The main focus of the past trading week was the situation in Greece, particularly the upcoming referendum on austerity demanded by international creditors. Surprisingly, this did not mean another week of losses for the euro as the currency managed to rally in the adverse trading environment. All negotiations about the next installment of the bailout package for Greece have ended as European authorities wait for the outcome of the Greek voting on July 5. Meanwhile, the International Monetary Fund released a report that … “Euro Avoids Weekly Losses, Greek Referendum in Focus”
Month: July 2015
Canadian Dollar Follows Crude Oil in Slump
The Canadian dollar dropped against other major currencies during Friday’s trading. Unlike in the case of the Great Britain pound, the reason for the drop was rather obvious — the big slump of crude oil prices. Both West Texas Intermediate and Brent grades of crude sank more than 2 percent on Friday. The reason for the drop was concerns about oversupply on the market. The unexpected growth of the US crude oil inventories last week, the first … “Canadian Dollar Follows Crude Oil in Slump”
Pound Ends Friday with Losses, Erasing Earlier Rally
The Great Britain pound dropped by the end of Friday’s trading following the rally earlier during the session. The rally was caused by the better-than-expected data about the UK services sector. The Markit/CIPS UK Services PMI climbed to 58.5 in June after hitting the five-month low of 56.5 in May. The actual reading was above the median analysts’ forecast of 57.4. The sterling had gained on the data initially but has lost its gains afterwards. It was … “Pound Ends Friday with Losses, Erasing Earlier Rally”
EURJPY: Remains Vulnerable To The Downside
EURJPY- The cross continues to face downside pressure leaving risk of more weakness to occur. On the downside, support comes in at the 136.00 level where a break will aim at the 135.50 level. A turn below here will target the 135.00 level with a breach turning focus to the 134.50 level. On the upside, … “EURJPY: Remains Vulnerable To The Downside”
Aussie Sinks to Lowest Since 2009
The Australian dollar sank today, reaching the weakest rate since May 2009 against its US counterpart. The drop followed disappointing Australian retail sales and bad news from China — Australia’s biggest trading partner. Australian retail sales grew 0.3 percent in May from April but failed to meet the market expectations of 0.5 percent growth. Meanwhile, the HSBC China Services Business Activity Index dipped to 51.8 … “Aussie Sinks to Lowest Since 2009”
Swedish Krona Bounces After Thursday’ s Drop
The Swedish krona bounced today following yesterday’s drop by 1 percent. The decline followed the surprise decision of the nation’s central bank to cut its repo rate even deeper into negative territory. The Riksbank reduced its main interest rate by 10 basis points to -0.35 percent and extended bond purchases by a further SEK 45 billion. The central bank stated that the extremely loose monetary policy had its effects on the economy, … “Swedish Krona Bounces After Thursday’ s Drop”
GBPJPY Tripple Inside Day Combo – Waiting for a Breakout
Non Farm Payroll was released last session, 1 day earlier than normal to accommodate for the July 4th holiday for the USA. The impact of NFP was mild on some pairs, but no impact here on the GBPJPY daily chart. As a result of the indecision, this market has dropped it’s third Inside Day. A … “GBPJPY Tripple Inside Day Combo – Waiting for a Breakout”
Euro Rises After Two Sessions of Decline
The euro rose a little today against its major counterparts following two sessions of losses. Traders wait for the Greek referendum during the weekend that may decide the fate of the country and its place in the eurozone. The Greek government scheduled a referendum for July 5, asking citizens to vote whether they accept the austerity measures demand by international institutions. Greek Prime Minister Alexis Tsipras calls for the Greeks to vote ‘no’. Meanwhile, European creditors … “Euro Rises After Two Sessions of Decline”
AUDUSD: Weakens, Targets The 0.7550 Level
AUDUSD: With the pair continuing to weaken, it looks to target the 0.7550 level. AUDUSD is on a second day of decline following its loss of upside momentum on Wednesday. On the downside, support lies at the 0.7550 level. A cut through here will turn attention to the 0.7500 level and then the 0.7450 level … “AUDUSD: Weakens, Targets The 0.7550 Level”
Dollar Softens After Employment Reports Disappoint
The US dollar fell against the euro and erased its previous gains versus the Great Britain pound and the Japanese yen after poor US employment data led to speculations that the Federal Reserve may delay monetary tightening. Non-farm payrolls released today were rather disappointing with employment growth missing expectations and wage inflation staying near zero. The only positive part of the report was the bigger-than-expected drop of the unemployment rate. … “Dollar Softens After Employment Reports Disappoint”