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Asian Session – Yen eases after Turkish coup attempt fails

Posted on July 18, 2016 at 7:43 am GMT

The Japanese yen fell back at the start trading on Monday having risen sharply late on Friday after an attempted coup in Turkey drove demand towards safe havens. The news that a group within Turkey’s military had taken over the country sent the Turkish lira tumbling by over 5% against the dollar on Friday to a six-month low of 3.0476 per dollar. However, the lira rebounded sharply on Monday after it emerged that the coup had failed and President Erdogan [..]

European Session – Pound falls on dovish BoE comments; dollar gains on strong US retail sales

Posted on July 15, 2016 at 3:01 pm GMT

Sterling erased its post-Bank of England gains today on dovish comments made by the Bank’s Chief Economist Andrew Haldane who said the UK needed strong stimulus to protect the economy from the Brexit fall out. He proposed that the Bank prepare a package of measures by the August 4 policy meeting. Cable slid to $1.3248 in late European session trading, falling from a high of $1.3479 reached in Asia earlier today. The euro saw little reaction to Eurozone inflation data. [..]

Week Ahead – ECB meeting eyed in post-Brexit world; busy UK calendar also in focus

Posted on July 15, 2016 at 2:12 pm GMT

The European Central Bank will hold its first monetary policy meeting next week since the UK’s decision to exit the European Union. The UK will stay under the spotlight though as key economic indicators for the British economy are released. The US and Japan will have a quieter seven days, with the latter closed on Monday for a national holiday. New Zealand CPI to pick-up slightly CPI data out of New Zealand will start the week on Monday. Inflation has [..]

Asian Session – Dollar tests 106 yen as China GDP lifts risk sentiment

Posted on July 15, 2016 at 7:55 am GMT

Better-than-expected data out of China boosted risk sentiment in Asian trading today following a more muted start to the day after last night’s terrorist attacks in France. News that a truck driver drove through crowds in Nice, killing 84 people, briefly lifted the yen on safe-haven trading. The dollar eased to just above 105 yen in early Asian trading from a high of 105.93 yen yesterday. But positive indicators from the world’s second largest economy helped the dollar break above [..]

Technical Analysis – GBPJPY short term bullish after rising above 140

Posted on July 15, 2016 at 7:12 am GMT

The short term bias for GBPJPY has turned bullish especially after prices broke above the key psychological level of 140.00. This level was previously acting as major resistance and has now turned into immediate support. RSI is rising and approaching 50. If it crosses over into bullish territory, this would strengthen upside momentum in the market and accelerate a rise in prices towards 144.37. This level is the 50% Fibonacci retracement of the drop from 160.08 to 128.75. In the [..]

European Session – Pound jumps on BoE decision to hold; yen extends weakness

Posted on July 14, 2016 at 2:42 pm GMT

Major currency pairs were mostly subdued in the early part of the European session in the absence of key data releases and as traders awaited the key event of the day – the Bank of England policy announcement. After the BoE decision to keep policy unchanged, sterling strengthened against the dollar to reach a high of $1.3478 before easing to around $1.3280. It was still up on the day after steadily rising from the Asian session low of $1.3104. The [..]

Bank of England holds rates in surprise move; signals August easing

Posted on July 14, 2016 at 1:31 pm GMT

The Bank of England defied market expectations of an interest rate cut by holding rates at 0.5% in a surprise move on Thursday. Most market participants had priced in a 0.25% rate cut at today’s meeting as the Bank of England takes measures to cushion the UK economy from the anticipated negative impact from Brexit. However, an August move is now a certainty as indicated in the Bank’s accompanying statement from today’s announcement. According to the statement, “most members of [..]

Technical Analysis – WTI oil futures turn bearish below 50-DMA

Posted on July 14, 2016 at 9:16 am GMT

WTI oil futures continue to face downwards pressure today despite some upside moves during the day. RSI is flat below 50, while the MACD is trending down in negative territory. The near-term bias is therefore bearish as the futures go into a corrective phase following a strong rally in the first half of the year. Prices found support at 44.50 yesterday and this remains the immediate support level. A drop below this level would take prices towards the 38.2% Fibonacci level of [..]

Asian Session – Dollar surges past 105 yen; Pound firms ahead of BoE

Posted on July 14, 2016 at 8:13 am GMT

The dollar continued its recovery against the yen on Thursday as it climbed to its highest since June 24 when the shock outcome of the UK’s EU referendum caused turmoil in financial markets. The greenback surged above 105 yen in Asian trading today as expectations of fresh stimulus in Japan puts pressure on the Japanese currency. Japan’s government has already said it will launch a fiscal stimulus package worth 10 trillion yen but there is also ongoing speculation that the [..]

Technical Analysis – AUDUSD testing key 0.76 level, retains bullish bias

Posted on July 14, 2016 at 7:13 am GMT

AUDUSD is retesting the key 0.76 level this week with three successful daily closes above this. The 0.76 level that was previously resistance (tested in June) has now turned into a key support level. Next resistance lies at 0.7685, which is the 78.6% Fibonacci retracement of the downleg from 0.7833 to 0.7144. A break above this would open the way for a test of the April high of 0.7833 (the highest in a year). Alternatively, if support at 0.76 fails, [..]

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