EURUSD finally broke to the upside: a move which was expected after a few days of sideways price action in a shape of a triangle pattern. The pair already passed the 1.3400 resistance level which now opens the door for 1.3500 or even 1.3550 level for the next few days. The trend is bullish as … “EUR/USD and GBP/USD Elliott Wave Outlook”
Month: January 2013
Pound Drops as UK Economy Contracts
The Great Britain pound fell today, retreating against the US dollar, reaching the lowest level since December 2011 against the euro and trimming its gains versus the Japanese yen after the report showed that the decline of the UK economy last quarter was even bigger than was anticipated by analysts. Britain’s gross domestic product contracted 0.3 percent in the fourth quarter of 2012, while forecasts promised a 0.1 percent decline. … “Pound Drops as UK Economy Contracts”
Ringgit Falls on Concern over Currency War
The Malaysian ringgit fell along with other Asian currencies today amid worries that the intervention of Japan to weaken the yen will intensify the “currency war” as other nations may also attempt to push their currencies down. Currencies with high yield, including the Asian ones, appreciated sharply against the yen as Japan’s policy makers were pushing the nation’s currency down. That sparked fears that other governments would … “Ringgit Falls on Concern over Currency War”
AUD Gains on JPY, Retreats vs. USD & EUR
The Australian dollar rose against the Japanese yen for the first time after fourth straight sessions of decline as growth of China’s manufacturing increased the appeal of the Aussie. At the same time, the currency slumped against the US dollar and the euro. Growth of China’s manufacturing was positive for commodities and the Standard & Poorâs GSCI Index of raw materials advanced 0.3 percent. All commodity currencies profited from that, but especially the Australian one as China is … “AUD Gains on JPY, Retreats vs. USD & EUR”
GBP Drops vs. USD & EUR Ahead of GDP Report
The Great Britain pound dropped against the US dollar to lowest level since August and to the low not seen since February against the euro on concerns that tomorrow’s report will show that contraction of the UK economy resumed. The currency gained on the Japanese yen. Analysts predicted that tomorrow’s data will show a 0.1 percent decline of Britain’s gross domestic product in the fourth quarter of 2012. The decline would follow the 0.9 percent … “GBP Drops vs. USD & EUR Ahead of GDP Report”
US Dollar Looks to Rebound
US dollar is looking to rebound today, and is staging a rather impressive recovery. While the greenback is still down against the euro, it is finding success against other major currencies. Greenback is gaining some ground today in Forex trading, with the dollar index staging an ambitious recovery. The news that first time unemployment claims dropped more than expected last week is helping the situation … “US Dollar Looks to Rebound”
Euro Rises on Optimism about Eurozone Liquidity
Euro is on the rise today as risk appetite appears and Forex traders show optimism about the liquidity situation in the eurozone. With concerns about the debt crisis fading, and expectations for an improved future rising, the euro is gaining against its major counterparts. A little more than a year ago, the European Central Bank offered cheap three-year loans to eurozone banks in an effort to boost liquidity and help ease the credit crisis in the 17-nation currency … “Euro Rises on Optimism about Eurozone Liquidity”
What is the outlook for GBP in the coming weeks?
Sterling in general is trading from a “heavy” perspective with numerous technical support levels having been taken out in the last week, and with the dizzy heights of 1.6380 (the high attained on the 2nd January amid all the “risk on” furore) now seeming like a lifetime ago. In the last week EUR/GBP has been … “What is the outlook for GBP in the coming weeks?”
Yen Resumes Decline
The Japanese yen ended its rally and dropped today after growth of China’s manufacturing and fears of an intervention from Japan’s policy makers reduced the appeal of the currency. Deputy Economy Minister Yasutoshi Nishimura said that a drop of the currency below the 100 per dollar level would not be a problem. Such comments made traders think that the downside pressure on the yen will not end anytime soon. Meanwhile, China’s Purchasing … “Yen Resumes Decline”
NZD Gains on JPY & AUD as China’s PMI Grows
The New Zealand dollar gained against its the Japanese yen as China’s manufacturing expanded this month faster than was expected by analysts, according to the preliminary estimate. The currency also advanced versus its Australian peer. The HSBC Flash Manufacturing PMI advanced from the upwardly revised December’s level of 51.5 to 51.9 in January. The median forecast was 51.7. The positive data allowed the kiwi to advance against the Japanese currency. The Australian dollar … “NZD Gains on JPY & AUD as China’s PMI Grows”