Though weak and vulnerable following its two-week bear threats, as long as it holds above its rising trendline, a recovery higher is likely. However, on continued weakness, support lies at the 1.3200 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. Conversely, … “EURUSD: Faces Corrective Risks”
Month: September 2013
Mexican Peso Firm Even as Central Bank Performs Surprising Rate Cut
The Mexican peso was firm today even after the central bank unexpectedly cut its main interest rate and voiced concerns about domestic economic growth. The currency gained against other majors, including the US dollar and the euro. The Banco de Mexico (the central bank of Mexico) cut its key interest rate by 25 basis points to 3.75 percent today. Such decision was a surprise to the vast majority of market analysts. … “Mexican Peso Firm Even as Central Bank Performs Surprising Rate Cut”
Canadian Dollar Profits from Amazingly Good Employment Report
The Canadian dollar surged today as the domestic employment report was amazingly good, while poor non-farm payrolls in the United States reduced concerns about stimulus reduction by the US central bank, adding to the strength of the currency. Canadian employers added as much as 59,000 jobs in August after the July’s drop by 39,400. The actual reading was a way above the forecast of 21,200. Moreover, the unemployment rate unexpectedly slipped by 0.1 percentage point to 7.1 percent. … “Canadian Dollar Profits from Amazingly Good Employment Report”
Euro Mixed as ECB Considers Lower Rate
Euro is mixed today, thanks to comments made by Mario Draghi following the latest ECB meeting. Concerns about the strength of the economic recovery in the eurozone are weighing on the 17-nation currency. The euro is higher against the dollar and the pound, but lower against the yen. Yesterday, the European Central Bank announced that it would keep the rate at 0.5 per cent. During his remarks, Mario Draghi said that policymakers had … “Euro Mixed as ECB Considers Lower Rate”
Greenback Drops as Jobs Data Pushes Back Taper Expectations
US dollar is lower today, thanks to the latest jobs report. The US economy didn’t add as many jobs as expected in August, and the figures for June and July were revised downward. This development is causing speculation that the Federal Reserve will have to push back its taper expectations. Greenback is lower today, falling against most of its major counterparts, on the latest jobs data. The US economy saw an increase … “Greenback Drops as Jobs Data Pushes Back Taper Expectations”
EURUSD Expected to Trend Down based on Volatility, Rate
This MT4 chart plots the EURUSD daily chart. Based on the Volatility Trend Following strategy, EURUSD looks to begin a bear trend. The green support line has turned into a red resistance. We cross check this with the blue line at the bottom, which indicates the 10 period rate of change of the 20 period … “EURUSD Expected to Trend Down based on Volatility, Rate”
Ringgit Drops on Concerns About Trade Balance
The Malaysian ringgit fell today as concerns about the decline of the nation’s trade and current-account surpluses made traders reluctant to buy the currency. The Malaysian trade balance surplus narrowed from $4.32 billion in June to $2.86 billion in July. The decline led to worries that the current account balance will also worsen. Speculations about possible quantitative easing tampering by the US Federal Reserve added to the weakness of the ringgit. USD/MYR went up from 3.2820 … “Ringgit Drops on Concerns About Trade Balance”
Indonesian Rupiah Drops While Oil Prices Rise
The Indonesian rupiah was soft today as rising oil prices made investors worried that the nation’s trade balance deficit may worsen. Such worries were obviously negative for attractiveness of Indonesian assets. Prices for crude oil were rising on the threat of a war in Syria. This is not good for Indonesia as the country is a net importer of oil. As a result, the rupiah was the worst performer among currencies of emerging markets, falling as much … “Indonesian Rupiah Drops While Oil Prices Rise”
Only an extreme escalation in Syria can stop the
The Fed is on course to change course in monetary policy and taper bond buys on September 18th. The chances of economic data to prevent tapering are minimal at this point. While the US economy is not shining, it continues growing steadily and so are jobs. The private sector and the Federal Reserve have little … “Only an extreme escalation in Syria can stop the”
EUR/USD: Trading the US NFP Sep 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 Sep 2013”