EUR/USD has been trapped in a broad sideways range since basing in March 2015, notes Credit Suisse. Here is their view, courtesy of eFXnews: “For now, our bias is for price and retracement resistance at 1.1495 to ideally cap – the October 2015 and April 2016 highs and 78.6% retracement of the August/December decline – with … “EUR/USD: Make Or Break At 1.1495; AUD/USD: Short Against”
Month: April 2016
Yen Sinks amid Stimulus Speculations
The Japanese yen sank today amid speculations about possible monetary stimulus from the Bank of Japan. Japan’s economic data was not helpful to the currency as well. According to reports, the BoJ is considering various measures to stimulate the struggling economy of Japan. Among possible steps may be a cut of interest rates deeper into the negative territory. The bank will conduct its meeting on April 28. Meanwhile, the Nikkei Flash Japan … “Yen Sinks amid Stimulus Speculations”
Great Britain Pound Unable to Keep Bullish Momentum
The Great Britain pound erased its earlier rally against the US dollar and actually fell versus the Japanese yen. While poor retail sales data might have some negative impact on the currency, the main perpetrator in the sterling’s fall was the meeting of the European Central Bank. UK retail sales dropped sharply by 1.3% in March from February. Analysts had expected just a negligible fall by 0.1%. Yet the pound was rising … “Great Britain Pound Unable to Keep Bullish Momentum”
Euro Fails to Rally as European Central Bank Remains Dovish
The euro was attempting to rally today but failed and went back down after the monetary policy meeting of the European Central Bank showed that the bank’s outlook remained dovish. As was widely expected, the ECB did not change its monetary policy during today’s meeting. As for the future, ECB President Mario Draghi said that he expects interest rates “to remain at present or lower levels for an extended period of time.” He … “Euro Fails to Rally as European Central Bank Remains Dovish”
Yen Mostly Rangebound as Traders Await Data
Japanese yen is mostly rangebound today as Forex traders wait for the latest data out of the United States. Yen has been reasonably strong recently and remains relatively strong as uncertainty continues in the market. Yen has been showing strength lately, gaining close to 10 per cent against the US dollar since the beginning of February. There have been a few hiccups hear and there, but for the most part, the yen has … “Yen Mostly Rangebound as Traders Await Data”
Greenback Pulls Back After Earlier Gains
US dollar saw some earlier gains, holding over from yesterday’s rally. However, by now they are mostly gone as the greenback pulls back. Forex traders are consolidating their positions and preparing for the next move. Yesterday, the US dollar saw some gains as upbeat housing data helped bolster the story of a continuing recovery for the economy. Existing home sales rose 5.1 per cent in March, beating the forecast of a rise … “Greenback Pulls Back After Earlier Gains”
Oil Rally Drives FX Trends: What’s The Trade? – SocGen
While Draghi certainly provides some dramas, rocking and rolling markets, the main driver of sentiment is oil. The black gold affects stocks, other commodities and currencies – not only commodity currencies. What does imply for the trend moving forward? The team at SocGen explains. Here is their view, courtesy of eFXnews: Oil prices are higher again, … “Oil Rally Drives FX Trends: What’s The Trade? – SocGen”
Swiss Franc Loses Ground as Optimism Returns to Markets
The Swiss franc sank today as the positive market sentiment made traders less interested in safety provided by the currency. Domestic fundamentals did not lend enough support for the Swissie to hold its ground. The ZEW-CS-Indicator for the economic sentiment in Switzerland gained from 2.5 to 11.5 in April. Yet the supportive news was countered by the rally of crude oil. Crude bounced after earlier decline, meaning that there is no sense for sticking to safe … “Swiss Franc Loses Ground as Optimism Returns to Markets”
Pound Falls vs. Dollar, Holds Ground vs. Other Majors
The Great Britain pound fell against the US dollar today after the release of worse-than-expected employment data. The fall was limited, though, and the currency managed to hold its ground against other majors, like the euro and the Japanese yen. Today’s employment report did not look pretty. The number of people seeking unemployment benefits increased by 6,700 in March while analysts had predicted a drop by approximately 11,900. Average weekly earnings growth … “Pound Falls vs. Dollar, Holds Ground vs. Other Majors”
Economy isn’t thriving when banking sector down on its
Nicole Elliott, Private Investor and Technical Analyst, was out on TipTV today warning investors that an economy cannot thrive with the banking sector down on its knees. Elliott added that the focus was on the banking shares with some of them in bad shape. While discussing banking stocks, Elliott pointed out the wild swings in … “Economy isn’t thriving when banking sector down on its”