong [..]

Asian Session – Pound tumbles across the board after approval of Brexit bill; dollar strengthens ahead of FOMC

Posted on March 14, 2017 at 8:27 am GMT

Currency markets were in a wait-and-see mode during the Asian session as investors were cautious ahead of central bank meetings this week (which include the Federal Reserve, the Bank of Japan and the Bank of England) and the Dutch elections on Wednesday. These risk events prevailed over strong Chinese economic data released today. The FOMC begins its two-day policy meeting today and it is widely expected to increase interest rates by least a quarter of a percentage point. Solid US [..]

Technical Analysis – EURUSD looking neutral at 50-day moving average

Posted on March 14, 2017 at 8:19 am GMT

EURUSD is currenlty down after recording a five-week high during yesterday’s trading. The RSI indicator is close to the 50 neutral level at 53, suggesting that a neutral bias is in place in the near-term. The current level of the upper Bollinger band at 1.0693 and yesterday’s high at 1.0714 could form a resistance area on the upside. A potential break above would shift the focus to 1.08, a psychological barrier that managed to resist a close above it in the [..]

Forex News – Dutch elections first key test for European politics and the euro

Posted on March 13, 2017 at 4:11 pm GMT

The upcoming parliamentary election in the Netherlands is at the forefront of investors’ minds this week as the event will be the first key test for European politics following last year’s shock outcomes of the Brexit referendum and the US election. The Dutch will go to the polls on March 15 to elect a new House of Representatives. The vote could set the trend for the other two key elections in Europe this year – the French presidential election in [..]

European Session – Euro retreats from 1-month high; pound rallies

Posted on March 13, 2017 at 3:53 pm GMT

The US dollar was mixed during the European session, while the yen was supported by cautiousness among investors ahead of the FOMC statement. The euro slipped from a one-month high hit earlier against the dollar, while the pound was mostly higher on expectations that a bill regarding Brexit will be passed today by the UK House of Commons. The upcoming FOMC meeting remained the focal point for the markets today in the absence of key economic data releases. The only [..]

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