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Forex Market Review (Asian Session) – Euro holds despite Italian banking bailout news; dollar remains weak on hike odds

Posted on June 26, 2017 at 7:51 am GMT

It was a relatively quiet start to the week for forex markets, as many Asian countries were closed because of the end of Ramadan. The euro mostly held onto the gains it made before the weekend despite the news that the Italian government was going to rescue two of the country’s regional lenders at the tune of 17 billion euros. Italian banking woes were seen as contained for now, given the positive political developments and the relative strength of the [..]

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Forex Market Review (European Session) – Loonie suffers on inflation; dollar down; sterling maintains positive momentum

Posted on June 23, 2017 at 2:56 pm GMT

Among the highlights in today’s European session were flash Markit PMI estimates out of the eurozone and the US, Canadian inflation figures and US new home sales data. Beyond economic releases, the pound maintained yesterday’s momentum on rising expectations of a rate hike by the Bank of England. Flash eurozone PMI numbers for the month of June showed the manufacturing sector performing strongly and the services sector surprising to the downside. Specifically, the manufacturing PMI number came in at the [..]

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Forex Market Review (Asian Session) – Oil-linked currencies gain with the commodity’s rise; dollar retreats

Posted on June 23, 2017 at 7:43 am GMT

As the Asian trading session is coming to a close, the dollar is modestly down while commodity-linked currencies, such as the loonie, are gaining ground versus the greenback on the back of oil rising. The dollar index, a broader gauge of the US currency’s strength, was last down two-tenths of a percent on the day. Dollar/yen was slightly down at 111.25. If it closes the day lower, it would be the fourth consecutive day of declines for the pair. The [..]

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Forex Market Review (European Session) – Loonie boosted by strong Canadian retail sales; oil makes some recovery

Posted on June 22, 2017 at 2:55 pm GMT

Major currencies were mostly range-bound in a relatively quiet session due to a light news flow and few data releases. The UK published the CBI industrial orders expectations data for June, which rose to +16 versus an expectation for a fall to +7 from a reading of +9. This was the highest number in 30 years, reflecting strength across most sectors of the economy. A weaker pound since the Brexit vote has helped. Meanwhile, UK Prime Minister Theresa May went [..]

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Forex Market Review (Asian Session) – Kiwi lifted by positive RBNZ growth outlook; oil prices deteriorate on supply glut concerns

Posted on June 22, 2017 at 7:27 am GMT

The New Zealand dollar jumped after the Reserve Bank of New Zealand said the country’s growth outlook remained positive. Sterling held onto gains after the hawkish comments from Bank of England’s Andrew Haldane.  Oil prices hovered near 10-month lows on over-supply concerns. The RBNZ held a policy meeting today and announced its decision to keep its benchmark interest rate at the record low of 1.75%. The central bank maintained its neutral policy stance and had an overall positive tone. It [..]

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Forex Market Review (European Session) – Sterling bounces up on BoE Haldane’s comments; dollar flat; WTI oil gains on EIA

Posted on June 21, 2017 at 3:08 pm GMT

In another relatively quiet European session in terms of economic releases and in similar fashion to yesterday, forex market participants mainly reacted to comments by central banking figures, namely the hawkish remarks by a Bank of England policymaker which helped the pound bounce higher. In terms of the few releases during the day, those that attracted most attention were existing home sales data and the Energy Information Administration’s weekly report on crude stockpiles out of the US. Sterling received a [..]

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Forex News – Oil back in bear market after latest sell-off; Commodity currencies fall only modestly

Posted on June 21, 2017 at 10:53 am GMT

Crude oil prices fell by 2% on Tuesday as investors continued to fret about the lingering oversupply, which is showing no sign of easing despite 6 months of output restrictions by major producers. The recovery in prices from the 2014-15 downtrend stalled in January when they peaked at 1½-year highs. WTI crude has since fallen by 22% from $55.24 on January 3 to a 7-month low of $42.75 a barrel yesterday. Brent crude is also down sharply, declining from $58.37 [..]

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