The US dollar is demonstrating weakness ahead of the Federal Reserve policy meeting. The greenback fell against many other currencies yesterday and remained flat today. The string of worse-than-expected economic reports from the United States continued on Monday as the Markit Flash US Services PMI fell unexpectedly. The constant stream of disappointing data led to speculations that the Fed will not raise interest rates in June and may even delay an interest rate … “Dollar Shows Weakness Ahead of Fed Meeting”
Month: April 2015
Euro Attempts to Rally, Fails
The euro attempted to rally against the US dollar on Monday but did not follow through with the rally on Tuesday. The shared eurozone currency also gained on the Japanese yen but fell against most other major counterparts. The euro attempted to rally on the news that Greece replaced Finance Minister Yanis Varoufakis with Deputy Foreign Minister Euclid Tsakalotos as the chief negotiator with European creditors. The announcement brought a glimmer of hope … “Euro Attempts to Rally, Fails”
USDJPY: Halts Weakness, Eyes Further Upside
USDJPY: The pair now faces further recovery risk after turning higher off its intra day low at 118.76 level during early Monday trading. On the upside, resistance resides at the 119.74 level with a turn above here aiming at the 120.50 level. A break will target the 122.02 level. Further out, resistance comes in at … “USDJPY: Halts Weakness, Eyes Further Upside”
Pound Recovers After Poor Start of Week
The Great Britain pound has started the week on soft note but recovered as of now, gaining against other major peers. The currency demonstrated especially big gains against the Japanese yen. News from the United Kingdom itself was not particularly supportive for the currency as the Industrial Trends Survey from Confederation of British Industry came out weaker than markets had anticipated. The report said: The recovery in British manufacturing continued in the three … “Pound Recovers After Poor Start of Week”
NZ Dollar Gains During Monday
The New Zealand dollar rose during Monday’s quiet trading as weakness of the US dollar helped the currency to log gains. While the start of the week is rather uneventful, the rest of the week should be much more interesting with plenty of important releases. The NZ dollar gained against its US counterpart that has been hurt by Friday’s economic data and remained soft today as the single Monday’s report from the United States … “NZ Dollar Gains During Monday”
Is CAD Oversold; How To Play It Now? – Credit Agricole
The Canadian dollar enjoyed a nice ride on strengthening oil prices. Is it too little? Too much? The team at Credit Agricole examines. Here is their view, courtesy of eFXnews: The focus for CAD next week shifts to growth numbers for February. The market is looking for a slight moderation in the annualised figure to 1.8% … “Is CAD Oversold; How To Play It Now? – Credit Agricole”
Japanese Yen Trades Mixed After BOJ Announcement
Japanese yen is trading mixed against its major counterparts today as Forex traders continue to process the Bank of Japan announcement from the end of last week. Yen is higher against European currencies, but lower against the US dollar. On Friday, the Bank of Japan Governor, Haruhiko Kuroda, indicated that the inflation trend in the country is improving. The output gap continues to improve, and it looks as though “Abenomics” — named after … “Japanese Yen Trades Mixed After BOJ Announcement”
Canadian Dollar Gains Ground Against Major Currencies
Canadian dollar continues to rally today, heading higher against its major counterparts. Even with slightly lower oil prices, the loonie is heading higher, continuing its rally from last week. A rally is under way for the Canadian dollar today, continuing the gains made toward the end of last week. During the Asian session, the loonie has strengthened against its major counterparts. However, there are some … “Canadian Dollar Gains Ground Against Major Currencies”
GBP/USD: Trading the British Preliminary GDP Apr 2015
British Preliminary GDP, one of the most important economic releases, is published each quarter. GDP measures production and growth of the economy, and is considered by analysts as one the most important indicators of economic activity. A reading which is better than the market forecast is bullish for the pound. Update: UK GDP only +0.3% – … “GBP/USD: Trading the British Preliminary GDP Apr 2015”
GOLD Remains Weak And Vulnerable
GOLD: With GOLD declining the past week, it faces further downside pressure in the new weak. However, it will have to overcome the 1,178.39 level convince the market of further weakness. Support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. A cut through here will open the door … “GOLD Remains Weak And Vulnerable”