News / Page 223

Australian unemployment rate ticks up as job creation falls in April

Posted on May 7, 2015 at 9:45 am GMT

The Australian unemployment rate was in line with economists’ expectations, ticking up to 6.2% in April from 6.1% in March. After two months of strong gains, the number of jobs created last month fell by 2,900, despite forecasts for a gain of 5,000 jobs. According to the Australian Bureau of Statistics, full-time employment fell by 21,900 while part-time jobs rose 19,000. Over the twelve months to April, a total of 177,600 jobs were created. Meanwhile, the employment figures for March [..]

Asian Session – US dollar consolidates following heavy losses

Posted on May 7, 2015 at 7:15 am GMT

The US dollar was still under pressure during Thursday’s Asian session, as it failed to stage any rebound against the euro. Euro / dollar was trading at 1.1355, after making a fresh 10-week high at 1.1370. Weak US data the previous day in the form of soft private sector payrolls data from ADP hurt the dollar, while rising Eurozone bond yields provided support to the euro. 10-year German Bund yields continued their recent move higher by rising to 0.65% today. [..]

Technical Analysis – EURUSD bullish after breaking above 100-day moving average

Posted on May 7, 2015 at 6:54 am GMT

EURUSD has been gaining momentum and reached fresh 3-month highs of 1.1370 in early European session trading on Thursday. The pair accelerated gains after breaking above the 100-day moving average on Wednesday. The market is also above the 23.6% Fibonacci retracement level of 1.1293 of the downleg from 1.3992 (May 2014 high) to 1.0461 (March 2015 low). This level will act as immediate support in the case of a drop in prices. Below this, next support lies at 1.1051 (March [..]

European Session- Dollar tumbles on weakest ADP jobs numbers since January 2014

Posted on May 6, 2015 at 2:23 pm GMT

The euro had a choppy European session, rising early before falling after disappointing Eurozone retail sales but then rebounding, mainly due to a weak dollar following soft US jobs data. The euro began to rise early in the session after various Eurozone countries began releasing encouraging services PMI numbers that gave evidence that an economic recovery is underway in the region. The overall April Eurozone services PMI rose to 54.1 from February’s 53.7. Meanwhile, also helping sentiment for the euro [..]

Rise in government bond yields could have important consequences for global markets

Posted on May 6, 2015 at 11:46 am GMT

Government bond yields have shot up around the world in recent weeks. This could have important repercussions for asset markets around the world, as well as foreign exchange because relative interest rate differentials will also change. Higher government bond yields could be the result of the unwinding of excess speculation that drove yields to unrealistically low levels, or a sign that the global economy was recovering and that the threat of deflation was much less. Perhaps the most important move [..]

Asian Session – Kiwi drops sharply as labor data miss causes rate cut speculation

Posted on May 6, 2015 at 7:01 am GMT

The New Zealand dollar was the main loser of today’s Asian session, after the country reported a higher-than-expected unemployment rate for the first quarter. Unemployment remained at 5.8% against expectations it would drop to 5.5%. Wage growth was also lower-than-expected, suggesting that the Reserve Bank of New Zealand could be tempted to cut rates in the future. In other developments, the US dollar was under pressure as the market chose to focus on the worse-than-expected trade numbers for March rather [..]

Technical Analysis – USDJPY struggles to break outside cloud

Posted on May 6, 2015 at 6:47 am GMT

USDJPY has been in a range since mid-March between 118.32 and 120.83. Immediate support is provided by the 38.2 Fibonacci retracement level of the upleg from 115.84 to 122.01. This level comes in at 119.65. Below this the 100-day moving average will likely be good support at 119.36. USDJPY attempted to break out of the daily Ichimoku cloud but has been unable to close above it, meaning that the intra-day bias may not be as bullish. The falling RSI also [..]

EC raises European growth outlook but slashes forecast for Greece

Posted on May 5, 2015 at 2:49 pm GMT

The European Commission published its spring economic outlook for the European Union today, raising its outlook for economic growth for the European Union (EU) and the Eurozone. GDP growth for 2015 for the Eurozone was raised from 1.3% to 1.5%, and from 1.7% to 1.8% in the EU as a whole from its last forecast in its winter outlook. This compares to 0.9% growth in the Eurozone in 2014 and 1.4% growth for the EU. For 2016, the forecast is [..]

European Session – Euro recovers after Eurozone GDP upwardly revised, dollar weak after US trade deficit data

Posted on May 5, 2015 at 2:27 pm GMT

The euro recovered losses after an upward revision to the Eurozone’s GDP & inflation forecasts by the European Commission, helping overcome market concerns from a lack of a Greek debt deal. The single currency fell early in the European session to a low of 1.1065 before rebounding to a session high of 1.1172. Euro-area growth is now forecast to increase 1.5% this year, up from a prediction of 1.3% in February while inflation is now expected at 0.1% from a [..]

Technical Analysis – AUDUSD stronger after rate cut; outlook remains bullish

Posted on May 5, 2015 at 12:03 pm GMT

AUDUSD was trading higher today after the RBA’s 25 basis point rate cut yesterday lead to expectations that this would be the last cut. The aussie was trading higher at 0.7874 against the US dollar where it appears to have found resistance at the 38.2% of the Fibonacci retracement level of the upleg from the April 2 low of 0.7532 to the April 29 high of 0.8074. Having moved back down into the Ichimoku cloud, AUDUSD could find its next [..]

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