The European Central Bank is not expected to change any of its interest rates this time. Last time, ECB President Mario Draghi talked about open-mindedness towards a negative deposit rate. Given recent various statements, this will not happen now and the euro has already risen in anticipation for no cut. This raises the downside risk in … “4 Scenarios for the ECB: Negative rate to be put”
Month: June 2013
EUR/USD: Trading the US NFP June 2013
US Non-Farm Employment Change measures the change in the number of newly employed people in the US, excluding workers in the farming industry. A reading which is higher than the market forecast is bullish for the dollar. Here are the details and 5 possible outcomes for EUR/USD. Published on Friday at 12:30 GMT. Indicator Background … “EUR/USD: Trading the US NFP June 2013”
Canadian Dollar Goes Lower on Mixed US Data
The Canadian dollar fell today as mixed US macroeconomic reports created uncertainty and confusion on the Forex markets, making riskier currencies less appealing to investors. The employment report of Automatic Data Processing showed an increase of 135,000 last month, noticeably below the forecast of 171,000. At the same time, the services Purchasing Managers’ Index of Institute for Supply Management increased 53.7 percent in May from 53.1 in April, more than was expected. The mixed data … “Canadian Dollar Goes Lower on Mixed US Data”
Risk Aversion Helps Yen, Abe Fails to Mention Stimulus
The Japanese yen advanced today amid the risk aversion sentiment among Forex market participants and as Prime Minister Shinzo Abe did not mention additional stimulus measures. Abe described the “third arrow” of his plan to revive the Japanese economy. Details will be available next week. Yet absence of news regarding additional monetary stimulus disappointed traders and allowed the yen to rally. Additionally, the Japanese currency profited from risk … “Risk Aversion Helps Yen, Abe Fails to Mention Stimulus”
Risk Aversion, Eurozone Concerns Send Euro Lower
Risk aversion is back in vogue today, and that is weighing on the euro today. Indeed, euro is a little lower ahead of tomorrow’s expected ECB policy announcement. Forex traders are waiting to see what the ECB will announce tomorrow. The latest jobs data out of the United States, combined with the disappointing news out of China recently, are weighing on sentiment, as it appears that the global economy might be … “Risk Aversion, Eurozone Concerns Send Euro Lower”
cMulti – new mirror trading platform for cTrader, allows
Spotware Systems, the company behinds cTrader, announces its plans to introduce a new product: cMulti. This mirror trading platform will offered free of charge to Spotware clients. This announcement comes just as another platform provider, MetaQuotes is clashing with third party providers such as Myfxbook, ZuluTrade, Tradeo and Tradency. For more about the cMulti platform, … “cMulti – new mirror trading platform for cTrader, allows”
US Dollar Struggles Following Weak Jobs Data
US dollar is struggling a bit today following the weak jobs data just released. Mostly, the dollar is lower against the Japanese yen today, but it is still struggling a bit against other major counterparts. According to the ADP report for May, the private sector in the United States only added 135,000 jobs. Many had expected that 165,000 jobs would be added to the economy. The weaker than expected … “US Dollar Struggles Following Weak Jobs Data”
Pound Rises as Services Expands Faster than Expected
The Great Britain pound advanced today as UK service industries expanded last month with fastest pace in more than a year, exceeding analysts’ expectations and adding to signs of economic recovery in the United Kingdom. The Markit/CIPS UK Services Purchasing Managers’ Index rose from 52.9 in April to 54.9 in May. It was the highest level since March 2012. Forecasters have predicted an increase to just 53.1. The data followed other reports … “Pound Rises as Services Expands Faster than Expected”
Australian Dollar Drops for Second Day as GDP Growth Trails Forecast
The Australian dollar slumped today for the second day as country’s economic growth last quarter was slower than market participants have hoped for, sparking talks about an interest rate cut. Australian gross domestic product grew 0.6 percent in the first quarter of 2013 on a seasonally adjusted basis, at the same rate as in the previous quarter and slower than the forecast 0.8 percent. The annual increase was at 2.5 percent, below the expectations of 2.7 … “Australian Dollar Drops for Second Day as GDP Growth Trails Forecast”
USDCAD: Correction Appears Complete, New Highs In View (Elliott
USDCAD is now reversing higher again after only three legs down to the 1.0260 area where we see evidences of a completed corrective pull-back, labelled as A-B-C ,called a zig-zag. Notice that the rally from 1.0260 is sharp and now already testing upper trend-line of a corrective channel. A break here is in view and … “USDCAD: Correction Appears Complete, New Highs In View (Elliott”