Stock Market News (European Open) – Europe broadly down; Chinese stocks decline sharply; US markets closed for Thanksgiving

Posted on November 23, 2017 at 10:28 am GMT

With Japanese markets closed for Labor Thanksgiving Day, attention shifted to other Asian markets. Hong Kong’s Hang Seng lost 1.0% after yesterday closing at a 10-year high and the Shanghai Composite retreated by 2.3% to record its worst daily performance of the year. Australia’s S&P/ASX 200 finished the day flat. Sentiment is China was negatively affected on the back of government warnings of an overextended market and increased deleveraging efforts on fears of a looming credit crisis. Bond markets are falling [..]


Forex Market Review (Asian Session) – Dollar flat following losses on Fed perceived dovishness; thin trading on Thanksgiving holiday

Posted on November 23, 2017 at 8:29 am GMT

As the Asian session was nearing completion, the dollar was little changed on the day relative to major rival currencies after yesterday posting sizable losses following the release of the minutes of the Federal Reserve’s October 31-November 1 meeting which showed differing views within the FOMC, casting doubts about the timing of delivery of future rate hikes. Trading activity is relatively thinner today as Japan is closed for Labor Thanksgiving Day and US markets will also be closed for the [..]


Forex Market Review (European Session) – Pound falls after Hammond downgrades economic outlook; euro rebounds as eurozone consumer confidence surprises to the upside

Posted on November 22, 2017 at 4:35 pm GMT

The British Budget for 2018 was the main focus during today’s European trading session, while a strip of economic releases out of the US also attracted some attention. The pound posted short-lived losses after British official budget forecasters downgraded the country’s economic outlook, while the dollar dipped into losses after strong flash readings on eurozone confidence activated euro bulls. The British Finance Minister, Philip Hammond, delivered the UK’s budget statement for 2018 in the Parliament on Wednesday, announcing that official GDP forecasts were lowered for the [..]


Forex Market Review (Asian Session) – Dollar on the backfoot as Treasury yield gap flattens; oil heads to two-year high

Posted on November 22, 2017 at 8:48 am GMT

The dollar was on the backfoot in Asia on Wednesday as the US yield curve flattened to its lowest spread in a decade, while dovish comments from the Fed chief late on Tuesday dragged the currency even lower ahead of the Fed meeting minutes. Energy markets also posted significant moves during the session, with oil prices heading towards two-year high levels. The difference between the 2-year and 10-year US Treasury yields touched the lowest since November 2007 on Tuesday, spreading fears of a possible economic downturn. This [..]


Forex Market Review (European Session) – Aussie bounces after RBA Lowe says next rate move is up; Turkish lira hits record low

Posted on November 21, 2017 at 4:25 pm GMT

The aussie overperformed its peers during the European session, posting a strong rebound after the RBA governor ruled out the possibility of expanding stimulus monetary policy. On the other hand, the Turkish lira hit a record low against the greenback after the Turkish president threatened to take control of the Central Bank of the Republic of Turkey (CBRT). Speaking at a dinner event in Sydney, the RBA governor underlined that “there is not a strong case for a near-term adjustment [..]


Euro weighed by German political uncertainty, looks to Eurozone flash PMIs for support – Forex News Preview

Posted on November 21, 2017 at 3:54 pm GMT

The euro is once again dogged by political risks as the collapse of the coalition talks in Germany has raised the prospect of months of uncertainty in the Eurozone’s biggest economy. The announcement on Monday of the collapse of the three-way coalition talks between Chancellor Angela Merkel’s party, the CDU/CSU, the pro-business Free Democratic Party (FDP) and the Green party, has driven the euro to a one-week low of $1.1712, shifting the near-term risks for the currency back to the [..]


Forex Market Review (Asian Session) – Euro weakness on political risks supports dollar; aussie down after RBA minutes

Posted on November 21, 2017 at 8:36 am GMT

Trading conditions were thin on Tuesday as economic releases were few, while the US was in a holiday mode ahead of the Thanksgiving Day on Thursday. Japan is also celebrating its Labour Thanksgiving Day on Thursday. The dollar remained steady at one-week high levels during the session as political noise in Germany continued to weigh on the euro. The aussie touched a five-month low after the RBA meeting minutes signalled concerns on subdued wage growth. The euro recouped some of its losses made yesterday in Asia, [..]


Forex Market Review (European Session) – Euro fails to rebound after Draghi’s dovish words; pound gains on Brexit hopes

Posted on November 20, 2017 at 4:22 pm GMT

Political noise in Germany continued to draw markets’ attention during the European trading hours as the economic calendar was lacking major releases and any progress on the US tax reforms was expected only after the Thanksgiving holidays. The euro was on track to erase losses made in the previous session but dovish remarks by the ECB President pressured the currency.  The dollar was in the green during the session while the pound drifter higher as hopes on Brexit negotiations moving [..]


Technical Analysis – EURUSD bearish in the short-term but little changed in the big picture

Posted on November 20, 2017 at 7:07 am GMT

EURUSD is bearish in the short-term but is little changed in the big picture with little signs of a reversal in the underlying bull trend. The market is currently testing the 50-day moving average after breaking below the 23.6% Fibonacci retracement level of the rise from 1.0820 to 1.2091. The intra-day bias is tilted to the downside with scope to target the 38.2% Fibonacci at 1.1603 and then support at the 50% retracement at 1.1453. A further extension lower from [..]


Forex Market Review (European Session) – Dollar on track for second weekly decline; loonie down on falling hike expectations

Posted on November 17, 2017 at 3:48 pm GMT

Housing data out of the US and Canadian inflation numbers did manage to attract some attention during today’s trading though the tone for the day was set earlier with developments on the US political front – most notably a potential connection between the Trump campaign and Russia and progress on the tax story – getting the bulk of today’s focus. At 1525 GMT, the dollar index, which gauges the greenback against a basket of currencies, was 0.2% down on the [..]

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