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European Session – Aussie and kiwi surge as dollar slumps to one-week low

Posted on August 10, 2016 at 2:59 pm GMT

Risk sentiment remained subdued in European trading on Wednesday as the dollar continued to face downward pressure on renewed doubts about the likelihood of a Fed rate hike this year. The dollar index, which measures the greenback against a basket of currencies, fell to a one-week low of 95.44 in late European session as traders bet that the Fed will likely wait for stronger evidence of rising inflationary pressures before raising rates given the muted pace of economic growth. The [..]

Japan machinery orders signal rebound in business investment

Posted on August 10, 2016 at 12:21 pm GMT

Core machinery orders in Japan rose sharply in June, reversing some of the declines of the previous two months to post the biggest monthly gain since January. Seen as a strong indicator of business investment, core private-sector machinery orders jumped by 8.3% month-on-month in June, beating estimates of 3.1%. The figure is a sharp turnaround from the 1.4% drop in May and an 11% plunge seen in April. On a 12-month basis, core machinery orders were down 0.9% over the [..]

Technical Analysis – EURJPY remains bearish below cloud

Posted on August 10, 2016 at 9:28 am GMT

EURJPY has been unable to sustain its post-Brexit rebound that saw prices climb above 118 and has drifted lower again to the 112-113 region. The reversal of this uptrend has resulted in an increase in the bearish bias with the MACD trending back down again, while prices have pulled further away from the Ichimoku cloud. The nearest support can be found around 112.50, which has served as a previous support level. Below that, the June 24 low of 109.40 comes [..]

Asian Session – Yen rises on weaker dollar and strong Japanese data

Posted on August 10, 2016 at 8:12 am GMT

The yen firmed against major currencies on Wednesday as fading risk appetite and weak US data weighed on the dollar. Hourly output per worker in the US fell for the third straight quarter, raising concerns about the prospect of future GDP growth in the US. The dollar slipped below the 102 level against the yen after the data and drifted further lower in Asian trading today to stand at 101.40 yen in late session. Further aiding the yen today were [..]

European session – Pound hits 1-month low and dollar also falls back, but equities shine

Posted on August 9, 2016 at 3:14 pm GMT

Global equities were the main winners today from the risk-on mood that has prevailed since Friday’s solid US jobs report as currency markets suffered in lacklustre trading. The dollar fell back in today’s European session and the pound also came under pressure, while the yen firmed. European equities were heading for a fourth day of gains and US shares also opened in positive territory on Tuesday. The S&P 500 was once again flirting with record highs at 2185.6 in late [..]

UK retail spending rebounds but trade and manufacturing data disappoint

Posted on August 9, 2016 at 1:07 pm GMT

Fresh economic data out of the UK today painted a mixed picture of the British economy as retail spending appeared to rebound in July but manufacturing output continued to decline, while the trade deficit ballooned in June. British consumers returned to the high street in July as retail spending rose by an annual rate of 1.9%, according to the British Retail Consortium. This is up sharply from the 0.2% rate seen in June when caution ahead of the Brexit referendum [..]

Technical Analysis – AUDUSD back above 0.76 on strengthened bullish bias

Posted on August 9, 2016 at 9:16 am GMT

AUDUSD has been gaining increased upside momentum over the past two weeks, reclaiming the 0.76 handle in the process. Momentum indicators are bullish with RSI comfortably above 50, but with the stochastics stuck in overbought territory for much of the past week, it’s only a matter of time till prices see some correction or consolidation. If prices maintain their uptrend, resistance could come at around 0.7685, which is the 78.6% Fibonacci level of the April-May downleg from 0.7834 to 0.7144. [..]

Asian Session – Dollar flat in thin summer trade; Pound slips on BoE comments

Posted on August 9, 2016 at 8:14 am GMT

The dollar was flat in Asian trading on Tuesday as major currencies were struggling for direction in thin summer trade. The greenback was unable to advance beyond 102.65 against the yen yesterday and was stuck around 102.35 yen for much of today’s Asian session. The euro was also steady and hovered around 1.1080 dollars for a second day. There was little reaction to mixed German trade data out earlier. German exports rose by a less-than-expected 0.3% in June, but imports [..]

July employment report gives hope to dollar bulls following GDP, Fed disappointments

Posted on August 8, 2016 at 2:22 pm GMT

The US dollar was under intense pressure during the period July 27 – August 2. During this period the dollar index suddenly lost about 2.5% of its value – a brutal move for the world’s reserve currency. Following some encouraging news out of the US economy such as personal income and spending and the ISM non-manufacturing index the dollar started a recovery which received a big boost from a very strong US employment report. The employment report was better-than-expected in [..]

European Session – Risk rally drives up dollar and equities; Oil up on renewed production freeze calls

Posted on August 8, 2016 at 2:13 pm GMT

The dollar remained buoyant in European trading to steadily climb higher against the yen. It touched a session high of 102.65 yen as most traders upped their expectations that the Fed could raise rates by the year end if the US labor market continues to improve at the current pace. Dovish remarks by Fed Governor Jerome Powell failed to dampen the positive expectations. Speaking to the Financial Times today, Powell reiterated the need to be “patient” as he warned of [..]

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