Daily Market Comment – RBNZ catapults kiwi higher; Trump decides on EU tariffs

Posted on November 13, 2019 at 9:17 am GMT

Kiwi outperforms as RBNZ surprisingly refrains from cutting rates Markets in a slight risk-off mood as trade doubts reemerge Today: Trump decides on EU tariffs, Fed chief Powell testifies, and US CPI data RBNZ surprisingly keeps rates unchanged, propels kiwi higher To the surprise of many, the Reserve Bank of New Zealand (RBNZ) kept its policy rate unchanged overnight, confounding forecasts and market expectations, as a rate cut was priced in with an ~80% probability. Even though policymakers kept the [..]

Daily Market Comment – RBNZ to slash rates; more blues for the kiwi?

Posted on November 12, 2019 at 9:10 am GMT

Kiwi underperforms as investors bet that RBNZ will cut rates overnight Pound rejoices as Brexit party warms up to Tories, but risks seem tilted to the downside UK jobs data, Germany’s ZEW survey, and Fed-speak today RBNZ set to cut rates after inflation expectations drop The Reserve Bank of New Zealand (RBNZ) will announce its rate decision early on Wednesday, at 01:00 GMT. A rate cut seems quite likely, after a survey released overnight showed that the nation’s 2-year inflation [..]

UK jobs and inflation next after weaker GDP but sterling may be indifferent – Forex News Preview

Posted on November 11, 2019 at 2:04 pm GMT

Sterling drifted lower after two out of nine MPC members voted for an immediate rate cut on Thursday at the Bank of England’s policy meeting, increasing speculation that the British central bank could finally join the dovish camp. Following Monday’s disappointing GDP report, inflation, employment and retail sales data are expected to shed more light about whether a looser monetary policy is indeed needed. Yet, according to data forecasts, such a scenario may not take shape, at least not in the near term, [..]

Daily Market Comment – US stocks cruise to new records, but Hong Kong weighs

Posted on November 11, 2019 at 9:25 am GMT

Risk aversion strikes back as Hong Kong protests intensify and trade doubts resurface Dollar advances without new catalysts, loonie stumbles on weak data UK GDP numbers due, but sterling keeps its sights on election polls Hong Kong jitters send global equities back down, lift yen US stock markets levitated to new records on Friday, undeterred by some remarks from President Trump that he hasn’t decided yet whether he is willing to roll back tariffs on China to get the ‘phase [..]


Technical Analysis – EURGBP short-term bias weaker, nearby resistance keeps pressuring

Posted on November 5, 2019 at 9:57 am GMT

EURGBP is trading in a tight narrow range of 0.8574-0.8676 which is part of the three-month-old bear trend. The soft upward move in the RSI and the MACD reflects a weaker short-term bearish bias but a closing price above the 0.8676 resistance could attract some buying interest towards 0.8753, which is the 23.6% Fibonacci retracement of the downleg from 0.9324 to 0.8574. Slightly higher, a breach of the 0.8800-0.8860 noisy area, where the 38.2% Fibonacci and the longer-term SMAs are [..]

Technical Analysis – EURGBP consolidates as negative picture weakens

Posted on October 31, 2019 at 9:06 am GMT

EURGBP’s directional momentum has evaporated after buyers brought the one week sell off to a halt at 0.8575 on October 17, shifting the pair into a sideways market that has lasted for two weeks. Despite this, the downward slopes in the 100- and 200-period simple moving averages (SMAs) support the existing negative sentiment as sellers are in the process of pushing below the 50-period SMA. The mostly flat MACD near the zero line is barely above its red trigger line [..]

Technical Analysis – EURGBP looks for a rebound but nearby resistance seems strong

Posted on October 24, 2019 at 7:22 am GMT

EURGBP is searching for a new lower trough around the 0.8600 support area to add more credibility to the downward pattern started from the 10-year high of 0.9323. The fast-Stochastics and the RSI hint that the odds for an upside correction are rising as the former has already rounded up in the oversold area and the latter has been flattening for a while around its 30 oversold mark. Resistance around 0.8655, where the 78.6% Fibonacci of the upleg from 0.8470 [..]

Daily Market Comment – Brexit vote delayed; pound eases from 5-month highs

Posted on October 21, 2019 at 8:10 am GMT

UK Parliament postpones vote on revised Withdrawal Agreement, raising uncertainty But pound holds on to most gains as Prime Minister forced to request Brexit extension Markets mostly in risk-on mode amid positive US, China trade remarks Parliament puts the brakes on Boris’s Brexit plan British MPs voted to withhold their approval of the UK government’s renegotiated Brexit deal, in a blow to Prime Minister Boris Johnson, who is desperate to keep his promise of taking the country out of the [..]

Daily Market Comment – Brexit deal done, but will Parliament approve?

Posted on October 18, 2019 at 8:14 am GMT

New Brexit deal heads to a vote in the UK Parliament on Saturday A rejection may see sterling open lower, but any retreat to stay short-lived Syria ceasefire pushes Turkish lira higher Several Fed officials speak today – crucial for October rate-cut pricing There and back again: A Brexit deal story After a week of intense negotiations, the EU and the UK finally reached a Brexit deal yesterday, which will be put to the British Parliament on Saturday for a [..]

Daily Market Comment – Sterling all over the place amid Brexit rollercoaster

Posted on October 17, 2019 at 8:14 am GMT

Conflicting Brexit headlines pull the pound in all directions Dollar retreats after disappointing US retail sales, euro capitalizes Aussie jumps after decent jobs data curb bets for RBA rate cuts Pound goes for another rollercoaster ride The British pound remains in the eye of the storm, with a barrage of conflicting Brexit headlines yesterday pulling the currency in all directions. A deal wasn’t reached, though progress has seemingly been made, and the negotiations will continue today. That said, both sides [..]

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