Daily Market Analysis

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Forex Market Review (European Session) – Pound hits 2-month low versus euro amid strong Eurozone data and Manchester blast; loonie at 1-month high

Posted on May 23, 2017 at 2:54 pm GMT

The euro held near six-month highs against the dollar after strong Eurozone PMI data. Sterling remained under pressure due to the events in Manchester and following disappointing data related to the UK retail sector. The US dollar was flat against a basket of major currencies. The loonie hit a one-month high. The euro gained on the back of strong Eurozone and German PMI data, providing encouraging news for the European Central Bank which is expected to start unwinding its unprecedented [..]

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Forex Market Review (Asian Session) – Sterling briefly impacted by Manchester blast; gold benefits from safe haven flows

Posted on May 23, 2017 at 7:37 am GMT

Risk appetite was dampened after news of the bomb blast in Manchester that killed more than twenty people late on Monday night. Sterling weakened immediately after the reports, while safe haven assets like the yen and gold strengthened. An uncertain political climate in the US weighed on the dollar. The pound dropped against the yen and the Australian dollar during Asian trading. It was impacted less against the greenback and the euro. Pound / yen fell half a percent from [..]

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Forex Market Review (European Session) – Euro boosted to new 6-month highs on Merkel remarks; sterling regains $1.30

Posted on May 22, 2017 at 2:46 pm GMT

There were some notable moves in the currency markets despite an absence of major economic data releases during the session. The euro rallied across the board on German Chancellor’s views on the weak euro. Sterling challenged the key $1.3000 level on Brexit concerns and UK election polls. The dollar index slipped to fresh year-to-date lows. The euro was one of the best major performing currencies after it rose on headlines showing the Merkel said the euro was too weak. Talking [..]

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Forex Market Review (Asian Session) – Oil extends gains ahead of OPEC meeting; Sterling below $1.30

Posted on May 22, 2017 at 7:38 am GMT

Markets were off to a calmer start this week after some recent volatility. Risk sentiment improved and the yen was steady despite news that North Korea conducted another missile test over the weekend. In terms of economic data released during the Asian session, Japan’s trade balance came to a surplus of 481.7 billion yen in April compared to an expected surplus of 521 billion yen and lower than the March’s 614.7 billion. Moves in the dollar / yen pair mostly [..]

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Forex Market Review (European Session) – Dollar weighed by dovish Bullard and Trump controversies

Posted on May 19, 2017 at 2:51 pm GMT

The US dollar only saw temporary relief today and extended lower against a basket of currencies on the back of some dovish comments from St Louis Fed President James Bullard. Meanwhile, the ongoing political tumult in Washington D.C. continued to weigh on the greenback as well today. The dollar index was last down 2% on the week as it fell to its lowest level since Donald Trump’s election victory in November. The greenback’s decline began earlier in the week on [..]

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Forex Market Review (Asian Session) – Dollar set for weekly losses; oil at 3-week high

Posted on May 19, 2017 at 7:16 am GMT

The US dollar is on course to end the week lower against most major counterparts after coming under pressure from US political concerns amid controversy concerning President Donald Trump. Safe haven assets like the yen and gold had a strong week. With a light economic calendar in Asia, markets digested the events of the past few days. The greenback’s decline against the yen was cushioned by some upbeat US economic data on Thursday which showed weekly initial jobless claims fell [..]

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Forex Market Review (European Session) – Sterling breaches $1.30 on strong UK retail sales; dollar steadies after US data

Posted on May 18, 2017 at 2:40 pm GMT

Sterling was one of the best performing major currencies, while the euro retreated from a fresh six-month high against the dollar. Oil prices moved lower and gold hit a new high for the month so far. The British pound rallied strongly against the dollar after a strong UK retail sales report today, which showed the biggest gain in sales since January 2016. Cable jumped above the key $1.30 level for the first time since September 2016 to hit $1.3046, while [..]

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Forex Market Review (Asian Session) – Aussie jumps after jobs data; greenback pauses decline

Posted on May 18, 2017 at 7:47 am GMT

The US dollar rebounded against its major counterparts today after having tumbled sharply in the past two days due to political turmoil surrounding US President Donald Trump. The aussie jumped on forecast-beating Australian jobs data, while the yen showed little reaction to stronger Japanese GDP numbers. The dollar index hovered near six-month lows below 98 points as investors feared that Trump’s latest controversies could lead to a delay in passing legislation on pro-growth policies and tax reforms. The dollar touched [..]

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Forex Market Review (European Session) – Dollar slumps below 112 yen as gold surges; euro and pound extend gains

Posted on May 17, 2017 at 3:04 pm GMT

The US dollar remained under pressure in European trading on Wednesday as the political turmoil in the United States continued to dampen risk sentiment. The yen and the Swiss franc, along with gold, were the main winners from the risk aversion generated by the latest political uncertainty. The euro meanwhile held near its earlier highs and the pound also advanced higher versus the greenback. According to confirmed reports, a memo written by the then-FBI Director James Comey reveals President Donald [..]

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Forex Market Review (Asian Session) – Dollar extends losses on US political concerns; euro rises to $1.11

Posted on May 17, 2017 at 7:40 am GMT

The main focus of the markets in Asia today was on US political concerns as President Donald Trump continued to create controversy. Risk aversion led to a stronger safe haven yen while gold also benefitted from a weaker dollar. The euro rose to a fresh six-month high. A recent batch of soft US economic data has raised doubts about whether the Federal Reserve will raise interest rates at its upcoming meeting in June, as was much hoped for by the [..]

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