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Dollar On Increasing GrowthTitle:
Bernanke’s commentaries weaken USD
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
WORLD
Those hoping for less dovish commentary from Fed Chair Bernanke were mostly disappointed. Although he acknowledged the recent “genuine improvement” in the labour market, he again emphasised that the situation is still “far from normal”. What hurt the dollar most was Bernanke’s view that “continued accommodative policies” could help boost employment. This is a marvelously vague remark and open to interpretation. While it does not endorse the market’s recent decision to price in a rate hike as soon as in late 2013, it does not rule it out either. Furthermore, as our US economists point out, “continued” accommodation does not mean additional accommodation. As such, Bernanke was non-committal about the possible need for further asset ...
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Dukascopy Morning Forex Overview : 27/03/2012
Dukascopy Technical Analysis
EUR/USD
"If buying of Treasurys gains steam and bond yields fall in the wake of Monday's Bernanke's comments, the dollar could face more pressure against currencies such as the euro"
- Societe Generale (based on CNBC)
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely.
EUR/JPY
"The Fed’s stance to support the economic recovery through policy easing and adding liquidity to the market is helping boost sentiment"
- Shinkin Asset Management Co. (based on Bloomberg)
EUR/JPY rallied above the 110 level and eased the risks of bearish reversal.
GBP/USD
"This is more of a dollar move than a sterling move. It feels like the market was ...
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Gold up 1 percent as Fed comments support easing hopes
Gold prices rose 1 percent on Monday after comments from Federal Reserve Chairman Ben Bernanke that faster growth will be needed to boost employment supported expectations that further quantitative easing measures may be necessary.
Spot gold was up 1 percent at $1,678.86 at 1458 GMT. It earlier hit a two-week high of $1,683.79 after Federal Reserve Chairman Ben Bernanke said the U.S. economy needed to grow more quickly if it is to produce enough jobs to bring down the unemployment rate.
"I think it (rose) on the back of Bernanke's comments, which people have taken to mean that further funding might be required," Simon Weeks, head of precious metals at Scotia Mocatta, said. "I think people have taken that to mean that gold is still going to be in demand."
U.S. gold futures for April ...
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Oil gains as Bernanke comments hit dollar
Oil prices edged higher on Monday as bearish comments from Federal Reserve Chairman Ben Bernanke were seen as increasing the probability of further growth-boosting quantitative easing, pushing the dollar lower.
The U.S. economy needs to grow more quickly if it is to produce enough jobs to bring down the unemployment rate, Bernanke said, which analysts said had firmed a perception that the Federal Reserve may print more money to support the economy.
"It's popped up on expectations of more quantitative easing, which has seen the dollar weakening," said Michael Hewson, analyst at CMC Markets.
Brent crude futures were up 58 cents to $125.71 a barrel at 1522 GMT. U.S. crude futures were up 32 cents at $107.19.
The dollar index .DXY was down 0.3 percent, making purchases of oil, which is ...
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Gold climbs 1 percent after Fed hints at more easing
Gold prices rose 1 percent on Monday after comments from Federal Reserve Chairman Ben Bernanke that faster growth will be needed to boost employment supported expectations that further quantitative easing measures may be necessary.
Spot gold was up 1.1 percent at $1,680.06 at 1411 GMT. It earlier hit a two-week high of $1,683.79 after Federal Reserve Chairman Ben Bernanke said the U.S. economy needed to grow more quickly if it is to produce enough jobs to bring down the unemployment rate.
"I think it (rose) on the back of Bernanke's comments, which people have taken to mean that further funding might be required," Simon Weeks, head of precious metals at Scotia Mocatta, said. "I think people have taken that to mean that gold is still going to be in demand."
U.S. gold futures for April ...
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YouTradeFX Weekly Market Analysis : 26/03/2012
Last week, the U.S released mixed economic data, sending the USD fluctuating between gains and losses against its major counterparts. The markets saw, U.S jobless claims fell to the lowest level since February 2008 last week on Thursday. The Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 17 fell by 5,000 to a seasonally adjusted 348,000, beating expectations for a decline of 3,000 to 350,000. While, on Friday the U.S. Commerce Department said new home sales dropped 1.6% to a 313,000 annual pace, the slowest since October, from a 318,000 annual rate in January and against expectations for an increase to 325,000. The events which are likely to affect the markets this week are; Monday, Fed Chairman Bernanke Speech; Tuesday, ...
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What is Next for Europe and U.K. after another Mixed and Volatile Week
Another mixed and volatile week has come to an end with renewed fears and widely spread recession-concerns pressuring the European common currency and sterling pound to the downside, but both currencies were able to end the session mixed on hopes European finance chiefs will expand the capacity of the European firepower next week, in effort to overcome the debt crisis and prevent the contagion from reaching highly indebted weak nations such as Spain.
The European currency fluctuated heavily this week with the lack of major and critical macroeconomic fundamentals from the euro zone and Germany; however, on Thursday the euro slipped sharply to the downside and cut all the gain recorded during the week on fears Europe is not on the right track of recovery, but instead the old continent might ...
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Euro hits 3-week high vs dollar; Aussie steadies
(Reuters) - The euro rose to a three-week high against the dollar on Friday after three straight days of losses while the Australian dollar stabilized from its recent plunge as concerns over a slowdown in China and the euro zone eased slightly.
Despite the dollar's weakness it remains supported by an improving economic landscape in the United States that contrasts starkly with other countries across the Atlantic that are teetering on the brink of recession or actually in one.
New U.S. home sales data on Friday backed the view the housing sector is on a stable path to recovery.
"This could probably be position-squaring in euro/dollar after the selling we had seen the last few days," said Brian Kim, currency strategist, at Royal Bank of Scotland in Stamford, Connecticut.
"There has ...
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Dukascopy Afternnon Forex Overview : 23/03/2012
Fundamental Analysis
EUR
The factory executive rose to 96 in March from 93 in February, after the French Ministry of Finance rose its 2012 economic growth forecast to 0.7% yesterday. Experts believe tha raise will significantly help the current president Sarcozy in his election battle.
USD
Nike has announced higher profits in the last quarter due to strong demand that offset increasing production costs. Profit of the sportswear producer in the last quarter that ended in February soared by 7% year-to-year, attaining 560 million US Dollars on the 15% increase in total revenues. The economic climate stays highly uncertain but we are optimistic about the company perspectives, said Mark Parker, the President of Nike.
GBP
The nationwide consumer sentiment index declined unexpectedly in ...
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