EURUSD reached new highs and is now trading higher within wave (v) that is part of a black wave 3 of one larger degree. We see room for 1.3350, but traders should be aware of a possible deep wave 4 pull-back in coming days. Divergence on the RSI also means that momentum is decreasing so … “EURUSD Is Bullish But Technical Resistance Is Near; 1.3350/1.3400”
Month: June 2013
Aussie Gets Boost from Consumer Sentiment
Aussie is getting a bit of a boost today, thanks to improvement in consumer sentiment. Australian dollar is gaining against the US dollar as questions about what’s next for the US dollar continue, and as the situation shows improvement Down Under. The Westpac/Melbourne Institute just released its consumer sentiment reading for June, and the result was a sizable increase. The index rose to 102.2 points, which puts consumer sentiment above the 100-point level that is … “Aussie Gets Boost from Consumer Sentiment”
Euro Struggles After Industrial Production Report
Euro is struggling today, heading lower after the latest industrial production report for the eurozone. Concerns about what’s next for the 17-nation currency are still extent, and that is dragging on performance today. Eurostat reports that industrial production for the eurozone rose 0.4 per cent in April from the previous month. However, the year-over-year data for April still shows a drop. Additionally, even though the reading surprised to the upside, when the overall … “Euro Struggles After Industrial Production Report”
Yen Gives Away Gains, Retains Part of Its Strength
The Japanese yen gave away some of its yesterday’s gains on speculations that the gains were too big. Additionally, there was an opinion that the Bank of Japan will add stimulus later, driving the currency down. The BoJ refrained from easing its monetary policy further yesterday, leading to an impressive rally of the yen. The currency did not reverse the upward trend yet and actually tries to rebound. The Nikkei index fell, breaking … “Yen Gives Away Gains, Retains Part of Its Strength”
UK Unemployment Claims Fall, Sterling Advances
The Great Britain pound advanced today as the number of Britons seeking unemployment benefits was smaller than analysts have previously estimated, giving evidence that the UK economy is recovering. The number of people claiming Job Seekerâs Allowance fell by 8,600 in May from the prior month, while market participants have anticipated a drop by 6,800. Moreover, the April’s decline was revised from 7,300 to 11,800. As there are less people … “UK Unemployment Claims Fall, Sterling Advances”
CAD Rebounds vs. USD, Stays Soft vs. EUR & JPY
The Canadian dollar dropped versus its US peer, but managed to rebound on the previous trading session. The currency stayed near the opening level at today’s session. Meanwhile, the loonie remained soft against the euro and the Japanese yen. The loonie, as the Canadian currency is nicknamed for the image of an aquatic bird on the C$1 coin, fell together with crude oil. Oil is the major Canadian export. Futures for crude declined 0.51 percent to $94.89 per … “CAD Rebounds vs. USD, Stays Soft vs. EUR & JPY”
UK Fundamentals Lead to Mixed Performance of Sterling
UK fundamentals were mixed today, resulting in no clear trend for the Great Britain pound. The currency rose against the US dollar, fell versus the Japanese yen and was little changed against the euro. The house price balance of Royal Institution of Chartered Surveyors was at 0.5 percent, compared to the forecast of 2 percent. Industrial production rose 0.1 percent in April from March, compared to the forecast of a 0.4 percent drop. As for the bad news, … “UK Fundamentals Lead to Mixed Performance of Sterling”
AUD/USD: Trading the Australian jobs Jun 2013
Australian Employment Change, which is released monthly, is an important leading indicator which often has a significant impact on the markets. Employment figures are important as they provide a snapshot of the health of the economy. A reading which is higher than the market forecast is bullish for the Australian dollar. Here are the details … “AUD/USD: Trading the Australian jobs Jun 2013”
US Dollar Index Drops on Prospect of Continued Easing
Between the prospect of continued easing in the United States, and the bond yield shock this morning, the US dollar is struggling today. The dollar index is lower as the greenback loses ground to its major counterparts. Earlier today, the world got a shock as US bond yields rose. The news caused ripples of concern, even on the heels of S&P‘s decision to upgrade the credit outlook for the United States. On top of that, there are concerns that the economic … “US Dollar Index Drops on Prospect of Continued Easing”
Euro Trades Mixed With All Eyes on Germany
Euro is trading mixed today as focus shifts from Asia to the eurozone, specifically Germany. There are a couple of key arguments coming before German courts, regarding ECB measures to shore up ailing eurozone countries, and many are interested to see how things are likely to play out. Euro is gaining against the US dollar today, heading higher, even though risk assets are not in demand. … “Euro Trades Mixed With All Eyes on Germany”