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European Session – Dollar rallies after batch of solid US data, euro dips below $1.13

Posted on May 13, 2016 at 2:44 pm GMT

The US dollar was broadly stronger today, gaining most against the euro and the pound during the European session and accelerating its rally after solid US data. The US calendar had a slew of economic data out today, which included retail sales, PPI and the University of Michigan consumer sentiment report. US retail sales posted the largest gain since March 2015, as purchases rose 1.3% month-on-month in April. This figure beat the 0.8% increase that was expected and comes after [..]

UK Pound price swings constrained as market awaits more Brexit clues

Posted on May 13, 2016 at 1:58 pm GMT

The British pound has been the favorite of speculators and traders since the beginning of the year, providing some sharp swings and much excitement as markets try to grapple with the Brexit uncertainty. At the same time, it appears investors are a little more scared and are looking for more clarity on the referendum issue before they make their own ‘remain’, ‘leave’ or ‘enter’ decisions with respect to UK investments. What has been noteworthy therefore is that the pound has [..]

Week Ahead – Inflation data to dominate but Japan GDP also to be watched

Posted on May 13, 2016 at 1:08 pm GMT

Inflation data will dominate over the coming week as the UK and the US will release April CPI figures, while the Eurozone will publish its final CPI readings. The UK will remain in focus with the release of retail sales and unemployment numbers but Japanese GDP data could prove to be the biggest market mover as it is likely to influence Bank of Japan policy. Flurry of UK data may get side-lined by Brexit developments Following the Bank of England’s [..]

Asian Session – Dollar broadly higher on hawkish Fed comments but slips against yen

Posted on May 13, 2016 at 8:36 am GMT

The US dollar moved higher in Friday’s Asian session as it was boosted by hawkish comments from Fed policymakers overnight. The greenback extended yesterday’s gains to advance against most major currencies, but it was lower against the yen as investors turned cautious against the prospects of further easing by the Bank of Japan or currency intervention by Japanese authorities. Speaking earlier today, Bank of Japan Governor Haruhiko Kuroda once again reiterated that the Bank has “ample” policy tools at its [..]

Technical Analysis – AUDJPY more bearish below 80 yen level

Posted on May 13, 2016 at 7:17 am GMT

AUDJPY has been neutral since January, trading between 80 and 86.50. In the short term, pair has turned more bearish, especially after dipping below the key 80 yen mark. The technicals are giving more bearish signals, with the RSI below 50 and the 200 and 50-day moving averages sloping down. Further declines would target the February low of 77.56. Remaining below the key 80 mark would likely keep the bias more bearish. Prices would need to clear this 80 yen [..]

European Session – Oil rises for third day to $47, sterling and Norwegian crown rally after rate announcements

Posted on May 12, 2016 at 2:20 pm GMT

The main focus today was on the Bank of England policy meeting and quarterly inflation report. The Bank left policy unchanged as widely expected. The main interest rate stayed at 0.5% while the asset purchase program was kept at 375 billion pounds. In its updated quarterly inflation report, the BoE lowered its economic projections for the next three years. Sterling was volatile after the news announcements but firmed up to rise above the key $1.45 level to as high as [..]

Bank of England keeps rates on hold but steps up warnings of Brexit risk

Posted on May 12, 2016 at 1:54 pm GMT

The Bank of England unanimously voted to keep interest rates unchanged at 0.5% and its asset purchases at £375 billion as expected at its May policy meeting today. With the upcoming referendum of the UK’s membership of the European Union just over a month away, there were no expectations of any change in the BoE’s bank rate, which has remained at a record low of 0.5% since March 2009. In its statement, the Bank said that economic growth could slow [..]

Technical Analysis – GBPAUD rally stalls below 1.98 but bias remains positive

Posted on May 12, 2016 at 10:46 am GMT

GBPAUD has made impressive gains of almost 8% in the past three weeks with the rally coming to a pause at 1.9736 on Tuesday. The pair has retraced around 33.5% of the long-term downtrend that started in August 2015 and almost 61.8% of the latest downleg from 2.0662 to 1.8292. The 61.8% Fibonacci retracement level is acting as a resistance level around 1.9750. Momentum indicators such as the RSI and the MACD remain strongly bullish so further gains are possible [..]

Asian Session – Dollar edges higher but yen lower on BoJ easing expectations

Posted on May 12, 2016 at 7:37 am GMT

The yen was back in focus today as the Bank of Japan published a summary of opinions of its April policy meeting and Governor Kuroda spoke earlier in the day. The opinions summary of the Bank of Japan’s last meeting revealed that some policymakers considered the risks to the economy being to the downside and that the Bank should not hesitate to take additional easing measures if needed. However, other board members argued that more time was needed for the [..]

Technical Analysis – Gold pulls back but maintains bullish structure

Posted on May 12, 2016 at 7:00 am GMT

Gold prices turned more bullish after breaking above the March peak of 1283.42 early this month to reach a more than one year high of 1303.58. Since then the market has corrected lower to 1256.73 The outlook remains bullish from a technical point of view. On the daily chart, the market has held above the bullish 50-day and 200-day moving averages. There was a bullish crossover of the two back in February. RSI is still above 50 in bullish territory. [..]

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