FX Daily Outlook | 25-05-17
Posted on May 25, 2017 at 8:53 am GMT[..]
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Technical Analysis – USDCAD turns bearish after dip below 50-day moving average
Posted on May 25, 2017 at 7:58 am GMTUSDCAD has turned bearish in the medium-term, retracing more than half of the uptrend from 1.3222 (April 13 low) to 1.3792 (May 5 high). The break below the key 1.3500 level and below the 50-day moving average this week accelerated a decline to the 1.3400 area. A top is now in place at the May 5 high of 1.3792 as the market reversed lower after reaching overbought levels when RSI rose above 70 in early May. RSI has now dipped [..]
Forex Market Review (Asian Session) – Dollar lags after Fed minutes; loonie hits new month high; oil gains ahead of OPEC
Posted on May 25, 2017 at 7:26 am GMTThe US dollar was heavy after the FOMC minutes, while the Canadian dollar outperformed across the board on an upbeat Bank of Canada. Oil prices extended gains ahead of the OPEC meeting in Vienna today. The minutes from the Fed’s May policy meeting showed some caution, despite most FOMC members indicating that another interest rate increase would be appropriate soon. The probability of a rate hike at the June FOMC meeting remains quite high – above 80% – but the [..]
Forex Market Review (European Session) – Loonie gains after BOC; greenback sidelined ahead of FOMC minutes
Posted on May 24, 2017 at 3:18 pm GMTThe Canadian dollar was one of the best performing major currencies today after it gained on an upbeat Bank of Canada. The BOC held its benchmark interest rate at 0.5% as expected but its statement was more positive overall. It said that recent domestic economic data have been encouraging and inflation was broadly in line with expectations. After trading mostly flat for most of the day, the USD / CAD tumbled on the BOC announcement, dropping below the key $1.3500 [..]
FX Daily Outlook | 24-05-17
Posted on May 24, 2017 at 9:08 am GMT[..]
Forex Market Review (Asian Session) – Aussie weakens after China downgrade; oil rises ahead of OPEC
Posted on May 24, 2017 at 7:49 am GMTThe aussie reacted negatively to Moody’s downgrade of China’s rating to A1 from Aa3, amid concerns over rising debt and slowing economic growth. China is a major trading partner for Australia and so the news had the most impact on the currency which fell over 0.5% against the greenback to reach $0.7441 during the Asian session, reversing a three-day advance. Disappointing Australian construction data also weighed on the aussie. The US dollar bounced back and pulled away from recent lows of more [..]
Forex Market Review (European Session) – Pound hits 2-month low versus euro amid strong Eurozone data and Manchester blast; loonie at 1-month high
Posted on May 23, 2017 at 2:54 pm GMTThe euro held near six-month highs against the dollar after strong Eurozone PMI data. Sterling remained under pressure due to the events in Manchester and following disappointing data related to the UK retail sector. The US dollar was flat against a basket of major currencies. The loonie hit a one-month high. The euro gained on the back of strong Eurozone and German PMI data, providing encouraging news for the European Central Bank which is expected to start unwinding its unprecedented [..]
FX Daily Outlook | 22-05-17
Posted on May 22, 2017 at 8:48 am GMT[..]
Week Ahead – Eurozone PMIs, US and UK GDP, and Japanese inflation to be main highlights; OPEC and G7 meetings also eyed
Posted on May 19, 2017 at 3:24 pm GMTThe coming week is looking to be a relatively quiet one with only a handful of major data releases to keep traders occupied. Inflation data out of Japan and the flash PMI readings for the Eurozone will be the main highlights, while the second estimates of first quarter growth for the UK and the US will be watched too. In terms of central banks, the Bank of Canada meets for its latest policy decision but FOMC minutes from the Fed [..]
Forex Market Review (European Session) – Dollar weighed by dovish Bullard and Trump controversies
Posted on May 19, 2017 at 2:51 pm GMTThe US dollar only saw temporary relief today and extended lower against a basket of currencies on the back of some dovish comments from St Louis Fed President James Bullard. Meanwhile, the ongoing political tumult in Washington D.C. continued to weigh on the greenback as well today. The dollar index was last down 2% on the week as it fell to its lowest level since Donald Trump’s election victory in November. The greenback’s decline began earlier in the week on [..]
