Daily Market Analysis by FxGrow
Daily Market Analysis – 06th May, 2015
By FxGrow Research & Analysis Team
Kiwi falls after Weak Employment Data
New Zealand Unemployment rate remains flat at 5.8 percent, while Employment growth slowed to 0.7%. Kiwi has been under some pressure after Reserve Bank of New Zealand signaled easing bias last month.
In the Asian trading session NZD/USD fell to 0.7480 after weaker than expected employment data.
In Australia, March retail sales rose less than expected to 0.3%. The Australian dollar gained to 0.7960 after China services PMI climbed to a 4-month high at 52.9
EURUSD is trading higher at 1.1230 ahead Of the Euro-Zone's Retail Sales Data. Greek debt talks with international creditors are making progress but no breakthrough yet.
U.S. trade deficit soared to $51.37 billion in March to its highest level. USD ISM Non-Manufacturing PMI rose to a five-month high of 57.8 in April.
GBPUSD crossed 1.5200 ahead of UK elections tomorrow. UK Construction PMI hits a 22 month low at 54.2
Crude Oil futures surged on NYMEX, WTI to $60 a barrel amid geopolitical tensions in Northern Africa and the Middle East.
Gold is trading higher at 1195.10 after broad decline in the global equity markets, with fresh demands for the safe-haven.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision
Daily Market Analysis – 07th May, 2015
By FxGrow Research & Analysis Team
German Bund yields lift Euro
German 10-year bond yields reached a four-month high of 0.595 percent lifting the Euro above 1.1340
German Bunds yields are at the highest after European Central Bank announced its intention to launch QE.
EURUSD is trading higher at 1.1343 ahead of the Germany's construction PMI data and the US initial jobless claims data.
UK goes to the polls today and it is still uncertain if we will get a hung Parliament in the UK.
GBPUSD is in the range of 1.5240 and traders expect heavy market volatility ahead of the Elections.
Australia's unemployment rate climbed to 6.2% as expected with a loss of 2.9K jobs. AUDUSD peaked to 0.8000 after the jobs report.
Australian bond yields rose further on Wednesday morning to above 2.8 per cent after the RBA decision.
Crude oil pulled back in Asian trading session, after rallying to new 2015 highs of 62.85 presently at 61.36
Gold is trading lower in the Asian session at 1187.68 while Silver is at 16.45
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 08th May, 2015
By FxGrow Research & Analysis Team
GBP spikes as Exit Polls Predict a Conservative Win in UK
In UK General Elections Exit Polls Predict a Conservative Win and that the Britain’s Prime Minister, David Cameron would retain his power.
GBPUSD spiked 2.1% to cross 1.5430 yesterday and to 1.5500 in the Asian trading session. Apart from the outcome of the UK elections, Britain’s trade data for March coming out today will reflect the health of the UK economy.
EURUSD is trading lower at 1.1198 ahead of Economic Data from Germany and US non-farm payrolls data.
USD Non-farm Payrolls forecast is 228K for the month of April. Meanwhile the ongoing Greek debt negotiations continue to affect the Euro.
The US Dollar bounced off a three-month low on stronger than expected initial jobless claims data.
German industrial production fell last month to an annual rate of -0.5%, from 0.2% in the preceding month, while Germany’s Trade Balance fell to 19.3B, from 20.0B in the preceding month.
The Reserve Bank of Australia cuts GDP Growth Forecast for the Australian economy to 2-3% and expects the Australian dollar to fall further.
Chinese Trade Balance rose to 34.13B, from 3.08B in the preceding month which was less than expected.
Crude oil is down on profit taking amid speculations of a strong NFP. WTI crude oil rose to 61.30 before settling at 58.92
Gold is trading flat in the Asian trading session at 1185.15 while Silver recovers its losses at 16.36
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 11th May, 2015
By FxGrow Research & Analysis Team
US Non-Farm Payrolls rose by 223K in April
US Non-Farm Payrolls rose by 223K in April which was just below market expectations for a 230,000 increase.
The unemployment rate was down to 5.4% and Participation Rate was at 62.8%. Following the NFP USD remained strong as the unemployment rate in the US plunged to a 7-year low.
EURUSD is trading lower in the Asian trading session at 1.1155 ahead of the Euro group Finance Ministers meeting in Brussels today.
The People’s Bank of China lowered interest rates to 5.1% as inflation figures fell short of expectations.
Asian markets are up after the PBOC cut its interest rates and a strong US NFP report on Friday.
Bank of England will announce its monetary policy decisions today with main focus on the quarterly inflation report.
In Canada Jobs report came with a loss of 19.7K jobs while the unemployment rate is at 6.8%.
WTI futures dropped to $59.22 per barrel on Monday on account of strong US dollar.
Gold is trading lower in the Asian trading session at 1187.20 after China rate cut while Silver is flat at 16.40
11th May 2015 – 06:36hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 12th May, 2015
By FxGrow Research & Analysis Team
Euro lower as Greek crisis weighs on investor sentiment
On Monday Eurozone finance ministers confirmed that there has been progress in talks between Athens and its creditors but more work needs to be done over the next few days.
Greece said on Monday it repaid IMF €750 million, €1.5 billion payment is due in June and a further €3 billion to the ECB in July.
As the Greece situation continues Euro came under pressure and remains vulnerable to further downside risks.
In Australia, March housing finance data rose 1.6%, and as a result AUDUSD is trading above 0.7900, meanwhile Australia's business confidence remained unchanged in April.
The yield on the US 10-year is at 2.27%, Australia's 10-yr is yield is at 3% and Japan's 10-year yield is at 0.4%.
Japan's Nikkei is down 0.6 percent, amid concerns of volatility in bond markets.
Bank of England kept its interest rate unchanged at 0.5% in April and kept the size of its asset-purchases at 375 billion pounds.
Crude Oil is trading lower in the Asian trading session at 59.18
Gold has recovered its losses and is trading at 1184.56 while Silver is weak at 16.26
12th May 2015 – 07:28hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 13th May, 2015
By FxGrow Research & Analysis Team
Bond Sell off weighs on Indices and Stocks Globally
A sharp sell-off in government bonds is dragging major global Indices lower. The global Bond sell off has left many investors nervous with FTSE100, S&P 500 and Nasdaq100 ending in red.
The 10-year US Treasury yield rose to 2.30%, German 10-year Bunds rose to 0.713%, Italian 10-year bonds rose to 1.867% while Spain's 10-year bonds rose to 1.819%
After Greece paid 750 million euros to the IMF on Monday, its financial condition remains weak. Following the news Euro rose more than 100 pips to cross 1.1260 yesterday.
In Australia wage price index fell to 0.5% AUDUSD is high on Australian yields and that the home loans approval rose to 1.6% in March.
In China Retail Sales fell to 10.0%, Industrial Production is at 5.9% while Fixed Assets Rural is at 12.0%
UK manufacturing production rose to 0.4% while analyst’s expectations were for a 0.3% increase. Following the news GBPUSD climbed to 1.5700
WTI Crude Oil rose to 60.75 amid Bond selloff and the news that Saudi has launched airstrike on Yemen again.
Gold is trading higher in the Asian trading session at 1194.70 after the slump in the global equity markets while Silver extends its gains at 16.63
13th May 2015 – 06:54hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 14th May, 2015
By FxGrow Research & Analysis Team
Euro, Gold rally on disappointing US retail sales data
US Retail sales remained flat in April, while expectations were of a 0.2% growth. Weak retail sales hint trouble in the US Economy and that the US consumers were reluctant to spend.
Following the news Euro and Gold rallied amid weak US dollar across the board. EURUSD gained more than 100 pips to close above 1.1360
Data coming out of Greece shows that it went into a recession during the first quarter of the year, with problems of unemployment, deflation, and political uncertainty.
The Euro zone's economic output climbed to 0.4% in the first quarter of 2015. This reflects the Euro zone's efforts to recover from the debt crisis amid stimulus provided by the European Central Bank.
In New Zealand Retail sales rose to 2.9% indicating that the domestic market is strong. Following the news Kiwi rallied above 0.7540
In Germany GDP growth for first quarter of 2015 was 0.3% while analyst expected a 0.5% growth.
NYMEX Crude Oil is weak in Asia at 60.15$ a barrel on strong production outlook.
Gold climbed to a 5 month high after weak US retail sales data trading at 1215.44 in the Asian trading session, while Silver continues its bullish streak at 17.19
14th May 2015 – 06:40hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 15th May, 2015
By FxGrow Research & Analysis Team
Stock markets surge as US Initial Jobless Claims drop to 264K
US unemployment claims unexpectedly dropped to 264,000 which reflect that the labor market condition is strong. Following the news Stock markets surged and ended in Green, while Euro pulled away from its 3 month peak.
European Central Bank president, Mario Draghi said that QE will remain in place and ECB will continue its monthly 60 billion euro bond buying programme.
In Greece there is a potential risk that it will default on its debt which could create panic in the currency markets. Meanwhile talks about the €7.2 billion bailout funds that Greece needs will continue today.
In China Premier Li Keqiang said there are signs of economic growth following which Asian markets surged. Hang Seng index was up 0.52% while Nikkei 225 was up 0.53%
In Canada new home prices remain unchanged in March while sales of existing homes surged 4.1%.
Bank of Japan Governor Haruhiko Kuroda said the underlying trend in inflation has improved steadily and saw no need for further easing now.
Crude Oil is down in Asia at 60.50$ amid news that IEA expects Oil supply to remain High.
Gold remains bullish trading at 1219.33 in the Asian trading session, while Silver is flat at 17.35
15th May 2015 – 07:38hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 18th May, 2015
By FxGrow Research & Analysis Team
US Dollar tumbles on concerns over US Economy
On Friday University of Michigan Confidence survey fell for the month of May indicating that there is no robust rebound in the US economy. The consumer sentiment index was 88.6 for May as against the analyst expectations of 95.9
US Economy faces reduced production and employment from lower oil prices, falling exports, and rising imports from a stronger dollar.
US Industrial production fell 0.3% in April for a fifth month pushing down the dollar and U.S. bond yields.
Asian markets are down on Monday and US Dollar stays weak amid a basket of major currencies after weak signs from the US Economy.
Globally investors are concerned over the weakness of the US economy, slowdown in China and problems in the Eurozone.
Rise in the Euro zone debt yields is supporting the EURUSD which is trading above 1.1400 in the Asian trading session.
In Japan Industrial production fell to -0.8% while analyst expectations were at -0.3% for the month of April.
In Canada manufacturing sales climbed to 2.9% in March which was above the market expectations of a 1.0% gain.
Crude Oil is higher trading above 61.30$ amid news of conflicts in Yemen and Iraq.
Gold remains bullish trading at 1227.94 in the Asian trading session, while Silver is strong at 17.66
18th May 2015 – 07:18hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 19th May, 2015
By FxGrow Research & Analysis Team
Asian markets and Euro lower on Greece concerns
Asian markets are down on renewed concerns over Greece and Euro remains under pressure trading below 1.1300 Investors fear of a Greek bankruptcy as the Greek Prime Minister Alexi Tsipras said the country is running out of funds.
Greek Finance minister said on Monday that it is getting closer to a deal with its lenders that would help it meet debt repayments next month.
The possibility of a Greek default or exit from the Eurozone can cause big intraday swings and High volatility in the coming weeks.
Eurozone is due to release German ZEW Economic sentiment and Euro-Zone CPI today, while UK will release its Consumer Price Index and Retail Price Index.
The Australian dollar sank after the Reserve Bank of Australia released minutes showing the board continued to see it as too strong given the current economic conditions.
The RBA said that further interest rate cuts are possible stating that members did not see this as limiting the board's scope for any action that might be appropriate at future meetings.
NZDUSD was up after the RBNZ reported higher inflation expectations going forward. The central bank said expectations were for a gain of 1.32% from 1.11% seen in the first quarter.
Crude Oil is down at 59.73$ due to a stronger US Dollar and the news that Saudi exports reached a 7-year high.
Gold is trading lower this morning at 1219.70 while Silver is weak at 17.39
19th May 2015 – 07:29hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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