Tag: forex analysis
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After the U.S. dollar corrected some of its gains yesterday, a new trading day, packed with significant ?economic publications is ahead. Most attention should be given to the U.S. ADP Non-Farm Employment ?Change, which attempts to estimate Friday's release of Non-Farm Payrolls. Current expectations are for a ?positive result, will the dollar erase yesterday's losses?? Summary USD - Dollar Weakens Despite Positive Consumer Confidence Report EUR - Euro Strengthens On Positive Global Data JPY - Yen Continues To Strengthen Vs. The Majors OIL - Crude Oil Drops To $71.52 a Barrel
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The Japanese yen made another bullish move against the majors as the steps taken by the Bank of Japan to weaken the yen only served to increase traders' resolve to increase bullish bets on the Japanese currency. Summary USD - Dollar Stronger Following Lower Equities EUR - Euro Weaker on Light Volume JPY - Yen Continues to Strengthen Despite BOJ Easing OIL - Crude Oil Snaps 3-day Win Streak
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The US Prelim GDP, to be released at 12:30 GMT, is the primary publication today that is set to determine the level of the US dollar. The other main release that are is to dominate forex trading, especially for currencies, is the publication of the British Revised GDP at 8:30 GMT. Traders are also advised to follow Fed Chairman Bernanke's speech at 14:00 GMT. This speech is very likely carry a higher than usual impact on Dollar volatility. Summary USD - Dollar Falls on Increased Risk Appetite EUR - EUR Rises on Gains in European Shares JPY - Safe-Haven Yen Climbs vs. Rivals Crude Oil - Crude Oil Rises above $73 a Barrel Forex Market Trends
Economic News USD The US dollar fell against most of its major currencies on Thursday, as gains in stocks and commodities prompted investors to wade into riskier currency trades. By yesterday's close, the USD fell against the CHF, pushing the oft-traded currency pair to 1.0240. The dollar experienced similar behavior against the EUR and closed at 1.2720. EUR The EUR rose on Thursday as early gains in European shares, following a climb on Wall Street, indicated improving demand for riskier assets. As a result, the EUR hit a session high against the dollar at around 1.2745 before pulling back to around $1.2720. The 16-nation single currency experienced similar behavior against the GBP and closed at 0.8190. JPY The Japanese yen has strengthened against most of its major counterparts, continuing to prove that for the time being this is the solid currency that traders can rely on to provide them with steady profits. The yen extended gains versus the dollar on Thursday, to trade above 84.40 amid a broad sell-off in the USD. The JPY also saw bullishness against the EUR and closed at 107.30. Crude Oil Oil prices extended gains to rise above $73 a barrel Thursday, as regional stock markets advanced and recent sharp losses in crude drew more buyers. Crude has fallen about 11.5% from around $82 a barrel early this month as more evidence of a slowing US economy suggested that demand for oil and gas would remain sluggish. Technical News EUR/USD This pair appears to be providing mixed signals today. The shorter time frames are floating in neutral territory, giving no clear indication. The daily chart shows the price just exiting the over-sold territory on the RSI and Stochastic, while the weekly chart has what appears to be a recent bearish cross on the Stochastic (slow) and is now descending lower. Waiting for a clearer sign of direction may be wise today. GBP/USD The price of this pair has recently entered the over-sold territory on the hourly RSI, and seems to be just exiting the over-sold territory on the daily RSI. These notions, combined with a recent bullish cross on the hourly Stochastic (slow), seem to suggest that going long would be a reasonable tactic today. USD/JPY This pair continues to float within a distinct, long-term bearish channel. The weekly chart has begun to provide hints that the pair may correct upwards in the near future, however. The weekly RSI has the price sitting just on the border of the over-sold territory. The weekly Stochastic (slow) shows the same thing. This pair may be preparing for an upward movement, but for now the down-trend remains dominant. USD/CHF The price on the USD/CHF has recently entered the over-sold region of the daily chart's RSI and may experience upward pressure in the near future as a result. This pair's weekly chart also has the pair in the over-sold territory, and shows fresh bullish crosses on the Stochastic (slow), both of which support the notion of an impending upward movement. Going long may not be a bad choice today.
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EVENTS · EMU German IFO is expected to remain stable · US Durable Goods Orders are expected to rise by 3% · US New Home Sales are expected to remain flat
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A downgrade of Ireland's sovereign debt rating late Tuesday further roiled foreign exchange markets already agitated by dismal U.S. housing sales. The Standard & Poor's Ratings Services downgraded Ireland's credit rating late Tuesday on concerns about the cost of bailing out the country's ailing banks. Summary USD - U.S Dollar Extends Losses EUR - Euro Hits New Lows vs. the Dollar and the Yen JPY - Yen Rises Broadly on Global Risk Aversion Crude Oil - Oil Rebounds with U.S. Durable Goods Data Ahead
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Continuing market uncertainty and Euro declines helped support Gold prices as investors turn to the metal as an alternative safe haven investment. Gold levels were further supported by positive economic data from the U.S on the one hand and manufacturing concerns from China on the other. Chinese growth concerns are adding to the uncertainty regarding the global economic recovery, pushing investors to the metal as an alternative investment. Summary USD - USD Remains Strong as Euro-Zone Uncertainty Persists EUR - EUR Recovers from a 4 year Low JPY - JPY Declines as Prime Minister Resigns Crude Oil - Crude Falls on Concerns Regarding Global Economic Recovery
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Today, traders should pay close attention to the release of the U.S. Unemployment Claims report. This indicator always produces extreme market volatility in the major currency pairs. Traders may find good opportunities to enter the market following this vital announcement at 13:30 GMT. Summary USD - USD Down Following FOMC Meeting Minutes EUR - EUR Rallies against Dollar and Yen JPY - Yen Free Fall Continues Crude oil - Crude oil Rises on Weak Dollar
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Tuesday's much worse than expected Pending Homes Sales release boosted the U.S. Dollar and the Yen as investors returned to the safety of the greenback and the Japanese currency. Both the Yen and Dollar reverted back to gaining in times of negative economic data. A full news day today will likely prove quite volatile for the major pairs, particularly in light of yesterday's disappointing surprise. Summary USD - USD Regains Safe Heaven Status EUR - EUR Pressured by Renewed Credit Concerns JPY - JPY Benefits form Negative Economic Data Crude Oil - Crude Gains for Ninth Consecutive Day
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With a slow trading day expected today, investors will likely keep there eyes on the U.S. Dollar and whether it can maintain its recent upswing going into the New Year. Set to be released later today, the U.S. Consumer Confidence report should give traders a good idea about the general direction of the greenback as 2009 draws to a close. Summary USD - Consumer Confidence Report Likely to Impact Greenback EUR - Euro Slips against Major Currencies JPY - Yen Sinks against Dollar Crude Oil - Oil Prices Up Ahead of New Year
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The U.S. dollar continued to strengthen against the majors during Tuesday's trading session. Driving the dollar higher was a rise in existing home sales for the month of November and Final GDP numbers for the 3rd quarter that suggest the U.S. economy is improving. Summary USD - Dollar Moves Higher on Positive Economic Data EUR - Sovereign Debt of Greece Downgraded JPY - Yen at Seven Week Low Versus the Dollar Oil - OPEC Holds Output Firm as Spot Crude Oil Prices rise.
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Following the optimistic forecast for the U.S. economy given by the Federal Reserve Bank (FED) on Wednesday, the U.S. Dollar continued to make serious gains against its major counterparts well into morning trading. The EUR/USD pair was trading at around the 1.4465 level this morning, a steep decline from only hours earlier. Summary USD - Dollar Makes Big Gains Following FED Statement EUR - EUR Drops Below $1.4500 JPY - Yen Takes Losses Against the Dollar Crude Oil - Oil Prices Rise as Inventories Fall
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The dollar fell slightly against the major currencies on Monday as signs of a sustained economic recovery and reduced concerns of a default in Dubai curbed demand for the U.S. currency as a refuge. The emirate's move initially prompted investors to sell the dollar and pushed up global equities on improved risk appetite. Summary USD - Dollar Falls on Dubai Bailout EUR - EUR Boosted by Increased Risk Appetite JPY - Yen Experiences Mix Result against Major Currencies OIL - Crude Oil Declines on Falling Demand
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The U.S. dollar rose on Tuesday to the highest level versus the EUR in 5 weeks and gained against other major currencies, as worries about high levels of debt in Greece and Dubai led investors to buy assets that would offer protection in a crisis. Summary USD - Dollar Falls Broadly against the Yen after Bernanke Comments EUR - EUR Trades Lower on Concerns More European Rating May be Cut. JPY - Yen Advances vs. Majors OIL - Crude Reverses after 5-Day Decline
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Due to a much better than expected U.S Non-Farm Employment Change figures for November, the Dollar rose against all the major currencies on Friday. Moreover, this has been one of the first times since the recession began that positive data from the U.S have boosted the Dollar. Does this mean that the Dollar is on its way to recovery? Summary USD - Dollar Soars on Unexpected Non-Farm Payrolls Figures EUR - Euro Drops against the Majors JPY - Has the Yen's Bullish Trend Reached its End? OIL - Crude Oil Stabilizes around $75.50 a Barrel
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The U.S. Dollar rallied against the Yen on Wednesday amid speculation that the Japanese government would intervene in order to prevent its currency from rising any further. The intervention would be an attempt to help the Japanese export industry, which has suffered due to the high yielding JPY. The Dollar has taken advantage of this, making impressive gains throughout the afternoon on Wednesday and into the evening. The greenback has advanced as high as 87.81 against the Yen, leaving last week's record low numbers behind. Summary USD - Dollar Gains on Yen, Reports Losses against High Risk Currencies EUR - Euro Extends Gains Ahead of ECB Meeting JPY - Yen Continues to Slide amid Rumors of Government Intervention Crude Oil - Crude Falls below $77 Following U.S. Inventory Report
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The Dollar fell to its lowest level in 15 months against the EUR and a basket of other major currencies Wednesday as concerns about Dubai's debt problems faded adding to demand for higher-yielding assets. Government-related Dubai World said it began talks with banks to restructure $26 billion of debt. The holding company is seeking to delay payments on less than half its $59 billion of obligations, easing concern a potential default may set back the global financial system's recovery from the credit crisis. Summary USD - U.S Currency Rises vs. Yen after BOJ Meeting EUR - GBP Rises as U.K. House Prices Advance JPY - Yen Weakens on BOJ New Operations Oil - Crude Trades Around $78 Ahead of EIA data
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The Dollar decreased dramatically on Monday after a big day on Wall Street led to increased risk taking behavior among investors. An increase in equity and the price of commodities, as well as positive news on existing U.S. home sales had a dramatic effect on trading. Investors dumped their dollars in favor of high yielding currencies such as the EUR, which made impressive gains. Summary USD - USD Falls Amid Gains In The Stock Market EUR - EUR Makes Gains, But Can't Break $1.50 JPY - JPY Bounces Back After Yesterdays Losses Crude Oil - Crude Prices Level Out
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While all the major currencies continue to provide mix results, there is still one extremely strong in the market - the bullish Gold. During last night gold reached over $1,163 an ounce, making another all time high. However, a recovery of the Dollar, if indeed takes place, has the potential to put an end to Gold's uptrend. Summary USD - Is the Dollar Recovering? EUR - Euro's Bullishness Halts JPY - Yen Strengthens on Positive Japanese Data OIL - Oil's Range Trading Continues; Tension in the Middle East Rises
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The Dollar and Yen gained against the EUR and other higher yielding currencies Thursday on concerns about the sluggish pace of the world economic recovery. A Decline in equity and commodity prices pushed investors back into the USD and JPY as safe haven currencies. Summary USD - USD Gains on Weak U.S Economic Data EUR - EUR Struggling to Rise above $1.50 Level JPY - JPY Trades Near a Two Week High versus Euro Crude Oil - Crude Declines on Falling Equities
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Comments by Fed Chairman Ben Bernanke surprised many investors as he joined the rallying cry for a stronger Dollar, which may lead to strength for the USD in the days ahead. On the other hand, the USD still faces downward pressure from sudden spikes in risk appetite following positive news reports as its safe-haven status has not yet diminished. After last week's drop in consumer confidence, safe-havens like the USD and JPY have begun to regain some of their strength. Summary USD - Bernanke Statements Diminish USD in Short-Term; Strength Ahead? EUR - EUR Bearish following Consumer Confidence Drop JPY - JPY Gaining from Rising Risk Aversion Crude Oil - Oil Prices Defy Strengthening USD, Breach $80
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