Forex Market Overview
FX markets remained calm in the recent trading as there were not any significant releases and thus major currencies continued in sideways. The most volatile currency pair was the USDJPY that opened lower yesterday, dropped to 102.06 and rebounded to resistance at 102.75 earlier this morning. Bank of Japan would release its monetary policy decision on Wednesday morning and due to uncertainty NIKKEI...
The FX markets in general were trading quietly, except from the US dollar versus the Japanese Yen. The USDJPY on Friday rose to new 4 ½ year high at 103.30 due to stronger US dollar on FED member Williams’ comments about reducing asset purchases. Also US dollar strengthened on University of Michigan Consumer Confidence Friday release at 83.7 for May, much more than expected at 77.9 and higher than...
The US dollar index recovered from yesterday low at 83.41 and is currently moving towards its 15th of May high at 84.05. The greenback was strengthened as the president of the FED Bank of San Francisco, Williams, said that the FED may withdraw partially from its buying pace of $85 bln bond per month in the summer since jobs sector has improved substantially and economy is steadily recovering. Nonetheless,...
The USDJPY declined from yesterday highs at 102.75 towards downside hurdle at 101.97, that limited further lows as Japanese preliminary GDP for Q1 increased by 0.9% beating estimates of a 0.7% advance and up from previous quarter 0.3% increase. Annualized Q1 GDP displays a 3.5% expansion, higher than forecasts of 2.7% and much more than previous quarter growth of 1%. Weaker Yen boosted Japanese exports...
The greenback held its upbeat tone advancing widely against its major counter parties coupled by US stocks returning back to gains, advancing to new record highs with US 10-Year bond yields climbing to almost two month high at 1.98% in yesterday session. The US dollar index rose above previous resistance at 83.39 and is currently trading at 83.79, holding a bullish bias in the intraday and approaching...
Markets were not much volatile during Monday and early on Tuesday with most of the major pairs fluctuating in a tight short-term range. Although US retail sales surprisingly increased more than estimates by 0.1% in April, up from a decline of 0.5% in March, the US dollar index after trading in 83.39/83.04 range yesterday, it dropped today to support at 82.92. US equity indices were mixed with S&P 500...
The Japanese Yen sell off continued early in the morning on Monday after breaching on Thursday major resistance at 100. In addition as equities advance investors move their funds to stocks for potentially greater returns. The USDJPY rose as high as 102.12 on Monday approaching 161.8% Fibonacci extension of 99.88 to 95.80, at 102.51. US S&P 500 on Friday made a new close high at 1633.70, advancing by...
The US dollar advancement triggered as the Jobless Claims reported for previous week were 323K, surprisingly less than expected at 333K and lower than 327K claims two weeks ago. The US dollar continued strengthening in almost all Thursday session against the most of its peers. The US dollar Index found support at 81.69 on Wednesday and yesterday was dynamically pushed to higher ground due to more than...
The Australian dollar against the US dollar jumped sharply on jobs report earlier today from near lows around 1.0154 towards upside boundary at 1.0252, we will interestingly watch further upside attempts as prevailing trend is negative. Furthermore, exchange rate recovered losses from recent key rate cut with RBA president stating on Tuesday that “exchange rate has been little changed at historically...
Risk appetite improved further at the end of yesterday session with US equities advancing to new highs. Dow Jones Industrial Average rose above 15,000 for the first time advancing by 0.58%, the S&P 500 gained by 0.52% inching to new high as well at 1,625.96 and the NASDAQ closed higher by 0.11%. Earlier today the stronger than expected Chinese Trade surplus reinforced risk sentiment. China’s exports...
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