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Asian Session – Major currencies steadier but aussie under pressure from rating downgrade

Posted on July 7, 2016 at 7:38 am GMT

Major currencies were steadier in Asian trading on Thursday following some risk-off moves yesterday. The FOMC minutes of the Fed’s June meeting helped calm market nerves as they suggested that the Fed will likely stick to its cautious approach for the time being. The minutes, which were released yesterday, confirmed that Fed policymakers were concerned about the slowing pace of jobs growth as well as the uncertainty of the outcome of the UK’s referendum on membership of the EU. Speaking [..]

European Session – Pound struggles to hold at $1.29; Gold scales new yearly highs

Posted on July 6, 2016 at 3:11 pm GMT

Risk sentiment made only a modest recovery in European trading on Wednesday as markets remain spooked by the Brexit aftershocks. The pound managed to rebound strongly against the dollar to reclaim the 1.30 level but was struggling to hold above 1.29 dollars by late European session. Earlier today, the pound fell to a fresh 21-year low as concerns over the impact of Brexit on the UK economy were heightened. The euro also came under pressure but its decline was more [..]

Technical Analysis – EURUSD in bearish bias but maintains longer-term neutral outlook

Posted on July 6, 2016 at 9:21 am GMT

EURUSD lost the 1.11 handle again as prices reversed sharply yesterday, bringing to a halt the partial rebound from after the June 24 slump. The negative bias is supported by today’s bearish cross of the %K and %D lines of the stochastic oscillator. Before the sell-off started yesterday, prices had met resistance at around 1.1180, which is the 38.2% Fibonacci level of the May 3 – June 24 downleg from 1.1615 to 1.0910. There was further resistance today at the [..]

Asian Session – Pound slides below $1.30, yen surges as risk-off intensifies

Posted on July 6, 2016 at 8:23 am GMT

The pound maintained its downtrend in Asian trading today as the British currency comes under renewed pressure on fears of capital outflows following the UK’s vote to leave the EU. The concerns intensified yesterday after several UK property funds suspended trading of their real estate funds due to large withdrawals. The UK property market is expected to be one of the biggest casualties of Brexit as it relies heavily on foreign investment. Bank of England Governor Mark Carney added to [..]

European Session – Pound slides to fresh 31-year low after Carney says fall is “beneficial”

Posted on July 5, 2016 at 3:16 pm GMT

After stabilizing over the past week, the pound saw renewed volatility today as it tumbled to fresh 31-year lows against the US dollar. Sterling had come under pressure earlier in the day when British bank, Standard Chartered, triggered fears of investors fleeing UK assets after it said that it had suspended trading in its UK real estate fund due to large withdrawals. Fresh measures by the Bank of England to ease liquidity concerns in the British economy failed to support [..]

Technical Analysis – EURJPY remains bearish as rebound falters

Posted on July 5, 2016 at 8:51 am GMT

EURJPY was heading back down today as the four-day rally that came after the June 24 slump faltered. Prices were unable to rebound beyond 114.80, making the 114.80-115 region a key resistance area to break in order to achieve a more sustained rally. The next key resistance on the horizon is the 20-day moving average at 117. However, with the momentum indicators looking increasingly bearish, further gains are looking unlikely in the near term. Extended losses could see EURJPY finding [..]

Asian Session – Yen rises on risk-off, pushing dollar below 102 yen; Pound slips below $1.32

Posted on July 5, 2016 at 8:00 am GMT

The yen headed higher on Tuesday as risk-off trading put the Japanese currency back in demand. Uncertainty about the outlook of the global economy following Britain’s decision to leave the EU, as well as renewed concerns about the health of China’s economy drove investors to the safe-haven yen. The dollar slipped below 102 yen in Asian trading, hitting a low of 101.77 yen in late session. The euro and the pound saw sharper falls, with the euro dropping 0.8% to [..]

European Session – Aussie and kiwi outperform; Pound steady despite slump in construction PMI

Posted on July 4, 2016 at 3:12 pm GMT

The British pound saw some erratic moves following unexpectedly weak construction PMI, but remained within a tight range as market liquidity was thin due to the US Independence Day holiday. Sterling hit an intra-day low of 1.3239 dollars after the PMI data, which showed construction activity in the UK fell sharply from 51.2 in May to 46.0 in June, missing estimates of 50.5. A reading below 50 is defined as a contraction in activity and is a sign that the [..]

Technical Analysis – Gold attempts fresh 2-year highs as upside momentum strengthens

Posted on July 4, 2016 at 9:29 am GMT

Gold hit its highest in over a week, reaching 1357.26 earlier today, not far from the two-year high of 1358.23 it touched on June 24. The upside momentum in place since then has started to strengthen again after weakening slightly at around the middle of last week. RSI continues to rise but the possibility of a near-term correction has increased as it approaches overbought territory at 70. There’s already been some pull back today with prices falling back towards the [..]

Asian Session – Australian dollar rebounds from post-election jitters; Gold extends gains

Posted on July 4, 2016 at 8:02 am GMT

The Australian dollar opened sharply lower on Monday after the results so far from Saturday’s federal election in Australia have pointed to no clear winner. With more than two-thirds of the votes counted, the prospect of a hung parliament has raised concern among investors that Australia might lose its triple A credit rating. Prolonged political uncertainty could make it less likely for Australia’s government to better manage its budget deficit. The aussie fell as a result, dropping to 0.7444 against [..]

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