With USDCAD still maintaining its downside bias (weekly chart), its broader bias remains lower. However, recovery cannot be ruled out following its Friday rally. On the upside, on a follow through higher resistance stands at the 1.0950 level followed by the 1.1000 level and then the 1.1069 level. A cut through here will turn focus … “USDCAD: Triggers Corrective Recovery”
Month: May 2014
US Dollar Loses Ground After Russian Comments
Greenback is heading lower today, dropping after seeing some gains earlier. Now, though, with concerns about what’s next for Ukraine back in the news, the dollar is losing ground to many of its major counterparts as gold prices rise dramatically. Over the weekend, two regions in Ukraine held referendums on splitting off. Russian comments following the results indicate that it will support separatists — even though the government … “US Dollar Loses Ground After Russian Comments”
UK Pound Heading Higher Against Other Majors
The UK pound is heading higher against other majors today, gaining ground after a disappointing end to last week. After giving up some of its recent gains, the pound has consolidated and is on firmer footing as it heads a little higher against the US dollar and the euro. Last week, the UK pound ended with a struggle. Concerns about the sterling were raised, even though the economic data in the United Kingdom … “UK Pound Heading Higher Against Other Majors”
Won Drops as Government Concerned About Speculative Bets
The South Korean won dropped today as the nation’s government warned against speculative bets on the currency. Officials were worried that the herd behavior of traders results in sharp moves and unwarranted volatility of the exchange rate. The growing South Korea’s economy was attracting overseas investors, and this resulted in a huge jump for the currency last week. This worried the government, and it warned against the one-sided bets on the exchange rate. The won fell as a result, but … “Won Drops as Government Concerned About Speculative Bets”
Indian Rupee Strong Ahead of Exit Polls
The Indian rupee advanced today on speculations that the elections will result in a victory of the main opposition party, which may initiate much needed reforms to bolster the struggling nation’s economy. The elections that have started on April 7 will end today and the exit polls will be released at the evening. Opinion polls ahead of the announcement show that the Bharatiya Janata Party will get the majority seats in the government. The official tally will … “Indian Rupee Strong Ahead of Exit Polls”
EUR/USD – Trading The German ZEW Economic Sentiment
The German ZEW Economic Sentiment Index is based on a monthly survey of institutional investors and analysts and their views of the German economy. A reading that is higher than the market forecast is bullish for the euro. Here are all the details, and 5 possible outcomes for EUR/USD. Published on Tuesday at 9:00 GMT. … “EUR/USD – Trading The German ZEW Economic Sentiment”
ECB Spoils Week for Euro
The euro experienced very negative week even though it has not been expected to be so at the beginning of this week’s trading. Yet comments from European Central Bank President Mario Draghi destroyed any hope for the shared European currency to rally or at least move sideways. The euro started the week on a relatively strong footing, rising due to positive fundamentals as well as on expectations that the ECB will refrain from monetary … “ECB Spoils Week for Euro”
Greenback Surges Against Major Counterparts
US dollar is gaining ground against its major counterparts as the fallout from Mario Draghi’s comments continue to encourage traders to change direction. Dollar index is higher, as the greenback makes particular gains against the euro and the pound. The US economy has been gather steam, and even though Janet Yellen refused to set a timetable for the Fed’s taper and provide clear guidance on interest rates, more immediate matters are taking … “Greenback Surges Against Major Counterparts”
Euro Takes a Hit on Stimulus Talk
Euro is heading lower, thanks to the latest talk of stimulus in the eurozone. For weeks Mario Draghi has been preparing traders for the possibility of further easing, but recent comments indicate that looser monetary policy might be imminent. As a result the euro is taking a hit, especially against the greenback. Yesterday, European Central Bank President Mario Draghi made comments that indicate that interest rates in the eurozone could be … “Euro Takes a Hit on Stimulus Talk”
Brazilian Real Gains on Inflation Outlook
Brazil is yet another country with accelerating inflation that may affect the central bank’s policy decision. This led to gains of the Brazilian real, which rose today, reaching the highest price since April. Analysts estimated ahead of the official report that Brazilian consumer prices grew 6.41 percent in April. The figure is close to the upper band of the central bank’s target. Unlike Chile with consumer price growth … “Brazilian Real Gains on Inflation Outlook”