Tag: technical news
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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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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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The other major releases from the U.S. that forex traders are advised to follow are the TIC Long-Term Purchases, Core PPI and Industrial Production. Summary USD - Dollar Tumbles on All Fronts EUR - GBP Climbs as Optimism Kicks In JPY - Yen Soars against the Dollar OIL - Crude Oil Rises by Most in 6 Weeks
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The strongest trend in the market appears to be the bullishness of gold. Gold continues to break new records on a daily basis, and with a week packed with publications from the U.S economy entering, the main question is, can gold reach higher? Summary USD - Dollar Continues to Weaken Following Disappointing Data EUR - Euro Sees Mixed Results against the Majors JPY - Japan's Interest Rate Announcement Expected this Week OIL - Crude Oil Drops on Weak U.S. Energy Demand
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The U.S. Unemployment Claims is the primary publication today that is set to determine the level of the USD when it is released at 13:30 GMT. The other main releases that are set to dominate forex trading, especially for currencies such as the Dollar and EUR is the publication of the Industrial Production from the Euro-Zone at 10:00 GMT and Crude Oil Inventories at 16:00 GMT. Traders may find good opportunities to enter the market following these vital announcements. Summary USD - Unemployment Claims Report on Tap - Will USD Weakness Continue? EUR - EUR Strengthens as GBP Sinks JPY - Yen Declines as Stock Market Rallies Crude Oil - Traders Await Crude Oil Inventories Report
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The U.S Dollar bounced off a 15-month low yesterday and the EUR dipped below $1.50 as investors paused to assess whether the global outlook justifies a recent rally in higher-yielding currencies and assets. The British Pound in particular struggled on Tuesday after Fitch ratings agency told Reuters that Britain was the major economy most at risk of losing its top AAA credit rating.
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The Dollar is expected to be the driver of the forex market today. This is following yesterday's bearish session for the U.S. currency. Traders will be very mush focused on Federal Reserve Bank of Atlanta President and key Federal Reserve FOMC (Federal Open Market Committee) member Dennis Lockart's speech at 14:15 GMT, and the IBD/TIPP Economic Optimism release at 15:00 GMT. It is encouraged that you traders open big positions in the USD now. Summary USD - Dollar Falls on Higher Risk Appetite EUR - Pound Climbs to 3-Month High vs. Dollar JPY - Yen Goes Volatile against the Majors Crude Oil - Oil Jumps on Weak Dollar
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While the Dollar drops against the major currencies due to the disappointing U.S employment data from Friday, the strongest trend in the market appears to be the bullish gold. Gold continues to break new record highs on a daily basis, and has now reached over $1,100 on ounce. Can it reach higher? Summary USD - Dollar Slides on Negative Employment Data EUR - Euro Rises against the Majors JPY - Yen Sees Mixed Results against the Majors Oil - Oil Rises Due to Hurricane Ida Concerns
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The Bank of England's (BOE) rate statement is due at 12:00 GMT while the European Central Bank (ECB) press conference is expected at 13:30 GMT. While both banks are expected to keep their interest rates at their current level, the statements should provide an insight to the current economic conditions as well as economic outlook for the near future. The BOE is expected to increase its quantitative easing program. Summary USD - USD Down Following Fed Statement EUR - Pound Gains on Optimistic Services PMI JPY - Yen Gains ahead of U.S Unemployment Rate Report OIL - Oil Rises Above $80 a barrel
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The Federal Reserve is expected to keep its benchmark Interest Rate unchanged near zero today, as traders get ready for a busy news cycle. Investors will focus on the interest rate outlook, but many analysts say the Fed is unlikely to change the wording of its pledge to keep rates low for an extended period. This may have the result of stabilizing USD trading, or potentially driving the world's primary currency to new extremes. Will the USD experience a reversal from yesterday's bullishness? Summary USD - Dollar Advances vs. EUR ahead of Fed Statement EUR - Sterling Falls Sharply on UK Banking Sector Concerns JPY - Yen Hits Session Low vs. USD Crude Oil - Crude Oil rises 2% Ahead of U.S. Factory Data
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The USD is likely to move on the U.S. Factory Orders publication today at 15:00 GMT. The reason why this release is so important is due to Monday's releases that showed the U.S. economy is on a rapid road to recovery. Therefore, a similar result today could lead to very high volatility in the forex market, and a possible mass sell-off of the Dollar. In order to make some decent profits today, you should open large positions in the EUR/USD, GBP/USD and USD/JPY pairs now. Summary USD - Dollar Slides on Global Economic Recovery EUR - Pound Plummets on Optimistic Manufacturing Data JPY - JPY Loses Ground on All Fronts Crude Oil - Oil climbs on Optimistic U.S. Data
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The surprise drop in New Home Sales in the United States yesterday has resulted in a sudden buy-up in USD as investors flock to safe-havens. With a market that appears to be lacking a clear direction recently, major reports such as the New Home Sales report yesterday and today's Advanced GDP data become that much more important to watch as more investors await their release before trading. Summary USD - Dollar Rises despite Negative Data EUR - EUR Sliding against Rising Safe-Havens JPY - Yen Benefits from Stock Market Losses Crude Oil - Crude Oil Slips Below $78 a Barrel
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The USD continued to advance Tuesday against major currencies as a measure of U.S. consumer confidence registered an unexpected decline for October. Gold futures extended losses from the previous session as the USD rose. December Gold fell $7.40, to settle at $1,035.40 an ounce on the Comex division of the New York Mercantile Exchange and is currently trading around $1041. Summary USD - USD Gains on Weak Consumer Confidence EUR - EUR Down ahead of the Release of Key German Data JPY - Yen Gains on Return to Risk Aversion Oil - Crude Prices Up ahead of Inventory Data
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