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European Session – Euro gives back some gains, dollar up on US jobless claims

Posted on April 30, 2015 at 1:19 pm GMT

The euro climbed for a third day against the dollar, reaching a two-month high of 1.1248. Much of the catalyst behind the single currency’s strength was due to the weaker US dollar, which remained under pressure a day after the Federal Reserve meeting, due to the cautious tone of the FOMC statement and due to overall concerns for the US economy. The euro eased back down to 1.1137 as the dollar began to recover late in the European session. There [..]

Eurozone April inflation rises to 0%; Unemployment stays unchanged at 11.3%

Posted on April 30, 2015 at 11:40 am GMT

Consumer prices in the Eurozone stopped falling for the first time since November 2014 as the flash Eurozone inflation figures showed that the consumer price index rose to 0.0% in April on a year-on-year basis, compared to -0.1% in March. This was in line with forecasts. Core CPI, which excludes volatile factors such as food and energy, came in at 0.6%, also in line with forecasts and unchanged from the previous month’s rate. The main harmonized CPI was pushed higher [..]

Asian Session – Dollar rises after FOMC statement; BoJ keeps monetary policy unchanged

Posted on April 30, 2015 at 7:59 am GMT

The US Federal Reserve downgraded its outlook for the US economy in its FOMC statement yesterday. According to the statement, “economic growth slowed during the winter months” but the Open Market Committee still expects economic activity to expand at a moderate pace and that the weakness was due to transitory factors. The Fed reaffirmed its position that the current target range for the federal funds rate remains at appropriate levels, and that labor market conditions need to improve further and [..]

Technical Analysis – EURJPY attempts bullish run

Posted on April 30, 2015 at 5:07 am GMT

EURJPY appeared to turn bullish after climbing to the top of the daily Ichimoku cloud on Wednesday, breaking above the March 18 high of 131.73. The pair reached a high of 132.88 on Wednesday and has pulled back a bit, due to the yen strengthening after the Bank of Japan held monetary policy unchanged. The pair currently rests just above the 23.6% Fibonacci retracement level of 131.57 of the downleg from 149.76 (December high) to 126.08 (April low). The near [..]

Dollar surges as Fed signals slowing economy due to transitory factors

Posted on April 29, 2015 at 7:01 pm GMT

The US dollar popped higher against most major counterparts after the Federal Reserve released its monetary statement on Wednesday following a two-day meeting of its policy-setting committee. There were no surprises and the overall tone of the statement was somewhat flat, and mostly in line with market expectations. The Fed acknowledged weakness in the US economy but stressed that it was due to transitory factors (such as the weather). This comment sent the dollar higher. It surged against the yen [..]

US growth rate falls to near-zero, hurting the dollar

Posted on April 29, 2015 at 2:19 pm GMT

The US annualized growth rate for the first quarter fell to 0.2%, much below expectations of a 1.0% growth number and a fraction of the previous quarter’s 2.2% rate. Although the miss was substantial, it appears that some one-off factors combined to keep GDP low. The final sales measure of GDP, which excludes inventory buildup, was even worse as it contracted by 0.5%. Real GDP growth would have been even less than 0.2% had it not been for deflation, as [..]

European session – Euro breaks through 1.10 dollars; US GDP disappoints

Posted on April 29, 2015 at 2:10 pm GMT

The euro broke through the 1.10 level against the dollar in today’s session for the first time in three weeks. Positive developments in favour of the euro, particularly concerning Greece, but also a raft of weaker-than-expected US data in recent days helped push the euro make sustained gains against the dollar. A couple of reports, firstly that the European Central Bank had raised the limit of the Emergency Liquidity Assistance to Greek banks by €1.4 billion to €76.9 billion, but [..]

Technical Analysis – USDCAD touches 3-month lows; outlook still bearish

Posted on April 29, 2015 at 9:14 am GMT

USDCAD started the day close to yesterday’s 3-month lows of 1.2014, extending its losses for a third consecutive day. The next support level could come at 1.1950 where it last consolidated around that level in mid-January. A break below this level would put it in a longer term bearish outlook. However, the RSI is approaching oversold territory at 30 and a further movement downwards may signal a reversal, though all other indicators point to a strong bearish mood in the [..]

Asian Session – US dollar tests monthly lows ahead Fed statement

Posted on April 29, 2015 at 7:02 am GMT

The US dollar stayed weak during today’s Asian session, as disappointing consumer confidence the previous day added to the greenback’s recent woes. A backup in US Treasury yields as the 10-year rose above 2% failed to help the dollar defend its ground. The euro appeared ready to get back above the psychologically important 1.10 level should the string of mediocre economic news from the US continue, as it traded as high as 1.0990. The aussie was also a major beneficiary [..]

Technical Analysis – AUDUSD breaks out of range with strong upside momentum

Posted on April 29, 2015 at 6:37 am GMT

AUDUSD broke key resistance of 0.7937 after a strong move higher on Tuesday. Momentum is still strong as the RSI rose well above the 50 level. In the near term it appears that the market has broken out of its range that it has been in since the end of March and the bias has shifted from neutral to the upside as prices are now above the daily Ichimoku cloud. This is a bullish signal. For now a medium term [..]

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