FX Daily Outlook| 23-09-16
Posted on September 23, 2016 at 8:55 am GMT[..]
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European Session – Dollar rebounds modestly against yen but sags against euro, pound
Posted on September 22, 2016 at 3:00 pm GMTThe US dollar steadied in European trading on Thursday having earlier slid to a 4-week low against the yen following yesterday’s FOMC meeting. The euro and the pound continued to advance higher against the dollar however, adding to yesterday’s gains when the dollar fell after the Fed lowered its longer-run rate outlook even as it signalled one rate hike before the year-end. The euro hit a one-week high of 1.1257 dollars as there was little else apart from the FOMC [..]
Asian Session – Dollar weakens, gold rallies as Fed sees no rush to hike rates
Posted on September 22, 2016 at 5:27 am GMTThere was broad dollar weakness during Asian trading on Thursday which followed through from the late US session when the greenback softened after the Federal Reserve’s decision to delay a rate hike. The FOMC concluded a two-day meeting on Wednesday with a decision to hold the federal funds rate unchanged between 0.25%-0.50%. While the Fed was in no rush to hike rates in September it did however suggest that further rate hikes were to come soon and gave strong hints [..]
Technical Analysis – Commodities summer consolidation extends into September
Posted on September 20, 2016 at 12:39 pm GMTDespite some large daily moves, commodities have largely stuck to a range during most of the summer as the big rally of the first half of the year has stalled. Among the major commodities, oil has been unable to surpass its June peak, while gold remains one of the most bullish even though it’s been in steady retreat since its July peak. Oil stuck in bearish mode WTI oil futures have been making lower highs since the January-June uptrend was [..]
European Session – Dollar drifts lower but aussie and kiwi shine as oil rallies
Posted on September 19, 2016 at 3:04 pm GMTCurrency markets remained subdued in today’s European session as traders took a cautious line ahead of this week’s Fed and Bank of Japan meetings and in the absence of major data releases. The dollar continued to slip against the yen, breaking below the key 102 level, while a rebound in oil prices boosted equities and commodity-linked currencies. The dollar index was down 0.4% in late European session at 95.70 as traders bet that the Fed will keep rates on hold [..]
Asian Session – Yen outperforms on safe haven buying; aussie hit hard by risk off mood
Posted on September 12, 2016 at 7:04 am GMTThe safe-haven yen benefited from risk aversion that was evident in all markets. There was a broad selloff in Asian equity markets which dampened invertors’ risk appetite and was the main driver behind the yen’s strength. The dollar started the new trading week on the back foot and opened in Asia with a gap lower against the Japanese currency at 102.54 yen. This led to the greenback trimming some gains made on Friday when it was driven higher by hawkish comments [..]
Technical Analysis – Gold remains supported above 1300; MACD warns of weakness ahead
Posted on September 5, 2016 at 5:03 am GMTGold staged a bullish rally all year, rising from the December lows of 1047 to reach a multi-year high of 1375 on July 11. The market appears to have peaked at this level and has made lower highs since then, although it remains above the key 1300 level, keeping the near term outlook neutral. This is a strong support level as it coincides with the 23.6 Fibonacci retracement level of the upleg from 1047 to 1375. However, prices have fallen [..]
Asian Session – Dollar breaks above 103 yen; BoJ comments add to broader yen weakness
Posted on August 31, 2016 at 8:09 am GMTGrowing expectations that the Fed is poised to raise rates at least once this year lifted the dollar to a one-month high against the yen today. The dollar broke above the 103 level on Monday for the first time since the end of July and extended its gains to 103.27 during today’s Asian session. Fed Vice Chair Stanley Fischer yesterday reiterated Yellen’s views when she spoke in Jackson Hole last Friday that the US labor market is nearing full employment [..]
Technical Analysis – Gold stuck near one-month lows on ongoing downward pressure
Posted on August 30, 2016 at 12:42 pm GMTGold prices moved back towards yesterday’s one-month low of 1314.80 as the rebound that came late on Monday faltered today. RSI has dipped back down again, moving further below 50, indicating increased downward pressure in the near term. Immediate support comes at around the 1315 area and further losses would take prices towards the 38.2% and 50% Fibonacci levels of the May-July upleg from 1199.64 to 1375. A drop below the 38.2% Fibonacci level at 1308 would be significant as [..]
Asian Session – Dollar extends gains on Yellen rate comments
Posted on August 29, 2016 at 8:45 am GMTThe US dollar extended its gains in Asian trading on Monday as markets increased their expectations that the Federal Reserve will likely raise interest rates later this year. Speaking at the Jackson Hole Symposium on Friday, Fed Chair Janet Yellen reiterated the hawkish views of other Fed officials in recent days. Yellen said the US economy is “nearing the Federal Reserve’s statutory goals of maximum employment and price stability”. She added that the “case for an increase in the federal [..]
