Lately, there were plenty of speculations if the recent drop of the US dollar means that the greenback has ended its upward thrust and is ready to retreat. As it turned out, the US currency is not yet ready to give up and rallied against its most-traded counterparts on Tuesday. The dollar’s weakness did not last long, and the currency’s rally accelerated after positive economic data from the United States. The Job … “Dollar Doesn’t Give Up”
Month: April 2015
Brent Crude looks to be heading higher from here
Brent Crude looks to have started a second leg up off the January bottom of 45.22, indicating Brent has a good chance of heading higher from here. A decisive drop below the most recent swing low at 52.61 changes the bullish scenario shown in the below daily chart. Weekly Chart • Most recent 45.22 January … “Brent Crude looks to be heading higher from here”
NZ Dollar Mixed amid Rebalancing
The New Zealand dollar was mixed during the Tuesday’s trading session. The currency dropped against its US counterpart but gained on the Japanese yen while traders were rebalancing their positions after the shock caused by the Friday’s non-farm payrolls from the United States. Disappointing non-farm payrolls changed the market sentiment, making the US currency much less attractive than it has been before. While it allowed many … “NZ Dollar Mixed amid Rebalancing”
Australian Dollar Surges After RBA Refrains from Action
The Australian dollar surged today after the Reserve Bank of Australia decided to leave its cash rate without a change. Better-than-expected retail sales added to the strength of the rally. The RBA left its main interest rate at 2.5 percent at today’s meeting, surprising many traders who have expected an interest rate cut. Still, the central bank retained its dovish bias as Governor Glenn Stevens reiterated: Further easing of policy may … “Australian Dollar Surges After RBA Refrains from Action”
Canadian Dollar Continues to Log Gains
Canadian dollar ended higher yesterday, and appears ready to continue logging gains against its major counterparts today. Loonie is mostly higher right now, although commodity market struggles could change the outcome later. Loonie is higher against its major counterparts today, thanks in part to yesterday’s good fortune. Commodity prices have been higher recently, and that has helped mining and energy stocks on the Toronto Stock … “Canadian Dollar Continues to Log Gains”
USD/CAD: Well-Defined Range, 2 Drivers
The Canadian dollar managed to stage a recovery as the impact of the Iran deal on oil was not too heavy. But what’s next for the loonie? The team at Credit Agricole maps the risks: Here is their view, courtesy of eFXnews: USD/CAD continues to trade in a well-defined range between 1.24 and 1.28. We … “USD/CAD: Well-Defined Range, 2 Drivers”
UK Services Data Helps Pound in Forex Trading
UK services data is helping the pound today. Sterling is gaining ground against the euro and the yen, and holding its ground against the US dollar. The latest gauge of UK services data from Markit showed an increase to 58.9 in March from 56.7 in February. This news is providing a bit of a boost for the UK pound, especially when taken into account with last week’s data on construction and manufacturing. For now, it … “UK Services Data Helps Pound in Forex Trading”
GBPUSD: Eyes Further Upside On Bull Pressure
GBPUSD: Outlook for pair has turned higher after printing a rejection candle the past week. A follow through higher is now envisaged in the new week. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards … “GBPUSD: Eyes Further Upside On Bull Pressure”
Euro Retreats After Rally vs. Dollar
The euro attempted to rally against the US dollar during the Monday’s session but failed and is trading below the opening level now. The currency also dropped against other most-traded currencies, including the Great Britain pound, though it was able to gain on the Japanese yen (update: the euro fell versus the yen as well.) The euro managed to rally during early Monday’s trading on the back of the dollar’s weakness. Hopes for a positive outcome of Greece’s … “Euro Retreats After Rally vs. Dollar”
Dollar Bounces After Poor Start of Week
The US dollar started the week with poor performance yet was able to bounce against most major currencies, though not all of them. Today’s data about the US services sector was positive for the most part, providing some support for the currency. The report from Markit Economics showed that non-manufacturing Purchasing Managers’ Index rose from 57.1 to 59.2 last month. The data from the Institute for Supply Management was … “Dollar Bounces After Poor Start of Week”