Daily Market Analysis by FXNET - page 9
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Fundamental Analysis May 7
EUR/USD picked up 52 focuses to exchange at 1.3927 setting itself up for a significant fall. Climbing relentlessly after eurozone administrations PMI basically beat desires and Spanish unemployment reported much superior to anticipated. Numerous accept this is all a measurable abnormality as Spain is not in a recuperation mode and with the Easter occasion amidst the month a considerable measure of information was most likely not arranged.
GBP/USD added 83 points to be the best market performed today after Services PMI data beat expectations. The pound soared to trade at 1.6951 with the possibility of breaking the 1.70 level later in the session.
AUD/USD gained 7 points after the announcement of the RBA decision to hold rates and policy this morning. The pair is trading at 0.9280. In a strange twist, data showed that Australia’s trade surplus has narrowed, driven by a fall in mining exports.
USD/JPY climbed off the 101 level touched as markets opened on Monday on safe haven trades with tensions escalating in Ukraine. The yen strengthen last week as the BoJ held rates and fire offering a better than expected assessment of the Japanese economy.
Gold is trading at 1307.60 down by $1.70 as traders closely monitor the situation in Ukraine but strong US data seems to be outweighing the flight to safety as ISM data a day before surprised markets to the upside. Gold has been trading sideways after it fell sharply after hitting a seven-month high at 1392 USD in mid-March.
Fundamental Analysis May 8
EUR/USD gave back most of its earlier gains to trade at 1.3932 ahead of the European Central Bank meeting scheduled tomorrow. A dismal German factory orders release also weighed on the currency.
GBP/USD could not gain momentum today and is trading at 1.6971 as traders sell off to book profits as the currency bounces off a record high. Technical selling keeps triggering every time the pound gathers a bit of momentum.
AUD/USD gave up 8 points this morning to trade at 0.9340 in sympathy to the decline of the kiwi dollar after the Director of the New Zealand central bank said that he would intervene to reduce the strength of the kiwi
USD/JPY eased to 101.58 dipping 10 points. The US dollar remains weak, but flat in this morning’s session. Therefore the moves have been in the strength of the Japanese yen, as traders remain in risk off mode pushing the strength of the yen.
Gold eased a bit today as traders prepared for Janet Yellen’s testimony due in the later part of the day. Gold is trading at 1303.90 down by $4.70. Tensions in the Ukraine seem to be easing today after violence this past weekend turned up the heat.
Fundamental Analysis May 13
EUR/USD gained 9 points to trade at 1.3765 recovering a few pips after its tumble since Mr. Draghi’s comments on Thursday. The euro-area’s fastest economic growth in three years probably won’t be enough to stop Mario Draghi from easing monetary policy.
USD/JPY gained 14 points heading back to its 2014 trading range around the 102.50 level as tensions in the Ukraine ease after the weekend vote seemed to end a good deal of the violence.
GBP/USD gained 35 points today to trade at 1.6886 as the US dollar eased. Another transition session Monday, with the dollar from little changed to a tad weaker versus major’s competitors and the pound among the best performers ahead of the BoE Quarterly Inflation Report to be released next Wednesday.
AUD/USD is trading at 0.9362 remaining strong even as the US dollar continues to climb back towards the 80 level. The Aussie is trading flat this morning making little of the business confidence release as traders are expecting comments from the RBA about the strength of the AUD.
Gold moved between small gains and losses up by $3 at 1290.90 at this writing. “Precious metals have been extremely quiet this morning, holding tight ranges,” said William Adams, head of research at FastMarkets.com. “The gold price continues to oscillate sideways either side of $1,290 an ounce — for now we would expect more of the same.” Gold could benefit from some technically-driven buying said Robin Bhar, head of metals research at Societe Generale.
Forex Daily Analysis - 28 July 2014
EUR/USD tumbled 13 focuses after German business information baffled dealers. The euro is exchanging at 1.3450 and keeps on decliing. German business estimation tumbled to its most reduced level in nine months in July in a sign that organizations in Europe's biggest economy are agonized over the emergencies in Ukraine, Iraq and Gaza. The Munich-based Ifo research organization's business atmosphere list, directed from July 4 to 24 and focused around a month to month study of exactly 7,000 organizations, tumbled to 108.0 from 109.7 as geopolitical pressures weighed on certainty.
GBP/USD is slightly in the red against the strong US dollar. The GBP is trading at 1.6984 on continued weakness after a miss in yesterday’s data and today GDP met expectations, but did not support the currency after the BoE made it clear that it was not going to raise interest rates any time soon.
AUD/USD is flat this morning at 0.9395 with almost no volume. The markets seem spooked as traders are just uninterested in making commitments. The AUD remains in a strong range but below last week when its momentum seemed to be pushing it towards the 95 price level. In Australia, no major economic data is scheduled. In the US, the pending home sales index, the “flash” services index and Dallas Federal Reserve index are all released.
USD/JPY is trading at 101.80 down 4 points as the yen gains a bit of momentum on safe haven trades as most market focus remains on the Ukraine, Gaza, Iraq and Libya. World violence and turmoil are keeping most traders out of the markets today. Israel renewed its operations in the Gaza Strip yesterday after a brief cease-fire called by the United Nations for humanitarian reasons ended as militants in the Hamas-controlled territory launched more rockets and mortars.
Gold recovered $2 as traders took advantage of depressed prices to buy up the commodity while the US dollar soared above the 81 price level. German business sentiment fell to its lowest level in nine months in July in a sign that firms in Europe’s largest economy are worried about the crises in Ukraine, Iraq and Gaza.
Forex Daily Analysis - 30 July 2014
EUR/USD is flat moving between small gains and losses with a complete lack of momentum with low volumes. The euro is trading at 1.3440. The Federal Open Market Committee (FOMC) is also meeting in Washington today and tomorrow, with a further round of tapering expected. US jobs numbers, starting with the ADP non-farm employment change, will also start flowing out tomorrow.
GBP/USD is flat to a bit down in today’s session with no economic data although a speech by MPC member Broadhurst supported the BoE in holding off on interest rate increases for a while. The pound is trading at 1.6982. Data on Friday showed UK gross domestic product expanded by 0.8 per cent in the April-June period, the same strong pace as in the first three months of the year
AUD/USD eased by 3 points against a stronger US dollar to trade at 0.9381. The Aussie is trading in a tight range as the market waits for a clearer picture on the state of the US economic recovery. US gross domestic product data for the June quarter will be released on Wednesday night, Australian time, and US Federal Reserve finishes its two-day policy meeting early on Thursday morning.
USD/JPY climbed above the 102 level and gained a bit more momentum today after a disappointing Japanese industrial production report. The pair is trading at 102.14. The June industrial output fell at the fastest rate since the tsunami in March 2011 as companies slowed production to offset a build-up in inventories, official data showed on Wednesday, clouding the outlook for the economy.
Gold gained $5.80 but with little real conviction or direction as traders begin to position themselves ahead of the FOMC meeting beginning soon. Gold is trading at 1311.60. Gold was little changed just above $1, supported by geopolitical tensions in the Middle East and Ukraine. Investors also focused on US jobs data and a Federal Reserve policy meeting this week.
Forex Daily Analysis - 04 Aug 2014
EUR/USD plunged after eurozone and German PMI missed desires. The euro is exchanging at 1.3384 against a developing US dollar in front of the nonfarm payroll report. European markets prop for a heap of March Purchasing Managers' Index last perusing for July, in a substantial logbook in front of the European Central Bank's arrangement meeting one week from now.
GBP/USD gave up 36 points to trade at 1.6849 after UK PMI printed below expectations. Analysts had forecast a print of 57.2 but actual was at 55.4. The US dollar continued to gain ahead of a rash of data today including the monthly nonfarm payroll report due in a few hours. The US currency has strengthened against all major currencies and gold, and its rally versus the British pound was boosted by weaker than expected housing market and confidence data from the UK.
AUD/USD gathered a bit of momentum against the strong US dollar after retail sales beat expectations this morning, but there wasn’t much of a rally as the Aussie added 9 points to trade at 0.9323. Lackluster Chinese nonmanufacturing PMI weighed on the currency. RETAIL sales rose 0.6 per cent in June, and were stronger than expected in the second quarter of the fiscal year, largely owing to strong demand from home furnishings as housing construction starts to accelerate.
USD/JPY is exchanging at 102.65 up by 4 pips as the US dollar continues to gain momentum while the JPY shows weakness. Call for action from the Bank of Japan might indicate additional stimulus this month. Japanese economic data has been lackluster and there might be a downward revision to growth coming this week. Major private-sector think tanks suspect the economy shrank by an annualized rate of 7.4 percent on average from April to June, in price-adjusted real terms.
Gold recovered $3 to trade at 1285.80 ahead of today’s nonfarm payroll report. Traders bought up the cheap asset but it still remains weak. Gold was stuck near a six-week low and headed for a third straight weekly loss, as U.S. economic optimism offset any safe-haven demand from geopolitical tensions and lower equities
Fundamental Analysis August 5
EUR/USD is exchanging at 1.3429 down a pip after Spanish unemployment moved higher than anticipated. The euro was 0.4 percent from its most minimal level versus the dollar since November as financial specialists held the biggest position in two years wagering on a drop in the cash before the locale's national bank meets this week.
GBP/USD gained 7 points to trade at 1.6828 after UK construction PMI beat expectations helping the pound to rally.House price growth will slow sharply in the UK as building work picks up, a stronger pound puts off foreign investors in London property, and the rules around the mortgage market are tightened.
AUD/USD gathered a bit of momentum against the strong US dollar after retail sales beat expectations this morning, but there wasn’t much of a rally as the Aussie added 9 points to trade at 0.9323. Lackluster Chinese nonmanufacturing PMI weighed on the currency. RETAIL sales rose 0.6 per cent in June, and were stronger than expected in the second quarter of the fiscal year, largely owing to strong demand from home furnishings as housing construction starts to accelerate.
USD/JPY is exchanging at 102.65 up by 4 pips as the US dollar continues to gain momentum while the JPY shows weakness. Call for action from the Bank of Japan might indicate additional stimulus this month. Japanese economic data has been lackluster and there might be a downward revision to growth coming this week. Major private-sector think tanks suspect the economy shrank by an annualized rate of 7.4 percent on average from April to June, in price-adjusted real terms.
Gold is trading at 1295.40 basically flat for most of the day, but moving between small gains and losses as traders recover from last week’s big events. Gold is expected to remain flat until the ECB meeting later this week but can move on headlines. Gold traded little changed above a six-week low in London as investors assessed the health of the U.S. economy after last week’s jobs report.
Fundamental Analysis August 6
EUR/USD maneuvered by 34 focuses as dealers start to concentrate on developing financial and saving money issues in the eurozone. The euro tumbled to 1.3388 in front of Thursday's ECB meeting. Later in the day, the spotlight movements to ISM Non-Manufacturing Composite gage. Economists recommend the discharge will reveal to US benefit part development quickened to the speediest pace in 11 months in July.
GBP/USD rallied after a strong Services PMI print beat expectations pushing the pound to 1.6868 up by 7 points. The British currency strengthened against the other key counterparts in the early European session on Tuesday after data showed that U.K. services PMI rose more-than-expected in July.
AUD/USD fell below the 93 price level as the US dollar gained momentum this morning. The AUD gave up 5 points to trade at 0.9299. The Australian dollar is lower after US stocks lost almost one per cent on concerns that the conflict in Ukraine could worsen. Polish Foreign Minister Radoslaw Sikorski told reporters overnight that Russia had increased its military presence on the Ukraine border, suggesting a possible escalation in the conflict.
USD/JPY eased by 7 points as the JPY continued to gather momentum on safe haven trades after Russia moved troops closer to the Ukraine border and President Putin threatened sanctions against the West. Geopolitical tensions continue to raise sending traders to risk off mode.
Gold was a surprise and gained today adding $3.60 to trade at 1292.50 after the US dollar picked up momentum to climb to trade at 81.54 and silver fell. Gold held steady below $1,300 an ounce on Tuesday, although a strong dollar and the first outflow in more than a week from the world’s top bullion fund weighed on sentiment.
Fundamental Analysis August 7
EUR/USD kept on decliing exchanging at 1.3369 after German production line requests missed desires. The euro slipped to a nine-month low on Wednesday, broadening its misfortunes after information demonstrated a sharp drop in German mechanical requests, while the New Zealand dollar took a hit after a fall in dairy costs. A Singapore-based dealer said financial specialist hazard revultion on worries about the strains in Ukraine served to reinforce the dollar extensively, and weighed on the euro.
GBP/USD eased 44 points to trade at 1.6842 after industrial and manufacturing production missed expectations following a drop in PMI last week. Businesses and taking on more staff, but a strong sterling is hurting exports. The Confederation of British Industry (CBI), the UK’s largest business lobbyist, said in its monthly SME manufacturing survey for July that 31% of firms reported output increasing, while 16% said that it decreased, giving a balance of +15%.
AUD/USD took a major fall after the release of unemployment numbers this morning tumbling to 0.9285 down 69 points when just last month traders were hoping to see the currency break 95. The unemployment rate has surged to a 12-year high in July as the number of Australians in jobs went backwards, adding to political pressure on the government.
USD/JPY tumbled on Wednesday to trade at 102.12 and recovered 7 points this morning to reach 102.19 after the greenback lost a bit of its momentum. US data remained positive with the trade balance narrowing well below forecasts as exports skyrocketed again this month. The Bank of Japan (BoJ) looks set to bring no major surprises at its policy meeting this week, but the market will be keeping an ear out for any changes in Governor Haruhiko Kuroda’s optimistic stance on the economy.
Gold was steady after climbing in the Asian session adding $6.50 to trade at 1291.80. Gold edged up slightly and could benefit from a bout of market risk aversion as fears of increasing military action along the Ukraine border put global equities under pressure. Geopolitical tensions in Ukraine and the Middle East have largely been responsible for gold’s 7 percent gain this year. Gold, often seen as alternative investment to riskier assets such as equities, could gain if stocks fall further.
Fundamental Analysis August 8
EUR/USD moved by 3 focuses in front of today's ECB declaration. The national bank is relied upon to hold rates and approach. The firecrackers will come amid Mr. Draghi's question and answer session late in the exchanging day. ECB authorities have said quantitative maneuvering is a choice, however remarks by the bank's German unexpected propose the bar may be high.
GBP/USD is holding at 1.6844 ahead of the BoE announcement. Policy makers will keep their asset-purchase target at 375 billion pounds, and the benchmark interest rate has been at 0.5 percent since March 2009. “As the economy normalizes, Bank Rate will need to start to rise in order to achieve the inflation target,” Carney said in a speech in Glasgow, Scotland, on July 23. “But the MPC has no pre-set course and the timing of any increases in interest rates will be determined by the data.”
AUD/USD tumbled to trade at 0.9256 while the US dollar held strong, after President Obama announced airstrikes in Iraq surprising the world. There was little reaction to the Chinese trade balance which printed in the green at 47.30 billion against expectations of 27.00 billion, although imports tumbled leaving questions about the Chinese recovery.
USD/JPY gave up 29 points this morning to trade at 101.80 as the yen surged on safe haven buying after the Americans announced an air offensive against ISIS in Iraq. President Barack Obama authorizes the U.S. military to conduct airstrikes against Islamist forces as needed but says the nation would not send new ground troops there.
Gold gave back some of yesterday’s gains to trade at 1305.40. Gold held on to overnight gains above $1,300 on Thursday, trading near its highest in more than a week as fears of Russian military action against Ukraine and retaliation by Moscow over Western sanctions burnished gold’s appeal as a safe haven.