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Currently Overbought And May SeeTitle:
EUR/USD Falls to 21-Month Low
The EUR/USD fell as low as 1.2614 yesterday, a 21-month low, after investors grew increasingly concerned regarding Greece's fate in the euro-zone and shifted their funds to safe-haven assets. The currency pair staged a mild upward correction later in the day, eventually stabilizing around the 1.2655 level. Turning to today, euro traders will want to pay attention to several potentially significant news events. Specifically, the German Manufacturing PMI and Ifo Business Climate may help the euro recoup some of yesterday's losses if they come in above expectations.
Economic News
USD - Dollar Sees Significant Gains amid Risk Aversion
The US dollar moved up against several of its main currency rivals yesterday, as ongoing fears regarding Greece's future in the euro-zone have led to risk ...
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Market Drivers - Currencies : 21/05/2012
Today's Comment
Over the past couple of weeks, we have seen a couple of important measures in respect of the financial turmoil – measures that we have called for here in the second quarter. We expect that the situation is far from being resolved yet, but in the very short term many cross rates are oversold and overbought at the current levels. Therefore we recommend that investors remain on the sidelines in this period and begin to put STOP/ENTRY positions in the order books to catch the next risk-off phase. (This may come very soon).
Later in the week, we will see Ifo and the important PMI data from the euro zone.
EURUSD (from Sell to NEUTRAL): S/P was reached. We recommend a new STOP / ENTRY order at 125.95 so we can catch EURUSD in the event of further negative news that will cause ...
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Majors climb to session highs against greenback
With the lack of market thrillers, risky assets rebound on a normal pullback after the recent savage selloff looking with an eye of hope towards the world’s leaders meeting (G8) today.
Markets woke up on sharp selloff with the start of the trading session, where majors printed new lows against the greenback before rebounding. The EUR/USD reached 1.2640 just above 2012 low at 1.2621, currently baring earlier losses trading around 1.2713. Stochastic has provided an early sign of recovery in the form of a bullish divergence and currently regaining the bullish momentum. However the upside remains limited as markets jitters are far from over. Thus 1.2660 should form an intraday ceiling today, as trading ranges will get thinner approaching the weekend.
The British pounds rebounded sharply ...
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EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace. Typically, low liquidity situations can result in exaggerated movements among currency pairs and commodities for seemingly no reason. Any mention of additional euro-zone worries may result in a significant drop for the euro.
Economic News
USD - Manufacturing Data Causes USD to Tumble
The US dollar tumbled vs. the Japanese yen during the afternoon session yesterday, ...
Title:
Higher Yielding Currencies Maintain Bearish Trend
Higher Yielding Currencies Maintain Bearish Trend
Higher yielding currencies, namely the EUR and AUD, remained bearish during European trading yesterday, as fears that Greece will have to leave the euro-zone led to risk aversion in the marketplace. Investors are now worried about what the possible effects of a Greek exit from the euro-zone would be for other indebted countries, including Spain and Italy. Today, traders will want to note that there is a bank holiday in France, Germany and Switzerland. That being said, news out of the US may lead to market volatility. The Unemployment Claims figure and Philly Fed Manufacturing Index are both forecasted to show US economic growth. If true, the USD could see gains during the afternoon session.
Economic News
USD - Manufacturing Data Could ...
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AUD Tumbles Following Interest Rate Cut
The AUD took heavy losses vs. its main currency rivals during yesterday's trading session, falling a bigger than expected cut in Australian interest rates. The AUD/USD fell over 100 pips following the news, reaching as low as 1.0304 during early morning trading. The aussie also fell close to 100 pips against the JPY and 145 pips against the euro. Turning to today, traders will want to focus on the UK Construction PMI at 8:30 GMT, followed by the US ADP Non-Farm Employment Change at 12:15 GMT. Any positive news could help both the British pound and US dollar reverse their current bearish trends.
Economic News
USD - US Manufacturing PMI Gives USD Boost
After taking losses against most of its main currency rivals throughout the overnight and morning sessions yesterday, the USD was able to ...
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USD Remains Bearish During Slow Trading Day
The US dollar extended its bearish trend during yesterday's trading session, as investors continued to digest the disappointing US Advance GDP figure released last week. The greenback hit a two month low against the Japanese yen while the GBP/USD rose to an eight-month high. Turning to today, most European markets are closed for the May Day holiday. That being said, traders will want to pay attention to news out of the US. Specifically, the US ISM Manufacturing PMI is forecasted to generate significant market volatility. A better than expected result could help the dollar recoup some of its recent losses.
Economic News
USD - US Manufacturing PMI May Help Dollar
The dollar largely remained bearish against its main currency rivals yesterday, following disappointing US news last week which ...
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Dollar regains on haven-demand
The week kicks off with a downbeat tone, we have seen the U.S. dollar paring the losses seen on Friday triggered by markets reconsidering QE3 probabilities. The safe-haven currency gained on dampened risk-appetite, mainly provoked by Spain slipping into recession, as the economy contracted by 0.3 percent in the first quarter; meanwhile, the Canadian GDP showed the country’s economy contracted by 0.2% in February, adding into the overall gloomy scene.
From the U.S., personal spending dropped from 0.9% in February to 0.3% in March, while personal income ticked 0.1 percent higher from 0.3% in February, on the other hand, Chicago purchasing managers index dropped sharply as well printing a 56.2 from 62.2 in February.
The EUR/USD pair pared Friday’s gains after printing a high at 1.3270; the ...
Title:
Dukascopy Morning Forex Overview : 30/04/2012
Fundamental Analysis
EUR
"Once we hit the 6.5 per cent mark , the alarm bells will go off loudly in Brussels and more rhetoric will be coming from the European Central Bank"
- Adrian Miller, a global markets strategist at GMP
The rating agency Standard & Poor’s has downgraded Spain’s credit rating by two notches to BBB-plus with a negative outlook from A, citing expectations the government finances will deteriorate.
USD
"While the economy continued to grow in the first quarter, the expansion remains modest in pace and subpar from a historical perspective"
- Jim Baird, chief investment strategist at Plante Moran Financial Advisors
The U.S. economy grew at a slower pace than forecast in the first quarter as businesses cut on investment. Gross domestic product increased at a 2.2 per cent ...
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