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Pound firms on jobless dip and a not-so-gloomy BoE survey

Posted on July 20, 2016 at 1:06 pm GMT

The British pound received a boost from a surprise dip in Britain’s unemployment rate in May, while a not-so-gloomy post-Brexit survey from the Bank of England further supported the currency. Stronger-than-expected jobless data helped sterling climb back above 1.31 dollars in European trading after dropping as low as 1.3064 dollars earlier in the day. A downward revision by the IMF to the UK’s growth forecasts had been weighing on the pound since yesterday, but there was a double dose of [..]

Technical Analysis – EURUSD struggling to hold onto 1.10 on increased downside bias

Posted on July 20, 2016 at 9:20 am GMT

EURUSD faces increased downside bias as it slipped below the key support area of 1.1010-1.1020 yesterday. Prices are struggling to hold on to the 1.10 level today and the next support levels to watch out for are 1.0970 and 1.0940. With RSI trending downwards in negative territory, further losses are possible. Failure to hold above these support levels would take the pair closer to the June 24 low of 1.0910, strengthening the bearish near-term bias further. On the upside, the [..]

Asian Session – Dollar rises to 4-month high on strong US data

Posted on July 20, 2016 at 7:49 am GMT

The US dollar climbed to a 4-month high against a basket of currencies in Asian trading on Wednesday, extending yesterday’s gains. The greenback has been bolstered in recent days by a series of solid US economic data, including stronger-than-expected housing figures yesterday. The dollar index rose above 97.0 for the first time since March yesterday and hit a high of 97.29 earlier in Asian trading today. The run of healthy indicators for the US economy has renewed expectations that the [..]

European Session – Euro and pound tumble after ZEW survey and IMF growth downgrades

Posted on July 19, 2016 at 2:44 pm GMT

The week-long risk rally lost momentum today as a downbeat business sentiment survey out of Germany and downgrades by the IMF to its growth forecasts weighed on sentiment. The euro slipped to a 1½-week low against the dollar, slumping to 1.1011 in late European session, having started the day above 1.1070 dollars. The single currency was hurt by much weaker-than-expected German business survey data, which showed German investors were worried about the impact on the economy from Brexit. The German [..]

German ZEW economic sentiment plummets after Brexit

Posted on July 19, 2016 at 1:05 pm GMT

Business sentiment in Germany took a big hit in July from the UK vote to leave the EU according to the latest ZEW survey. The ZEW economic sentiment index plummeted from 19.2 in June to -6.8 in July. This was the lowest level since November 2012 in the midst of the Eurozone debt crisis and was well below expectations of 9.0. The UK’s EU referendum outcome on June 24 took markets by surprise, creating uncertainty about the outlook for the [..]

Technical Analysis – USDJPY gains capped by 50-DMA

Posted on July 19, 2016 at 9:01 am GMT

USDJPY continued to hold on to the upside bias that started just over a week ago. However, momentum has weakened slightly and prices have been unable to move past the 50-day moving average. This has created immediate resistance at around 106.30. If prices are able to break above this key area, the next resistance will likely come at 107. But with the stochastics in overbought territory, the upside bias may be about the reverse. Key support areas to watch to [..]

Asian Session – Aussie and Kiwi slide on risk-off and rate cut expectations

Posted on July 19, 2016 at 8:18 am GMT

The Australian and New Zealand dollars fell by over 1% in Asian trading on Tuesday as a combination of risk-off sentiment and expectations of further rate cuts drove the Antipodean currencies lower. The minutes of the Reserve Bank of Australia’s latest meeting kept open the possibility of additional easing as the central bank said inflation is expected to remain quite low and growth will likely moderate in the second quarter. It repeated its warning that an appreciating exchange rate could [..]

European Session – Markets steady after failed Turkish coup; Pound firms on BoE’s Weale comments

Posted on July 18, 2016 at 2:58 pm GMT

Risk sentiment faltered slightly in European trading on Monday as the yen erased some of its earlier losses and most European equity indices turned negative. London’s FTSE 100 was one of the exceptions though as it was boosted by a merger deal. This helped London shares to stand 0.6% higher in late session. The mega offer by Japan’s Softbank to buy UK chipmaker ARM Holdings boosted the pound today, which hit a high of 1.3291 dollars earlier in the European [..]

Gold, yen retreat from short-lived spike after failed Turkish coup attempt

Posted on July 18, 2016 at 12:31 pm GMT

A failed attempt by members of Turkey’s military on Friday to overthrow the Turkish government threatened to undo the improvement seen in risk sentiment over the week. With markets just starting to stabilize following the shock UK referendum result to leave the EU, a deadly terrorist attack in France and a coup attempt in Turkey risked causing another major market panic. However, market response to the Nice attack on Thursday was muted as investors saw it as an isolated event, [..]

Technical Analysis – NZDUSD maintains uptrend but facing downside pressure

Posted on July 18, 2016 at 9:11 am GMT

NZDUSD is facing downside pressure today as it moves below the center of the upward trending regression channel that it’s been trading in since January. The negative momentum in the near term is supported by the RSI which has fallen to just below 50. However, the %K line of the stochastic oscillator has fallen more rapidly, entering oversold territory. This suggests that prices may soon consolidate or reverse upwards. The nearest support is the 0.71 level followed by the 0.7070 [..]

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