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Forex: US Dollar Finds Support Amid Commodity Market Liquidation

Talking Points: US Dollar Gains Amid Broad Liquidation Across Commodity Markets Follow-Through on Overnight Moves to be Tested as Liquidity Returns Yen Drops, Nikkei Gains as Soft Trade Data Drives BOJ Easing Bets The US Dollar advanced in overnight trade in a move that appeared to mirror a selloff in the commodities space. Crude oil […]

Bitcoin Trades Unchanged, Amazon Declines BTC Payment Option

Bitcoin prices barely changed in the last 24 hours. On BTC-E, we opened at $486. After a failed break above the $500 mark, we are currently trading 50 cents above the daily open at $486.50. Prices are slightly higher on BitStamp at $496.53 for one bitcoin. Major online retailer declined to introduce a bitcoin […]

Bitcoin Prices Creeping Up on $500

Prices are again creeping up on the important $500 handle. Today’s session started with BTC/USD quoted at $470.93 on BTC-E. From here, we saw a move lower to $453. The downmove quickly reversed to a rally and in a few hours we were trading back near the $500 mark. Bitcoin is currently trading at $495.50 […]

Bitcoin Drifts Lower in a Slow Trading Session

Bitcoin prices drifted lower for a second day today. On BTC-E, the fledgling cryptocurrency opened at $486. From here, a mini-rally to $496.62 ensued. Prices were unable to sustain the upward momentum however and in a few hours a new multiday low of $456.80 was reached. One bitcoin is currently trading at $470.70 on the […]

Euro: Should We Worry About Demands for More Currency Intervention ?

Talking Points: Dollar Advance Stalls as Yellen Comments and Beige Book Chewed Euro: Should We Worry About Demands for More Currency Intervention? British Pound Rallies on Strong Jobs Data, But Not Enough for Next Bull Leg Dollar Advance Stalls as Yellen Comments and Beige Book Chewed With Friday’s liquidity drain closing in, the dollar is […]

Bitcoin Dips Below $500 as More Chinese Banks Refuse Service to Exchanges

Bitcoin dipped below the important $500 level today as more Chinese banks refused service to bitcoin exchanges. Today 3 different exchanges reported having received requests to close their bank accounts as soon as possible. OkCoin’s notice reads that they received a phone call from China Construction Bank that said “higher authorities required CCB account to […]

Dollar Pares Losses After Upbeat Manufacturing Data and Other Top Forex News.

The dollar recovered ground lost in early trading after the release of upbeat U.S. manufacturing and employment data pointed to underlying strength in the economic recovery. This mornings report from the Federal Reserve Bank of Philadelphia showed that their manufacturing index rose to 16.6 in April, the highest level since September, from 9.0 in March. […]

US Data Shows Taper is Not Hurting the Economy

By Kathy Lien, Regardless of whether you believe that the Federal Reserve is tapering prematurely, today’s jobless claims report confirms that their process of unwinding Quantitative Easing is not hurting the economy. Exiting from a long period of ultra easy monetary policy is always tricky and if done carelessly could put the entire recovery at […]

Chart Of The Day For April 17th, 2014 – EUR/USD

By Ilya Spivak,  EUR/USD Technical Strategy: Pending Short Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.) Resistance: 1.3905 (Apr 11 high) The Euro is stalling at chart support just below the 1.38 figure against the US Dollar having found resistance near the 1.39 mark. A break below support at 1.3793 marked by the 38.2% Fibonacci expansion on a daily closing basis […]

Why the Euro Won’t Go Down

By Boris Schlossberg , Market Drivers April 17, 2014 Tankan up big in March despite sales tax pressure German PPI continues to deflate Nikkei 0.0% Europe -.22% Oil $103/bbl Gold $1298/oz. Europe and Asia: JPY Tankan 25 vs. 18 AUD NAB Business confidence 6 vs. 8 EUR GE PPI -0.3% vs 0.0% North America: USD Jobless […]

WTI Crude – Back Above 104.0 But Fundamental Support For Further Gains Remain Weak

WTI prices behaved as we expected yesterday. Prices tanked after peaking above 104.5 following a surprise bullish push during European session even though there was very little reasons to justify the push. Hence, a reversal was always expected and bears duly responded. The much higher build up in Crude Inventory reported by DOE (+10 million […]

Top Trade Idea For April 17th, 2014 – USDJPY

Time to take a look at the usdjpy pair as this resilience to break lower is leading us to a single possible scenario: running variation of a contracting triangle on the daily chart. This scenario is going to be invalidated only by a move below 100.75 level so this should be the stop loss for […]

Markets mixed as Ukraine conflict quells recent strength

Janet Yellen’s speech provides more of the same Heightened Ukraine conflict raises fears of Russian intervention Potential sanction from west likely to be weak as domestic impact is considered BoJ’s Kuroda maintains accomodative stance and Japan seeks 2% inflation. The European open looks set to be a mixed affair as global indices seem undecided as […]

Pound to Look Past Jobless Claims Data, Dollar Eyes Fed Beige Book

Talking Points: Pound Unlikely to Find Momentum in an On-Trend Jobless Claims Decline US Dollar Rebound May Continue to Pro-Taper Tone in Fed’s Beige Book NZ Dollar Weakens as Soft CPI Erodes RBNZ Bets, Yen Falls as Stocks Rise The March set of UK Jobless Claims figures headlines the economic calendar in European hours. Consensus […]

Dollar Steady After Yellen Comments and Chinese Data and Other Top Forex News.

The dollar was mostly higher on Wednesday, after Chinese first quarter growth data came in slightly above estimates, while the Canadian dollar suffered following a dovish rate statement from the Bank of Canada. This mornings data from China buoyed the market, with The Chinese Republic posting a 7.4% gain in gross domestic product for the […]

Bitcoin Slightly Up, MtGox Files for Liquidation

BTC is trading slightly up in a volatile trading session. The day opened at $500.60 on BTC-E. From here, prices rallied all the way up to $544.90. The highest high on BitStamp stands at $548. The move up didn’t last however and BTC/USD fell over $60 in less than two hours to hit a daily […]

Top Trade Idea For April 16th, 2014 – GBP/USD

The pound extended its gains this morning following the release of some cheerful jobs data out of the UK. The GBP/USD climbed to an initial high of almost 1.6820, which was the previous 2014 high, while the EUR/GBP nearly dropped to last week’s low of 0.8230. Both pairs then paused for a breather as investors […]

Chart Of The Day For April 16th, 2014 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Pending Short Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.) Resistance: 1.3905 (Apr 11 high) The Euro has turned lower anew against the US Dollar having found resistance just above the 1.39 figure. Prices are testing support at 1.3793, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.3758. Near-term […]

UK Unemployment Drops Below 7% – Pound Blasts Above 1.6800

Market Drivers April 16, 2014 UK unemployment dips below 7% Chinese data mixed Nikkei 3.01% Europe .97% Oil $104/bbl Gold $1301/oz. Europe and Asia: CNY GDP 7.4% vs. 7.4% CNY IP 8.8% vs. 9.1% CNY Retail Sales 12.2% vs 11.9% GBP claimant count -30K vs. -30K GBP 6.9% vs. 7.1% GBP Average earnings 1.7% vs […]

WTI Crude Technicals – 104.0 Broken But Follow-Through Suspect

WTI Crude has been staying between 103.0 – 104.0 for most of the entire week, but prices suddenly shot up during early European session, pushing beyond the high of Monday and leading prices to the highest level since 6th March. This gain is certainly surprising given that latest inventory data from the American Petroleum Institute […]

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