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Asian Session – Aussie steady after weak jobs data; greenback in focus ahead of Yellen testimony

Posted on November 17, 2016 at 5:45 am GMT

The Australian dollar was steady despite a disappointing employment report that showed a smaller-than-expected gain in jobs in October. The US dollar was trading lower against the yen in today’s Asian session. The greenback also gave up gains versus the euro. Investors took the opportunity for some profit-taking ahead of a key testimony by Federal Reserve Chair Janet Yellen later today. The dollar edged down against the yen to a session low of 108.54 yen, moving off a five-month high [..]

European Session – Dollar eases after hitting 13.5-year high; pound weighed by slowdown in UK employment

Posted on November 16, 2016 at 3:51 pm GMT

A resumption in the government bond sell-off drove the US dollar to fresh highs in Wednesday’s European trading but equities and commodities fell, weighed by the stronger dollar and rising bond yields. The dollar index, which measures the greenback against a basket of currencies, reached a 13½-year high of 100.53 in mid-European session as US treasury yields continued to head higher again. The yield on 2-year US Treasury notes rose to a fresh 10-month high of 1.03% as investors upped [..]

Technical Analysis – EURJPY looking overbought above 50-DMA

Posted on November 16, 2016 at 12:26 pm GMT

EURJPY has made a convincing break above the 50-day moving average following the post US election sell-off of the yen. The safe-haven sell-off has helped EURJPY climb to near 4-month highs but momentum indicators suggest the rally may already be running out of steam. The stochastics have crossed into overbought territory and while the %D and %K lines remain positively aligned and are still rising, the upward momentum is likely to ease in the near term. In the meantime, there [..]

Technical Analysis – Bearish pressure on WTI oil eases as RSI moves off oversold levels

Posted on November 16, 2016 at 9:03 am GMT

Bearish pressure on WTI oil futures prices has eased as RSI has moved out of oversold territory, off 30 and is heading towards 50. Prices have risen above the 200-day moving average which increases the potential for further upside moves. However, the market has fallen below the rising trend line (that started from January) and this will now act as immediate resistance to the upside. There is a cluster of resistance levels starting at around $46.70 (trendline) and at $47.30 [..]

European Session – Dollar resumes gains on US data; pound hit by leaked Brexit memo

Posted on November 15, 2016 at 4:02 pm GMT

Risk sentiment was mixed in Tuesday’s European session as commodities held on to their gains even as the dollar resumed its week-long rally. The euro meanwhile fell back from its short-lived rebound but sterling came under pressure on concerns about the UK government’s readiness to trigger Article 50. The US dollar had eased slightly from Monday’s highs at the start of trading today but headed back up again after US retail sales beat expectations. Retail sales in the United States [..]

Forex News – Euro rebounds from 11-month low as Italian referendum looms

Posted on November 15, 2016 at 12:11 pm GMT

The euro has come under surprise downside pressure since Donald Trump’s shock victory of the US presidential elections. Voter revolt in the United States and in Britain has generated concerns that a similar anti-establishment sentiment across the European continent could be given a boost ahead of upcoming elections in France and Germany and a constitutional referendum in Italy. In fact, the referendum in Italy on December 4 on proposed changes to the constitution that involves streamlining the country’s legislative process [..]

Technical Analysis – USDCAD bullish but pauses rally at 5-month high

Posted on November 15, 2016 at 8:39 am GMT

USDCAD paused a rally that took the pair to a fresh 9-month high of $1.3587 on Monday. This is an important level and is acting as resistance since it is defined by the 50% Fibonacci retracement of the January-May decline from 1.4689 to 1.2460. To the downside, it is important for support at 1.3500 to hold, otherwise a break below this would lead to a fall towards 1.3308 and 1.3200 and would shift the current short-term bullish bias. The technical [..]

Asian Session – Dollar trims gains against yen; RBA minutes fail to lift aussie

Posted on November 15, 2016 at 7:48 am GMT

The US dollar rally paused on Tuesday after a big jump on Monday while the sell-off in US Treasuries also took a breather. Asian equity markets were softer following a muted Wall Street session. On Monday, the dollar index closed above 100 for the first time this year as markets are pricing in a Fed rate hike next month and are expecting inflation to rise due to plans for increased fiscal spending by the Trump administration. The index trimmed gains [..]

European Session – Dollar breaks above 108 yen as euro slumps to 11-month low

Posted on November 14, 2016 at 3:36 pm GMT

The US dollar extended its Asian session gains to climb to a near one-year high in European trading on Monday, as the dollar index rose above 100 for the first time since December 2015. Against the yen, the dollar rallied to a 5-month high of 108.48 as the yen fell across the board. The changing outlook for the US economy following the election of Donald Trump as the next American president remains the driver of today’s currency moves. Expectations that [..]

Forex News – Japan’s economy grows better than expected in Q3 as strong exports boost GDP

Posted on November 14, 2016 at 12:24 pm GMT

Economic growth in Japan accelerated to an annualized rate of 2.2% in the third quarter of this year, the fastest since the first quarter of 2015, as exports recovered. On a quarter-on-quarter basis, Japan’s GDP expanded by 0.5% in the three months to September, beating estimates that it would grow by 0.2% as with the prior quarter. Leading the expansion was a 2% jump in exports over the quarter, while imports fell. As a result, there was a positive contribution [..]

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