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Its Bearish MovementTitle:
Dollar softer, but euro fails get a boost
(Reuters) - The dollar briefly fell to a two-month low against a basket of currencies on Monday, hurt by signs that the U.S. economic recovery was losing momentum, which keeps alive the chances of further monetary easing by the Federal Reserve.
Despite the dollar's problems, the euro failed to gain much traction, with investors looking to sell at higher levels as harsh austerity measures take a toll on economic activity across the region.
Spain slipped back into recession as gross domestic product shrank 0.3 percent in the January to March quarter, data showed on Monday. Traders were likely to be wary of the euro ahead of the second round of the French presidential vote as well as elections for a new Greek parliament next weekend.
The dollar .DXY touched 78.638 against a basket of ...
Title:
Dollar hits two-month low as U.S. economic momentum slows
(Reuters) - The dollar fell to a two-month low against a basket of currencies on Monday, weighed down after modest first quarter growth in the U.S. economy kept alive chances of further monetary easing by the Federal Reserve.
The dollar is likely to come under more pressure if data, including U.S. jobs numbers, this week disappoints. U.S. growth cooled in the first quarter partly due to businesses cutting back on investments, reinforcing the central bank's contention that interest rates should be kept near zero through 2014.
The slowdown fuelled speculation that the Fed may eventually launch another bond buying program, or a third round of quantitative easing. That would likely have a negative effect on the dollar while giving riskier assets like stocks, commodities and higher-yielding ...
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SunBirdFX Daily Market Analysis : 04/30/2012
www.sunbirdfx.com
The US stock markets closed a strong trading week and the indices are on the safe way to the annual picks. All of the three main indices made the bullish reversal pattern, as the S&P 500 crossed above the important level of 1400 points and it is just 20 points away from 2012's high. The main reason for this strong rally is the fact that most of the S&P 500 companies bit Wall Street expectations and literally blocked the sharp declines that occurred on the beginning of the month. However, the results season is not over yet and therefore disappointing results or extreme bad economic data might have the ability to pull the stock markets down.
EUR/USD
The rising of the US indices ruined the USD's plans for starting a strengthening session against the major currencies. We ...
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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Dollar Tumbles Following Disappointing GDP Figure
A worse than expected Advance GDP figure sent the dollar tumbling to multi-week lows against several of its main currency rivals on Friday. The EUR/USD closed out the week at 1.3249, up close to 100 pips for the day. Against the JPY, the greenback was down 115 pips to finish the day at 80.27. Turning to this week, the US Non-Farm Payrolls figure should be closely watched when it is released on Friday. In addition, Tuesday's US ISM Manufacturing PMI and Wednesday's ADP Non-Farm Employment Change may lead to significant activity in the marketplace. The dollar may extend its losses should any of the indicators come in below expectations.
Economic News
USD - Dollar Volatility Expected Ahead of Non-Farm Report
A disappointing US GDP figure resulted in heavy losses for the dollar to close out ...
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Technical analysis of the USD/CAD pair on April 30th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD made a pullback on the resistance at 0.9866 last friday and then took up its bearish movement.
The pair is currently testing the support at 0.98.
All indicators are bearish.
The pair is moving just below the lower band its bearish channel (purple lines).
We continues to advise short positions as far as 0.9880 is resistance.
The breakout of 0.98 will give a new sell signal and open the way towards 0.9750.
In case of return above 0.9880, we will wait the breakout of 0.9910 to advise long positions.
See the previous analysis of the USD/CAD pair of April 26th, 2012
USD/CAD Analysis
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Technical analysis of the USD/CHF pair on April 30th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has continued its bearish movement and is currently testing the support at 0.9050.
All indicators are bearish.
The pair is still moving below its bearish slant (purple line).
We now advise to trade only short positions as far as 0.9120 is resistance.
The breakout of 0.9050 will give a new sell signal and open the way towards 0.90.
In case of return above 0.9120, we will wait the breakout of 0.9150 to advise long positions.
See the previous analysis of the USD/CHF pair of April 26th, 2012
USD/CHF Analysis
Title:
Technical analysis of the USD/JPY pair on April 30th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY has continued its bearish movement on friday and the broke the support at 81.06, giving us new sell signal.
The pair just broke also the next support at 80.37 and is moving towards a test of the psychological level at 80.
All indicators are bearish.
The pair is moving into its bearish channel (black lines).
We continue to advise short positions as far as 81.06 is resistance.
The breakout of 80 will give a new sell signal and open the way towards 79.50
In case of return above 81.06, we will wait the breakout of 81.50 to advise long positions.
See the previous analysis of the USD/JPY pair of April 26th, 2012
USD/JPY Analysis
Title:
US Employment Data in Focus
The Week Ahead
Highlights
US employment data in focus
Bank of Japan underwhelms
RBA likely to cut
The SNB talks tough on the Swissie
Is the UK economy really that weak?
The Eurozone's growth pact
US employment data in focus
Earlier this week, the Federal Open Market Committee (FOMC) held its 2-day policy meeting. The bank kept policy on hold and upgraded the economic assessment, however comments from Ben Bernanke - which did not provide any new insight in our view - kept Treasury yields low, equity markets supported, and the dollar soft with QE3 speculation back into focus.
Fed projections showed upwards revision to real GDP growth with forecasts of 2.4%-2.9% for 2012 up from the prior 2.2%-2.7% estimate and the unemployment rate forecast was lowered to 7.8%-8% ...
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