Forex News
U.S Dollar Extends Losses Against The Yen Despite Encouraging Data Top Forex News.
The dollar extended losses against the yen during Friday’s U.S. session, falling below the 101.00 level, despite encouraging U.S. durable goods orders data. The yen found support after Bank of Japan (BoJ) Governor Haruhiko Kuroda said that monetary stimulus programs were “necessary” but also “sufficient,” and that the bank would do all it can to [...]
Nervous Markets Keep Currencies Under Pressure
Based on the price action of the currency and equity markets, risk aversion is driving investment flows. The U.S. dollar is trading higher against all of the major currencies with the exception of the Japanese Yen and Swiss Franc. This performance is finally consistent with what we would expect when equities are selling off. USD/JPY [...]
Chart of the Day for May 24th – AUD/USD
By Ilya Spivak Prices are testing support in the 0.9663-82 area, marked by the November 23 2011 low and the 23.6% Fibonacci expansion. A break below that eyes the 0.9580-84 region. Near-term resistance is at 0.9841, the May 21 swing high. Positive RSI divergence argues in favor of an upside scenario.
Better IFO Helps EUR/USD But 1.30 Proves Elusive
Market Drivers May 24, 2013 IFO beats handily driving EUR/USD towards 1.3000 Nikkei seesaw putting USD/JPY on roller-coaster Nikkei 0.89% Europe 0.56% Oil $94/bbl Gold $1387/oz. Europe and Asia: NZD Balance 157M vs. 475M EUR German GDP -1.4% vs. -1.4% EUR German GfK Consumer Confidence Survey 6.5 vs. 6.2 EUR German IFO – Business Climate [...]
Trade of the Day for May 24th, 2013 – Short EUR/SGD
Swing with Euro Sing Who doesn’t like a good swing trade? EUR/SGD is on my radar from the breach of short term resistance at 1.6300. For mine, the five day trend is against the fundamentals – QoQ reads of GDP show Singapore is emerging from contraction, whereas tonight’s final GDP in Germany is likely to [...]
Trade of the Day for May 23rd, Long USD/JPY
So you missed the USD/JPY low? What now? The uptrend on the USD/JPY is still intact and yes there is a near-term top, and there will have to be this top that precedes a pullback so why is this top being treated as THE top in certain circles? Because (some) bulls view any dramatic pullback [...]
Dollar Slumps Against Yen After Mixed Economic Data and Other Top Forex News.
The dollar fell sharply against the yen on Thursday after investors reacted to Fed Chairman Ben Bernanke’s comments about potential tapering of the Fed’s bond-buying program, by selling U.S. Treasuries, which in turn caused yields of 10-year Japanese government bonds to rise to 1% before falling back later in the trading session. The volatility in [...]
Chart of the Day for May 23rd, 2013 – GBP/USD
By Ilya Spivak Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Sellers are now testing support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue tohold short, Near-term falling channel resistance is at 1.5207, [...]
Is the USD/JPY Rally Over?
The biggest move in the FX markets today is in the Japanese Yen. The 7% decline in the Nikkei overnight kicked off a wave of deleveraging in the financial markets as investors around the world hit the panic button. What is interesting about the move is that no one is buying U.S. dollars, a currency [...]
UK GDP: Current and Historical Data
Current UK GDP Growth Rate: 0.3% Next Release: Thursday, May 23rd, 08:30 GMT (Released Quarterly) Economists Expect: 0.3% Release URL: http://www.statistics.gov.uk/cci/nugget.asp?id=192 Upcoming Release Commentary The UK economy grew by 0.3 percent in the first three months of 2013. The growth meant that the UK economy managed to avoid a triple-dip recession. Recent surveys of the [...]
EuroZone PMI Manufacturing – Current and Historical Data
Current Manufacturing PMI: 46.70 Next Release: Thursday, May 23rd, 07:58 GMT (Released Monthly) Analysts Expect: 47.00 Source of Report: Markit Economics Release URL: http://www.markiteconomics.com/Survey/Page.mvc/home Upcoming Release Commentary Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) fell to a four-month low of 46.7 in April from March’s 46.8. A PMI reading below 50 indicates contraction in sector [...]
Dollar Hits 4-1/2 Year High Against Yen on Bernanke Testimony and Other Top Forex News.
The dollar hit a four-and-a-half-year high against the yen in todays U.S. session, after Fed Chairman Ben Bernanke told Congress that the central bank could consider tapering its bond-buying programme in the coming months if the US economy improved. He went on to say that the Fed’s policies were “providing significant benefits” and changing course [...]
Chart of the Day for May 22nd, 2013 – GBPUSD
By Ilya Spivak Prices declined as expected after putting in a Shooting Star candlestick below resistance at the top of a rising channel set from mid-March. Sellers are now pushing to support at 1.5029, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.4850. We continue to hold short, Near-term resistance is at 1.5322, the [...]
Dollar Waits For Ben As Cable Continues to Crash
Market Drivers May 22, 2013 BOJ would decide on further JGB purchases sends USD/JPY towards 103.00 UK Retail Sales worst since April 2012 Cable below 1.5100 Nikkei 1.60% Europe 0.06% Oil $95.81 Gold $1381/oz. Europe and Asia: AUD Westpac Consumer Confidence -7.0% vs. =5.1% JPY Merchandise Trade Balance Yen -.76T vs. -.63T JPY BOJ Monetary [...]
Trade of the Day for May 22nd, 2013 – Long EUR/GBP
EUR/GBP breaks out of consolidation, more upside expected The Bank of England minutes from the May meeting released this morning was largely as expected and showed that Governor King was once again outvoted. The soon-departing Governor voted in favor of a £25B expansion of quantitative easing (QE) along with MPC members Miles and Fisher. However, [...]
Dollar Mixed Ahead of Bernanke Testimony and Other Top Forex News.
The dollar had a mixed session today, rising against the pound and yen but falling against the euro, as traders anxiously await chairman Bernanke’s testimony before U.S. congress on Wednesday. The cable fell on the back of weak inflation data out of the U.K. The Office for National Statistics said that consumer price inflation was [...]
Trade of the Day for May 21st, 2013 – Buy AUD/JPY
Hello Traders – apologies for the late update this morning. Extremely busy morning on the trade desk here at TradingAnalysis.com. To get right down business you should still be short AUD/JPY with me from the May 8th article from 101.25 with stop losses at the same level. COVER THIS SHORT AT MARKET – last trade [...]
Dollar Ticks Up, All Eyes on Fed Speeches
The U.S. dollar is trading higher against all of the major currencies this morning despite the lack of U.S. data. Weaker inflation in the U.K. and Germany kept pressure on the EUR and GBP while Japanese Finance Minister Amari’s retraction of Sunday’s comment that “the correction of the strong yen is largely completed” renewed the [...]
Chart of the Day for May 21st, 2013 – AUD/USD
By Ilya Spivak Prices put in a bullish Piercing Line candlestick pattern, hinting at gains ahead. Initial resistance is at 0.9809, the 14.6% Fibonacci retracement, with a break above that exposing the 23.6% level at 0.9869. Near-term support is at 0.9710, the May 17 low.
Lower Inflation Sinks Cable
Market Drivers May 21, 2013 RBA minutes show no further inclination to cut UK Inflation materially lower than expected Nikkei 0.13% Europe -0.82% Oil $96.58/bbl Gold $1353/oz. Europe and Asia: AUD RBA Policy Meeting Minutes JPY All Industry Activity Index -0.3% vs. -0.3% NZD RBNZ 2-Year Inflation Expectation NZD Credit Card Spending 4.0% vs. 3.7% [...]
